【Buffett】The Essays of Warren Buffett.pdf

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1、TheEssaysofWarrenBuffett:LessonsforCorporateAmericaEssaysbyWarrenE.BuffettSelected,Arranged,andIntroducedbyLawrenceA.CunninghamIncludesPreviouslyCopyrightedMaterialReprintedwithPermissionTHEESSAYSOFWARRENBUFFETT:LESSONSFORCORPORATEAMERICAEssaysbyWarrenE.BuffettChairmanandCE

2、OBerkshireHathawayInc.Selected,Arranged,andIntroducedbyLawrenceA.CunninghamProfessorofLawDirector,TheSamuelandRonnieHeymanCenteronCorporateGovernanceBenjaminN.CardozoSchoolofLawYeshivaUniversity©1997;1998LawrenceA.CunninghamAllRightsReservedIncludesPreviouslyCopyrightedMate

3、rialReprintedwithPermissionTABLEOFCONTENTSINTRODUCTION................................................5PROLOGUE....................................................27I.CORPORATEGOVERNANCE............................29A.Owner-RelatedBusinessPrinciples................29B.Board

4、sandManagers.............................38C.TheAnxietiesofPlantClosings43D.AnOwner-BasedApproachtoCorporateCharity.47E.APrincipledApproachtoExecutivePay..........54II.CORPORATEFINANCEANDINVESTING................63A.Mr.Market........................................63B.Arbit

5、rage..........................................66C.DebunkingStandardDogma......................72D."Value"Investing:ARedundancy.................82E.IntelligentInvesting................................89F.CigarButtsandtheInstitutionalImperative93G.JunkBonds...................

6、.....................97H.Zero-CouponBonds...............................103I.PreferredStock110III.COMMONSTOCK....................................119A.TheBaneofTrading:TransactionCosts...........119B.AttractingtheRightSortofInvestor...............121C.DividendPolicy.........

7、...........................123D.StockSplitsandTradingActivity127E.ShareholderStrategies130F.Berkshire'sRecapitalization132IV.MERGERSANDACQUISITIONS.........................137A.BadMotivesandHighPrices...................137B.SensibleStockRepurchasesVersusGreenmail147C.Levera

8、gedBuyouts148D.SoundAcquisitionPolicies151E.OnSellingOne'sBusiness154V.ACCOUNTINGA