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Editor's Note 1
Introduction 3 Prologue: Owner-Related Business Principles 17 I Governance and Management 27 A Corporate Purpose: Partnership Value Creation 27 B Shareholder Quality: Five Buckets 29 C Full and Fair Disclosure 32 D Boards and Managers 36 E Employees and Business Change 47 F Society and Social Compacts 54 G An Owner-Based Approach to Charitable Giving 56 H A Principled Approach to Executive Pay 62 I Risk, Reputation and Climate Change 71 J Corporate Culture 75 II Investing 77 A Farms, Real Estate and Stock 77 B Mr. Market 81 C Arbitrage 85 D Debunking Standard Dogma 91 E "Value" Investing: A Redundancy 100 F Intelligent Investing 106 G Cigar Butts and the Institutional Imperative 113 H Life, Debt and Swoons 116 III Common Stock 121 A Attracting Quality Shareholders 121 B Stock Splits and the Invisible Foot 124 C Berkshire's Dual Class: Thwarting Clones 129 D Buybacks and Rationality 133 E Dividends and Capital Allocation 140 F Retained Earnings 148 G Beating Costs with Indexing 150 IV Alternatives 157 A Surveying the Field 157 B Junk Bonds and the Dagger Thesis 161 C Zero-Coupon Bonds and Ski Masks 168 D Preferred Stock 174 E Derivatives 184 F Foreign Currencies and Equities 193 G Home Ownership: Practice and Policy 199 H Business Partnerships 202 V Acquisitions 207 A Bad Motives and High Prices 207 B Sensible Share Repurchases Versus Greenmail 218 C Leveraged Buyouts 218 D Sound Acquisition Policies 221 E On Selling One's Business 224 F The Buyer of Choice 228 VI Valuation 231 A Aesop and Inefficient Bush Theory 231 B Intrinsic Value, Book Value, and Market Price 234 C Look-Through Earnings 241 D Economic versus Accounting Goodwill 246 E Owner Earnings and the Cash Flow Fallacy 256 F Option Valuation 263 VII Accounting 267 A Satire 268 B Standard Setting 274 C Audit Committees 275 D "Adjusted Earnings" 277 E Pension Estimates and Retiree Benefits 284 F Realization Events 287 G Investments 288 VIII Taxation 291 A Distribution of the Corporate Tax Burden 292 B Taxation and Investment Philosophy 294 C American Government as a Silent Partner 298 IX American History 301 A The American Miracle 301 B Productivity Growth 303 C Tailwinds 308 X Coda 311 A Buffett on Berkshire Culture 311 B Munger on "The Berkshire System" 323 C The Road Ahead 328 D Methuselah's Estate 329 Index 333 Concept Glossary 338 Disposition Summary 339 |
Warren E. Buffett,본명 : Warren Edward Buffett
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