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Warren Buffett on Business : Principles from the Sage of Omaha

Book Description

The proven business principles of Warren Buffett

Warren Buffett is one of the most admired and prolific investors and managers in corporate America. Warren Buffett on Business is a timeless guide to strategies that can help you run a successful business. This book is a one-of-a-kind collection of Buffett's letters to the shareholders of Berkshire Hathaway written over the past few decades, and in a clear, simple style distills the basic principles of sound business practices.

Through Buffett's own remarkable words, this practical management handbook shares valuable insights on communicating with, and treating employees and shareholders fairly; responsible corporate governance; ethical behavior; patience and perseverance; admitting mistakes; and having a passion for work.

  • Contains priceless pearls of business and management wisdom, woven into a delightful narrative

  • Designed in an accessible manner and organized by business and management topics with strong lessons from Buffett

  • Provides direct, hands-on information on major topics concerning managers, entrepreneurs, business students, and anyone interested in business

  • Informative and inspiring, this unique book puts Warren Buffett's business beliefs in perspective.

    Table of Contents

    1. Title Page
    2. Copyright Page
    3. Dedication
    4. Epigraph
    5. Acknowledgements
    6. Introduction
    7. Chapter 1 - Shareholders as Partners
    8. Chapter 2 - Corporate Culture
      1. Give Warren a Call
      2. Some Thoughts on Selling Your Business
    9. Chapter 3 - Corporate Governance
      1. Accountability and Stewardship
      2. The Audit Committee
    10. Chapter 4 - Berkshire Managers
      1. “How Do You Know When You’re Dealing with an Honest Person?”
    11. Chapter 5 - Communication
      1. Full Disclosure—Both the Good and the Bad
    12. Chapter 6 - Acquisition of Nebraska Furniture Mart
      1. A Business Story Like No Other
    13. Chapter 7 - Acquisition of GEICO
    14. Chapter 8 - Acquisition of General Reinsurance
      1. Derivatives
    15. Chapter 9 - The Assessment and Management of Risk
    16. Chapter 10 - Executive Compensation
    17. Chapter 11 - Time Management
    18. Chapter 12 - How to Manage a Crisis
      1. Background
      2. Contrition
      3. Full Disclosure
      4. A Second Job
      5. A Plan of Action
      6. The Salomon Interlude
      7. Lessons Learned According to Charlie Munger
      8. Lessons Learned According to Buffett
    19. Chapter 13 - Management Principles and Practices
      1. Long-Term Economic Goals
      2. Measuring Managerial Economic Performance
      3. Businesses—the Great, the Good, and the Gruesome
      4. Cost of Capital
      5. Capital Allocation
      6. Dividend Policy
      7. Franchises, Businesses, and Moats
      8. Acquisition Policies
      9. Planning and Administrative Practices
      10. Hiring Policies
      11. Debt and Costs
      12. Stock Ownership and Stock Activity
    20. Chapter 14 - Executive Behavior
    21. Chapter 15 - Mistakes I’ve Made
      1. Mistakes of the First Twenty-Five Years (A Condensed Version)
      2. Mistake Du Jour
    22. Chapter 16 - Personal Investing
      1. The Only Investment Advice You Will Ever Need
      2. Aesop’s Investment Axiom
      3. How We Think About Market Fluctuations
      4. Excerpt from the Warren Buffett Article, “The Superinvestors of Graham-And-Doddsville”
    23. Chapter 17 - Buffett, the Teacher
      1. Cynthia Milligan Interview
      2. Speech before University of Florida MBA Students—September 4, 2006
    24. Chapter 18 - Humor and Stories
    25. Appendix A - Warren E. Buffett, A Chronological History
    26. Appendix B - Berkshire Hathaway Inc., An Owner's Manual, Owner-Related Business Principles, January 1999
    27. Appendix C - Berkshire Hathaway Inc., Code of Business Conduct and Ethics
    28. Appendix D - July 23, 2008, Memo to Berkshire Hathaway Managers
    29. Appendix E - Berkshire Hathaway Inc., Corporate Governance Guidelines, as Amended on February 27, 2006
    30. Appendix F - Intrinsic Value
    31. Appendix G - The Superinvestors of Graham-and-Doddsville
    32. Appendix H - Berkshire’s Corporate Performance versus the S&P 500
    33. Appendix I - Berkshire Hathaway Common Stock
    34. Notes
    35. About the Author