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The Essays of Warren Buffett: Lessons for Investors and Managers

Lawrence A. Cunningham (Goodreads Author)

4.41 · Rating details · 1,189 ratings · 65 reviews

Experienced readers of Warren Buffett's letters to the shareholders of Berkshire Hathaway Inc. have gained an enormously valuable informal education. The letters distill in plain words all the basic principles of sound business practices. ...more

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Paperback, 320 pages

Published 2009 by John Wiley & Sons (first published April 9th 2002)

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Mar 01, 2017 Filip Kis rated it it was amazing · review of another edition

Shelves: business, non-fiction, economics, leadership

This is a MUST read for anybody interested in investment, management or business in general. It not only provides, in my opinion, the most sound investment strategies and advice, but also provides guidelines on how to run businesses with moral integrity and focus on providing value. It heavily criticizes various self-serving practices of "modern" CEOs, while at the same time not saying CEOs should not be well compensated. In other words, Buffet and by extension Berkshire demonstrate how you can This is a MUST read for anybody interested in investment, management or business in general. It not only provides, in my opinion, the most sound investment strategies and advice, but also provides guidelines on how to run businesses with moral integrity and focus on providing value. It heavily criticizes various self-serving practices of "modern" CEOs, while at the same time not saying CEOs should not be well compensated. In other words, Buffet and by extension Berkshire demonstrate how you can actually create value and be wealthy by being honest and hard-working and not doing so on expense of your shareholders (or customers). He also analyses several economically important historic events (e.g. the 2008 sub-prime loans situation) and explains what went wrong in those instances.

The book is a collection of excerpts from selected letters from Warren Buffett (and on occasion Charlie Munger) to their shareholders at Berkshire one of the most valuable US corporations. These letters in general available on their website, but how Lawrence Cunningham made a valuable selection and organization of (probably) most meaningful ones in this book. The organization adds value as it groups excerpts not in chronological order, but first grouped in various topics addressed (e.g. corporate governance, common stocks, investment alternatives) and then by importance. This gives an interesting perspective on how some things developed over years.

While there is obviously some repetition, in the instance of this book this makes sense. The letters were written in various times (1986-2011) and repetition only demonstrates how Buffett's strategies are consistent and longterm (and that is the main reason for their success).

Buffett's writing style is superb and often humorous. However, reading the book requires some understanding of economics and investing in general. It's uses quite some investment jargon (which I guess Berkshire shareholders are familiar with) which might be hard to get past if you're new to this domain. I am sure I will come back to this book (or the letters directly) several times as even with my fair grasp of the domain, certain things didn't yet full resonate.

Finally, Buffett's main investment advice is easy to summarize:

"We want the business to be one (a) that we can understand; (b) with favorable long-term prospects; (c) operated by honest and competent people; and (d) available at a very attractive price."

...more

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Dec 29, 2018 Henrik Haapala rated it it was amazing · review of another edition

Shelves: favorites, wealth, how-to-make-better-decisions-2020, classic, classics-2020, how-to-2020, making-money-2020, wisdom

• "Inactivity strikes us as intelligent behavior. Neither we nor most business managers would dream of feverishly trading highly- profitable subsidiaries because a small move in the Federal Re- serve's discount rate was predicted or because some Wall Street pundit had reversed his views on the market. Why, then, should we behave differently with our minority positions in wonderful businesses?"
• "To suggest that this investor should sell off portions of his most successful investments simply bec • "Inactivity strikes us as intelligent behavior. Neither we nor most business managers would dream of feverishly trading highly- profitable subsidiaries because a small move in the Federal Re- serve's discount rate was predicted or because some Wall Street pundit had reversed his views on the market. Why, then, should we behave differently with our minority positions in wonderful businesses?"
• "To suggest that this investor should sell off portions of his most successful investments simply because they have come to dominate his portfolio is akin to sug- gesting that the Bulls trade Michael Jordan because he has become so important to the team."
• "Let me add a few thoughts about your own investments. Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) delivered by the great majority of investment professionals."
• "If you buy a stock at a sufficiently low price, there will usually be some hiccup in the fortunes of the business that gives you a chance to unload at a decent profit, even though the long-term per- formance of the business may be terrible. I call this the "cigar butt" approach to investing. A cigar butt found on the street that has only one puff left in it may not offer much of a smoke, but the "bargain purchase" will make that puff all profit."
• "Unless you are a liquidator, that kind of approach to buying businesses is foolish. First, the original "bargain" price probably will not turn out to be such a steal after all. In a difficult business, no sooner is one problem solved than another surfaces-never is there just one cockroach in the kitchen. Second, any initial advan- tage you secure will be quickly eroded by the low return that the business earns."
• "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price. Charlie understood this early; I was a slow learner. But now, when buying companies or common stocks, we look for first-class businesses accompanied by first-class managements."

• "A further related lesson: Easy does it. After 25 years of buy- ing and supervising a great variety of businesses, Charlie and I have not learned how to solve difficult business problems. What we have learned is to avoid them."
"If your actions are sensible, you are certain to get good results; in most such cases, leverage just moves things along faster. Charlie and I have never been in a big hurry: We enjoy the process far more than the proceeds-though we have learned to live with those also."
"In the final chapter of The Intelligent Investor Ben Graham forcefully rejected the dagger thesis: "Confronted with a challenge to distill the secret of sound investment into three words, we ven- ture the motto, Margin of Safety." Forty-two years after reading that, I still think those are the right three words. The failure of investors to heed this simple message caused them staggering losses as the 1990s began."
• "We only want to link up with people whom we like, admire, and trust."
• "One of the ironies of the stock market is the emphasis on ac- tivity. Brokers, using terms such as "marketability" and "liquid- ity", sing the praises of companies with high share turnover (those who cannot fill your pocket will confidently fill your ear). But in- vestors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick- pocket of enterprise."
• "Charlie and I feel totally comfortable with this eggs-in-one- basket situation because Berkshire itself owns a wide variety of truly extraordinary businesses. Indeed, we believe that Berkshire is close to being unique in the quality and diversity of the busi- nesses in which it owns either a controlling interest or a minority interest of significance."
• "Whenever Charlie and I buy common stocks for Berkshire's insurance companies (leaving aside arbitrage purchases, discussed [in the next essay]) we approach the transaction as if we were buy- ing into a private business. We look at the economic prospects of the business, the people in charge of running it, and the price we must pay. We do not have in mind any time or price for sale. In- deed, we are willing to hold a stock indefinitely so long as we ex- pect the business to increase in intrinsic value at a satisfactory rate. When investing, we view ourselves as business analysts-not as market analysts, not as macroeconomic analysts, and not even as security analysts."
• "In fact, the true investor welcomes volatility. Ben Graham ex- plained why in Chapter 8 of The Intelligent Investor. There he in- troduced "Mr. Market," an obliging fellow who shows up every day to either buy from you or sell to you, whichever you wish. The more manic-depressive this chap is, the greater the opportunities available to the investor. That's true because a wildly fluctuating market means that irrationally low prices will periodically be at- tached to solid businesses. It is impossible to see how the availabil- ity of such prices can be thought of as increasing the hazards for an investor who is totally free to either ignore the market or exploit its folly."
• "Is it really so difficult to conclude that Coca-Cola and Gillette possess far less business risk over the long term than, say, any com- puter company or retailer? Worldwide, Coke sells about 44% of all soft drinks, and Gillette has more than a 60% share (in value) of the blade market. Leaving aside chewing gum, in which Wrigley is dominant, I know of no other significant businesses in which the leading company has long enjoyed such global power."
• "Moreover, both Coke and Gillette have actually increased their worldwide shares of market in recent years. The might of their brand names, the attributes of their products, and the strength of their distribution systems give them an enormous com- petitive advantage, setting up a protective moat around their eco- nomic castles. The average company, in contrast, does battle daily without any such means of protection. As Peter Lynch says, stocks of companies selling commodity-like products should come with a warning label: "Competition may prove hazardous to human wealth."
• "On the other hand, if you are a know-something investor, able to understand business economics and to find five to ten sensibly- priced companies that possess important long-term competitive ad- vantages, conventional diversification makes no sense for you. It is apt simply to hurt your results and increase your risk. I cannot understand why an investor of that sort elects to put money into a business that is his 20th favorite rather than simply adding that money to his top choices-the businesses he understands best and that present the least risk, along with the greatest profit potential. In the words of the prophet Mae West: "Too much of a good thing can be wonderful."
• "Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient."
• "John Maynard Keynes, whose brilliance as a practicing inves- tor matched his brilliance in thought, wrote a letter to a business associate, F.e. Scott, on August 15, 1934 that says it all: "As time goes on, 1 get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one's risk by spreading too much between enterprises about which one knows little and has no reason for special confidence .... One's knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence. "
• "Our equity-investing strategy remains little changed from what it was ... when we said in the 1977 annual report: "We select our marketable equity securities in much the way we would evaluate a business for acquisition in its entirety. We want the business to be one (a) that we can understand; (b) with favorable long-term pros- pects; (c) operated by honest and competent people; and (d) avail- able at a very attractive price." We have seen cause to make only one change in this creed: Because of both market conditions and our size, we now substitute "an attractive price" for "a very attrac- tive price."
• "
If a business is complex or subject to constant change, we're not smart enough to predict future cash flows. Incidentally, that short- coming doesn't bother us. What counts for most people in invest- ing is not how much they know, but rather how realistically they define what they don't know. An investor needs to do very few things right as long as he or she avoids big mistakes.
Second, and equally important, we insist on a margin of safety in our purchase price. If we calculate the value of a common stock to be only slightly higher than its price, we're not interested in buy- ing. We believe this margin-of-safety principle, so strongly empha- sized by Ben Graham, to be the cornerstone of investment success." ...more

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Dec 26, 2019 Roy Chua rated it it was amazing

This review has been hidden because it contains spoilers. To view it, click here.

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Dec 22, 2020 Stefan Bruun rated it it was amazing · review of another edition

An impressive and structured walkthrough of many of the lessons from Berkshire's letters to its shareholders.

For anyone without the patience or time to read through all of the letters, this book provides a great overview structured and divided into topics across letters. ...more

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Jan 20, 2018 Jim rated it it was amazing

If one were to be forced to judge a book on its projected utility - personal, professional, moral etc - I suspect this might go down as one of the most important books I ever read.

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Jan 06, 2019 Myles rated it it was amazing · review of another edition

Although I have no formal background education or professional training in business or finance this collection has elevated my financial literacy as measured against peer-based discussions with a Senior Financial Analyst at a major commercial banking institution, a former Solomon distressed assets broker, and my general reading comprehension of business sources such as Motley, WSJ, Financial Reports, and more. In sum, Buffet's financially conservative, honest, owner-oriented, likeable-admirable- ...more

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Jun 13, 2018 James Ford rated it liked it

It was enjoyable, a little long and dry but lots of good content. Not sure how much I will really take away other than some big picture ideas and a better sense of Warren Buffet's style and way of thinking. ...more

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Aug 22, 2018 InvestingByTheBooks.com rated it it was amazing

Warren Buffett is fond of saying that he loves Coca-Cola (the stock) because of the virtue of knowing how its business will look a decade from now (i.e. the same). One can almost certainly say the same about his own writings: A century from now people will still marvel at the insights and resonance from Buffett ́s annual shareholder letters and other publications, trying to apply them in their own investments. If Security Analysis (Ben Graham) laid the foundations for valuing companies and Phili Warren Buffett is fond of saying that he loves Coca-Cola (the stock) because of the virtue of knowing how its business will look a decade from now (i.e. the same). One can almost certainly say the same about his own writings: A century from now people will still marvel at the insights and resonance from Buffett ́s annual shareholder letters and other publications, trying to apply them in their own investments. If Security Analysis (Ben Graham) laid the foundations for valuing companies and Philip Fisher ́s Common Stocks...detailed how true business analysis should be done, then Essays of... will be referred to as the advisory blueprint of combining these two to create an outstanding- and lasting investment result, all the while having impeccable ethical standards. Given the fact that there are 53 million hits on “Warren Buffett blogs”, there simply is no substitute to reading the actual words of the best investor of our time.

Due to Berkshire ́s massive success in all aspects of the word, Buffett has transformed into a cartoon-like figure, with even professional investors knowing him more by punchy one-liners such as “our favourite holding period is forever”. As headline-ish as this is, it is akin to judging the merits of Usain Bolt from a Puma-commercial. To me, apart from the Berkshire-numbers themselves, what has always been the standout attribute of Buffett and his letters are the ability to synthesise immensely complex matters into common-sense opinions. Has there been better real-life practitioners than Buffett and Munger of Einstein ́s quote “everything should be made as simple as possible, but not simpler”? The shareholder letters are filled with discussions around everything from board practices, arbitrage, “value” investing, junk bonds, accounting, tax policy, stock-options and countless other topics.

Essays of... consists of chosen parts of Buffett ́s letters to Berkshire shareholders throughout the years, organized according to coherent themes. By compiling them in this way, Cunningham clearly did all us Buffett-lemmings a massive favour. But not only that. I believe that this book has given – and is destined to increasingly do so in the future – Buffett’s writings the attention they deserve among a wider audience. Not merely as a convenient go-to source for journalists to get his views on the flavour-of-the-day topic, but more importantly as mandatory reading for business school students and corporate decision-makers. As Cunningham states: “Many of Buffett ́s lessons directly contradict what has been taught in business and law schools during the past thirty years, and what has been practiced on Wall Street and throughout corporate America during that time”. This collection of essays can truly re-educate a generation of students and continue the education of others. This is more important than it sounds, because if the gospel of modern finance theory and using complexity for its own sake had done enough harm upon this book ́s publishing date in 1997, it has doubled down on its effort as of today.

In my mind, some of the most interesting letters are the ones written in the late 70s and 1980s. It was during this time Buffett transformed from cigar-butt and “work-out” investing to the methods most people define him by today; predictable corporations with a competitive moat bought at a fair price. One of the first investments made along this line of thinking, at the behest of partner Charlie Munger, was the 1972 acquisition of See ́s Candy from the See-family. The letter(s) that go through this thought-process are superb in describing the merits of investing in high-return business. As a side-note, despite paying only 6x profits, the relatively high P/B multiples actually made Buffett reject the deal before finally completing it.

Some books just provide the reader with that “intangible” value of being worth more than the sum of its words. It leaves you with an extra layer of conviction of what ́s right and wrong, what ́s permanent knowledge and what ́s more fleeting. Essays of... has that invaluable quality. ...more

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Aug 19, 2018 Akshat Solanki rated it liked it

Again

The Essays of Warren Buffett, as the name suggests is the book about the investing style of Warren Buffett and his approach when it comes to investing in the businesses or buying them out.

The author has chosen these broad topics on which Warren Buffett have talked about to the Berkshire Hathaway shareholders through the company's Annual Report.

1. Corporate Governance
2. Merger & Acquisitions
3. Accounting Principles
4. Business ownership

You will get to read what does the great investor thinks ...more

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Dec 04, 2020 N rated it really liked it

Shelves: economics-business, non-fiction

Pg 33: our long term objective is to maximize per share intrinsic value
Pg 36: deferred tax liabilities bear no interest...liabilities without covenants or due dates (I.e. insurance) have the benefit of debt without the drawbacks.
Pg 37: We don't want to sell sub par businesses as long as we expect them to generate some cash and as long as we are comfortable with labor relations and management.
Pg 38: unintelligible footnotes usually indicate untrustworthy management -- be wary of companies that tr ...more

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Nov 20, 2008 Jules rated it liked it

Shelves: non-fiction, finance, 2008

Book provides a good selection of Buffett's essays and writings, organised in a clear topics. Buffett's writings are written with the average off-the-street person in mind, and is hence suitable for anyone with an interest in finance, who wants to learn more about Buffett's views on investing and management. Fundamental ideologies of Buffett can clearly be identified, and the book's layout makes it easy to refer to specific topics of interest. I did feel however, that some of the pieces were a b ...more

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Aug 17, 2020 Ravij Reagen rated it really liked it

My Personal Experience

What better to learn from the Richest Investor than from his book?

The Essay of Warren Buffet consists of the collection of the shareholder letters that Warren Buffet provides in the Berkshire Hathaway meetings.

Buffet urges us to buy a great business at a sensible price, rather than a mediocre business at a bargain price. The mediocre companies might be a lot cheaper, but you will have to buy many such companies before one of them brings you a good profit.

Moreover, don’t d ...more

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Oct 19, 2020 Lord Zion rated it liked it · review of another edition

If there is a God for investors, it must be Warren Buffett. Reading this book, his love for his work and his knowledge are there to behold. His common sense approach to investment has clearly worked in his favour and, as this book is essentially a collection of his yearly reports to holders of Berkshire Hathaway stock, his humour and hubris is also ever-present.

Of course, we would all benefit from buying Coca-Cola stocks in the 1950s and, to a large extent, he is a product of his time, benefitin ...more

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Mar 23, 2020 Abhisheka Jhunjhunwala rated it it was amazing · review of another edition

To get an in-depth view into the investing philosophy of the Oracle of Omaha, this book is a very good collection of his essays. Lawrence Cunningham has organised them in good order so that one can choose which chapters to read depending on one's topic of interest.

The book covers not just equities, but other financial instruments as well - M&A, Valuation, Accounting Shenanigans to name a few, and on each subject Buffett gives his unique views.

As opposed to a university course, here is content th ...more

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Dec 08, 2017 Peter rated it it was amazing · review of another edition

I feel privileged to have read the thoughts and principles of Warren Buffet.

Many of the poor reviews of this book said the information was dated. When are honesty and superior intelligence ever dated? Others claimed there wasn't any information about trading, but as Buffet says, comparing trading to investing is like comparing a one night stand with romance. Secondly, no trader in history has ever sustained the returns that Buffet has achieved. Comparing traders (paper shufflers) with Buffet is ...more

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Jun 29, 2017 Sagar Acharya rated it it was amazing · review of another edition

Recommends it for: Investors

Recommended to Sagar by: Dad

Deep!

When Warren speaks, his words have a tinge of all point of views and while you may understand some prospects of the book, it's very difficult to understand everything since he has a diverse understanding of psychology, accounting, economics: both micro and macro and many more disciplines. Across the book, which is nothing but a mere compilation of the letters written by Warren to Berkshire Hathaway in his annual meetings plus some other short material written by him has been segregated into ...more

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Oct 26, 2020 Dhyey Desai rated it really liked it

This book gives a good insight in to the mind of Warren Buffett and his investing philosophy, creating Berkshire into an institution that would survive the test of time. Lawrence Cunningham has gone through the annual letters that Buffet releases as part of his annual report, picked and arranged them by topics to make it easy to read. As is always the case, the investor does not give any insight into the actual calculations that are involved in evaluating an investment opportunity but rather thi ...more

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Dec 22, 2017 Joshua rated it it was amazing · review of another edition

Warren Buffett has never written a book - in the absence of one, one can easily imagine that the wealth of information contained in this collection of his essays to Berkshire Hathaway shareholders would be the closest piece of work that accurately distills his investment and management philosophies. For those who find The Intelligent Investor or Security Analysis too tedious, this book also acts as an excellent summary of Benjamin Graham's principles. With copious wit to boot, it makes for a ver ...more

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May 13, 2018 Lavanya rated it it was amazing

Now I understand what it means to say that a book is vascular - that if you cut the words, they bleed. I expected Buffet to be a great investor, but he is also an influential writer and thinker who is deeply self-reflective of his mistakes, and who beautifully comprehends human and institutional behavior like no other. Excellent read - took 15 pages of notes. Highly recommended

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Aug 17, 2018 Rahul Lingala rated it it was amazing

Shelves: investing

An excellent book on business.

Though this book is more about how to manage CEOs (that's Buffet's job ;)), it is quite useful for an average business leader too.

Learnt a lot about the compensation structure to CEOs, the integration of taxation and compounding, goodwill accounting, the power of delegation and loopholes in the GAAP system.

Worth the time! ...more

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Feb 12, 2019 Sumeet Shah rated it it was amazing

This book is a must read for anyone who is looking to enter value based investing as well as understand how to find good businesses and how the businesses run long term.

The essays basically helps us understand the thought process behind Warren Buffett and what made him reach this Peak in the Investing world and the world of business acquisitions.

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Jan 03, 2020 Jonathan Lomas rated it it was amazing

I read this immediately after finishing the 1965-2014 Berkshire Hathaway shareholder's letters, and it was wonderful to read it all again organized thematically; such a different experience than the 'dear diary' experience of the chronological shareholder's letters. ...more

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Sep 19, 2020 Matt Stawarz rated it it was amazing

Very simple concept: a curated collection of many of Warren Buffet's 'essays' (many are from Berkshire annual reports etc. rather than essays per se). Logically ordered and well selected. Would be great if this book got updated every few years! ...more

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May 04, 2017 Ross rated it it was amazing · review of another edition

Shelves: finance

Mr Buffett has a way with words. If you're looking for an eminently readable, well-selected distillation of Warren Buffett's investing philosophy, look no further than this book. ...more

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Aug 22, 2017 Ragavendhra Perumall rated it really liked it

Definite must read. A life long learning journey and a curious mind will be the one that evolves best in evolution fling term !! Read this and you will know as to what separates wheat from chaff

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Oct 09, 2017 VJ rated it it was amazing

2nd time reread. Have to revisit the book. Classic.

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Jan 06, 2018 Zain rated it it was amazing · review of another edition

must read for those who are interested to invest in stocks and business

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Jun 27, 2018 ItsReallyOliver rated it really liked it

Shelves: business

One of the best business books.

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Aug 08, 2018 Alessandro Orlandi rated it it was amazing

Shelves: investors

Best summary of Warren Buffett's shareholder letters. ...more

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Feb 20, 2019 Sarah Elizabeth rated it really liked it · review of another edition

May have to revisit this book down the road. I enjoyed learning about Buffet’s business philosophy and methods. However, a good deal of the material went over my head. Especially all the accounting.

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About Lawrence A. Cunningham

Lawrence A. Cunningham

91 followers

Lawrence Cunningham, who goes by Larry, has published many books, including:

Berkshire Beyond Buffett: The Enduring Value of Values

The Essays of Warren Buffett: Lessons for Corporate America

Contracts in the Real World: Stories of Popular Contracts and Why They Matter

The AIG Story

He loves teaching (a prawf at GW), windsurfing, reading, and spending time with his wife and two daughters, preferably at ...more