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More About This Textbook
Overview
- the financial crisis and its continuing implications for investors, managers and society;
- the housing bubble at the bottom of that crisis;
- the debt and derivatives excesses that fueled the crisis and how to deal with them;
- controlling risk and protecting reputation in corporate governance;
- Berkshire's acquisition and operation of Burlington Northern Santa Fe;
- the role of oversight in heavily regulated industries;
- investment possibilities today; and
- weaknesses of popular option valuation models.
Some other material has been rearranged to deepen the themes and lessons that the collection has always produced:
- Buffett's “owner-related business principles” are in the prologue as a separate subject and
- valuation and accounting topics are spread over four instead of two sections and reordered to sharpen their payoff.
Product Details
Related Subjects
Meet the Author
Table of Contents
Introduction 1
Prologue 27
I Corporate Governance 29
A Owner-Related Business Principles 29
B Full and Fair Disclosure 37
C Boards and Managers 40
D The Anxieties of Business Change 52
E An Owner-Based Approach to Corporate Charity 58
F A Principled Approach to Executive Pay 65
G Audit Committees 74
II Corporate Finance and Investing 77
A Mr. Market 77
B Arbitrage 81
C Debunking Standard Dogma 87
D "Value" Investing: A Redundancy 98
E Intelligent Investing 105
F Cigar Butts and the Institutional Imperative 111
G Debt 115
III Alternatives to Common Stock 117
A Junk Bonds 117
B Zero-Coupon Bonds 124
C Preferred Stock 130
D Derivatives 140
E Foreign Currencies and Equities 147
F Unconventional Commitments 154
IV Common Stock 157
A The Bane of Trading: Transaction Costs 157
B Attracting the Right Sort of Investor 162
C Dividend Policy and Share Repurchases 164
D Stock Splits and Trading Activity 171
E Shareholder Strategies 174
F Berkshire's Recapitalization 175
V Mergers and Acquisitions 181
A Bad Motives and High Prices 181
B Sensible Share Repurchases Versus Greenmail 192
C Leveraged Buyouts 192
D Sound Acquisition Policies 195
E On Selling One's Business 198
F Advantages in Acquisitions 202
VI Accounting and Valuation 205
A A Satire on Accounting Shenanigans 205
B Look-Through Earnings 211
C Economic Goodwill Versus Accounting Goodwill 216
D Owner Earnings and the Cash Flow Fallacy 225
E Accounting for Mergers 232
F Intrinsic Value, Book Value, and Market Price 234
G Some Insurance History and Accounting 239
H Aesop and Inefficient Bush Theory 243
VII Accounting Policy and Tax Matters247
A Standard Setting 248
B Stock Options 249
C "Restructuring" Charges 254
D Segment Data and Consolidation 257
E Deferred Taxes 258
F Retiree Benefits 261
G Distribution of the Corporate Tax Burden 262
H Taxation and Investment Philosophy 267
Epilogue 273
Afterword and Acknowledgments 283
Index 285
Concept Glossary 289
Disposition Table 291