- Paperback: 328 pages
- Publisher: The Cunningham Group & Carolina Academic Press; Fourth edition (November 30, 2015)
- Language: English
- ISBN-10: 1611637589
- ISBN-13: 978-1611637588
- Product Dimensions: 1 x 6.8 x 10 inches
- Shipping Weight: 1.2 pounds (View shipping rates and policies)
- Average Customer Review: 259 customer reviews
- Amazon Best Sellers Rank: #7,661 in Books (See Top 100 in Books)
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The Essays of Warren Buffett: Lessons for Corporate America, Fourth Edition Fourth Edition
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Buffett, the Bard of Omaha, is a genuine American folk hero, if folk heroes are allowed to build fortunes worth upward of $15 billion. He's great at homespun metaphor, but behind those catchy phrases is a reservoir of financial acumen that's generally considered the best of his generation. For example, in an essay on CEO stock options, he writes, "Negotiating with one's self seldom produces a barroom brawl." This is his way of saying that an executive who can give himself compensation totally disproportionate to his performance surely will. There are uncountable gems of financial wisdom to be harvested from these essays, taken from the annual reports he writes for Berkshire Hathaway, his holding company. Just to pick one more, here's a now-famous line about those he competes with when making stock-market investments: "What could be more advantageous in an intellectual contest--whether it be chess, bridge, or stock selection--than to have opponents who have been taught that thinking is a waste of energy?"
While Buffett has a policy of seldom commenting on stocks he owns--he feels public pronouncements will only lead to the public's expectation of more public pronouncements, and he likes to keep his cards close to his vest--he loves to discuss the principles behind his investments. These come primarily from Ben Graham, under whom Buffett studied at Columbia University and for whom he worked in the 1950s. First among them is the idea that price is what you pay and value is what you get--and if you're a smart investor, the first will always be less than the second. In that sense, the value of the lessons learned from Buffett's Essays could be far greater than the book's price. --Lou Schuler --This text refers to an alternate Paperback edition.
''The book I autograph most.'' --Warren Buffett
''Takes Warren's brilliant letters to a still-higher level.'' --Carol Loomis
''A very important book.'' --Bill Ackman
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The book is organized like an investing textbook, written by Mr. Buffett. It does not simply put all of his letters into a book... instead, it takes various themes and chapters. Then sections of his various shareholder letters that discuss that are laid out in that section.
If you wanted to list the topics you would put into an investment book, then look through all the shareholder letters to find the sections that deal with that topic, then perhaps this would not be worth 20 bucks to have it already done for you.
In effect, this is a 299 page investment textbook written by Warren Buffett (effectively). How much would I pay for that...? Well over the 20 or so dollars this cost me to get it on my Kindle. :)
Thank you for such a GREAT book...:)
Inspiring and achievable philosophy for more than just investments - Mr. Buffett seems genuinely happy with his life, and I honestly believe it's because he enjoys what he does and who he is working with more than the billions in the bank he has.
I have read this book at least 8 times cover to cover and like a fine wine it gets better with age. The magic of Warren's wisdom is rooted in his basic understandings of human nature, durable value propositions, the role of accounting, the dangers of precision and the simplicity of common sense. The more you read this book, the more wisdom is revealed to the reader. An example of this wisdom is buried in one of his favorite sayings "I would rather be generally right then precisely wrong". Seems like a harmless enough saying but if you take the time to digest his meaning it is incredible advice. How else could a single person digest volumes of information and make multi-billion dollars purchases in 15 minutes while avoiding high-priced investment advisory teams and months of due diligence work. To mortals this appears bonkers, but to Warren as conveyed by this saying if the opportunities aren't obvious enough and don't jump out to you then they simply aren't worth doing at all.
This book has made me a better investor and has allowed me to achieve professional goals I once thought to be unachievable.
Highly Recommended - Thanks Warren for sharing your wisdom with the world, easily my most favorite book on business!
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