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The Essays of Warren Buffett: Lessons for Corporate America Paperback – November 1, 2015

4.7 out of 5 stars 1,913 ratings

The definitive book on Warren Buffett's views on everything from investing to management, this is the classic curated collection of his famous shareholder letters, masterfully arranged according to topic by long-time Buffett expert, Lawrence Cunningham.

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Editorial Reviews

About the Author

Lawrence Cunningham is the Henry St. George Tucker III Research Professor of Law at the George Washington University Law School.

Warren Buffett is the Chief Executive Officer of Berkshire Hathaway, a $70+ billion holding company engaged in a variety of businesses.

Product details

  • Publisher ‏ : ‎ The Cunningham Group & Carolina Academic Press
  • Publication date ‏ : ‎ November 1, 2015
  • Edition ‏ : ‎ Fourth
  • Language ‏ : ‎ English
  • Print length ‏ : ‎ 328 pages
  • ISBN-10 ‏ : ‎ 1611637589
  • ISBN-13 ‏ : ‎ 978-1611637588
  • Item Weight ‏ : ‎ 1.19 pounds
  • Dimensions ‏ : ‎ 6.75 x 1 x 10 inches
  • Customer Reviews:
    4.7 out of 5 stars 1,913 ratings

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Customer reviews

4.7 out of 5 stars
1,913 global ratings

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Customers say

Customers find this book highly readable and insightful, particularly noting its ability to express complex financial concepts clearly. The essays are well-organized by subject and provide great lessons for both life and business. Customers appreciate the writing style, describing it as intelligent and easy to understand. They value the content, with one customer noting it's the only Buffett book with his actual words, and they consider it worth the purchase price. The book receives positive feedback for its ethical content, with one review highlighting its humorous approach to ethical principles.

AI-generated from the text of customer reviews

97 customers mention "Readability"97 positive0 negative

Customers find the book highly readable and worth reading, with one customer noting it's particularly suitable for MBA and MAcc courses.

"...Mr. Buffet's comments about this book were "First class. A great job at collating our philosophy"...." Read more

"...Warren Buffett shares his exceptional execution strategies and his failings, as well as those of others...." Read more

"...This book and its precepts are worth reading, and rereading, until hopefully its lessons are engrained in the psyche in a way that they become..." Read more

"...his clear writing and delightful sense of humor, this book is superbly entertaining as well as educational...." Read more

89 customers mention "Insight"89 positive0 negative

Customers find the book insightful, particularly praising its ability to express complex financial concepts in an understandable way. They appreciate its lessons on investing and business, with one customer noting it collects Buffett's thinking on important subjects.

"...Buy it and enjoy, it is packed with profound yet simple wisdom. Here are a few examples:..." Read more

"...They remind the reader what common sense but simultaneously deep perspectives are on thinking about valuation and thinking about how to think about..." Read more

"...carefully-chosen delineations is a book that has more the feel of an educational guide, than a story of Mr. Buffet's investing career and his company..." Read more

"...writes well, with wit and wisdom, and makes fairly complex subjects amazingly accessible to the uninitiated...." Read more

42 customers mention "Organization"42 positive0 negative

Customers appreciate the book's organization, noting that it is well-structured by subject and provides a great summation of Buffett's ideas.

"...The author has done an excellent job arranging the essays to the shareholders in a format that will enable us all to learn the key principles in..." Read more

"...He writes well, with wit and wisdom, and makes fairly complex subjects amazingly accessible to the uninitiated...." Read more

"...The sectioning of the book is logical and the flow is very well preserved by the editor, even from different letters on different years...." Read more

"...This makes his wisdom all the more compelling and makes this book easily the best comprehensive book of business wisdom ever written...." Read more

34 customers mention "Writing quality"31 positive3 negative

Customers appreciate the writing quality of the book, finding it fairly easy to read and intelligent, with one customer noting its wit.

"...There are many gems in the writing...." Read more

"...is simple, natural speech, the same on paper as in mouth; a speech succulent and sinewy, brief and compressed, not so much dainty and well-combed as..." Read more

"...He writes well, with wit and wisdom, and makes fairly complex subjects amazingly accessible to the uninitiated...." Read more

"...With his clear writing and delightful sense of humor, this book is superbly entertaining as well as educational...." Read more

19 customers mention "Value for money"19 positive0 negative

Customers find the book well worth purchasing, with one noting it has the lowest P/E ratio of any investment book.

"...are governance investing, alternatives, common stock, acquisitions, valuation, accounting, tax and some history...." Read more

"...I can say that this book is WELL WORTH purchasing. For a full review of this book, please click the following link: [...]" Read more

"Easily one of my favorite reads ever. Buffett is a genius with money. It’s amazing to have such direct access to his wisdom." Read more

"...This book provides true value. It is a treasure." Read more

10 customers mention "Content"10 positive0 negative

Customers find the content of the book excellent, with one customer noting it's the only Buffett book with his actual words.

"Lawrence A. Cunningham opens this book with an appropriate excerpt from the essays of Michel de Montaigne: "The speech I love is simple, natural..." Read more

"...The book arranges Buffett’s essays by topic thus making it easier to relate when reading...." Read more

"For anyone who has studied Buffett as I have, this is an excellent summation of some of his more noteworthy shareholder letters from over the years...." Read more

"Buffet's humor adds a lot to a really good description of how he and Munger built such a wonderful equity investment...." Read more

7 customers mention "Ethics"7 positive0 negative

Customers appreciate the ethical content of the book, with one customer noting how the principles are presented with humor, while another highlights its philosophy about business and life.

"...If you run a business, this book offers great ethical advice...." Read more

"...packed with so many fundamentally sound business and ethical principles laid out with humor, simplicity, AND complexity - I loved it and am on my..." Read more

"As expected, Buffett's writing is insightful, Interesting and inspiring. He has firm views and the record to back it up...." Read more

"...wisdom Buffet has to share on the subjects of life and the pursuit of well-being. wise man through and through. great book." Read more

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Top reviews from the United States

  • Reviewed in the United States on January 12, 2021
    The Essays of Warren Buffett is a collection of writings from Buffett to shareholders of Berkshire Hathaway over the last decades. There is a new edition out which might contain updated material, but this edition covers writings from the 80s till the first internet bubble. Lawrence Cunningham chooses a variety of topics and associated writings to give the reader an impression of how Warren Buffett has seen the market, investing and the variety of agency issues associated with making decisions in financial markets. The book is filled with intuitive insight and will always be relevant and all the more useful in periods when pricing and economics become disassociated.

    The Essays of Warren Buffett touches on many topics. The topics included are governance investing, alternatives, common stock, acquisitions, valuation, accounting, tax and some history. Buffett starts by discussing alignment of interest and describes how him and Charlie Mungers financial fate are squarely determined by the absolute performance of Berkshire stock and how they are first and foremost shareholders. They then discuss governance structures that they approve of and characterize a bunch of structures which are weak. Though the writing is out of date with the monstrosity of packages awarded to executives today for no measurable improvement to the businesses they run, the spirit of their concerns remains more valid than ever. Boards of directors should be forced to read this to be reminded of their role. The major topic is of course investing. The authors describe a host of opportunities that they consider from long term investing identification, how to deal with the vagaries of the market and how to think about building portfolios. At the end of the day the messages are clear, one should be disciplined, use the markets emotional waves for better entry prices. Buying great businesses at fair prices is better than buying fair businesses at great prices and so on. There are many gems in the writing. There is a collection of writings on alternatives to common stock investing, including junk bonds and pref shares and convertibles. This is somewhat dated as finance has gone off the deep end embracing financial engineering without economic purpose. Nonetheless a framework for thinking about alterative payoff profiles remains insightful, though less relevant than the principles of investment chapter. The authors then discuss common stocks and the associated risks and rewards. It would be have been fascinating to have old valuation based investors transported into 2020 where stock splits elevated stocks by massive amounts on the biggest of companies (the consequence of how efficient markets are no doubt... I would love to hear Fama rationalize that phenomenon as efficient). The chapter on acquisitions remains relevant and discuss agency problems that remain issues today. They also discuss buybacks reminding the reader what a rational buyback policy should be based on rather than some of the behaviors undertaken today by management incentivized to raise the stock price above their management option strikes. The chapters on valuation and accounting are fantastic. They remind the reader what common sense but simultaneously deep perspectives are on thinking about valuation and thinking about how to think about accounting and real earnings power of businesses. These remain relevant for every market and give a framework for considering intangibles, the foundation of many modern tech giants.

    At the time of this review, markets have gone into full bubble mode in many pockets. One only has to read a book like this to be reminded that, this isn't the first time and to participate rather than tread with caution will lead to regret. The writings give a timeless grounding to the thoughtful investor and this will remain full of gems for decades to come.
    22 people found this helpful
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  • Reviewed in the United States on August 15, 2005
    For all of you investors who want to invest like Warren Buffett - that is, successfully - this is what you really want to read. There are a large and growing number of books out there that will claim to make you think/act/be like Buffett; here you can actually read his thoughts. As WB has often said, go to the source material (not the analyst reports, etc.) to make your judgments, and that is true in studying Buffett as well.

    On top of that, Buffett is a much better writer than most of his biographers. The editor of this compilation has done a good job of organizing Buffett's writings into themes with a light hand. You get a good idea of how Warren thinks.

    Buffett has an amazing way of penetrating the thick coating of B.S. that covers most of what passes for investment theory nowadays. He ruthlessly applies Ockham's Razor to cut things down to their essential truths; two of the most basic are that owning stock in a company is truly owning part of a business and that the future is full of uncertainty. Obvious, right? But, when you really absorb these concepts the answers to the questions of when and why you should buy a stock become much clearer. I won't attempt to boil down any more of his thoughts - you can find plenty of that elsewhere. Suffice it to say that, although I am a Chartered Financial Analyst and have advised others regarding investments for over 20 years, when reading this book I had many "V-8 moments" - where you want to slap yourself on the forehead and say "of course!"

    While I first heard of WB many years ago (before he was cool), this book was my first significant exposure to his writings. He writes well, with wit and wisdom, and makes fairly complex subjects amazingly accessible to the uninitiated. I wish I had read this book much earlier, but I'm not sure if I would have been mature enough to put much of it into action anyway.

    One thing to keep in mind when you hear about all the easy ways to make money from following charts, or are tempted to buy the latest idea emanating from your brother-in-law - or a talking head on CNBC: what Buffett does REALLY works. To put it crudely, it isn't an accident that he is, per Forbes, the 2nd richest man in the world - out of over 6 billion people. (I haven't seen any chartists make the list yet.) If you are really a serious investor, why would you NOT want to read what he has to say?

    However, I can tell you why you probably won't actually put into practice most of what he says - it's no fun! It's no fun (for most) reading 10-Ks and 10-Qs. It's no fun keeping your own council and avoiding the crowd. Also, why wait, perhaps for years, for the "fat pitch" of a great company at a great price when you can get your kicks day-trading? After all, if most people were willing to wait until the odds were truly in their favor before they risked their money, lotteries would disappear and Las Vegas would be a dusty little village. Even those who acknowledge Warren's achievements and study his words will find putting his seemingly obvious concepts into action surprisingly difficult.

    But that is how you actually earn the money.

    Finally, here's a story, retold by Buffett, that illustrates the herd mentality you must overcome to succeed. I quote:

    Ben Graham told a story 40 years ago that illustrates why investment professionals behave as they do: An oil prospector, moving to his heavenly reward, was met by St. Peter with bad news. "You're qualified for residence", said St. Peter, "but, as you can see, the compound reserved for oil men is packed. There's no way to squeeze you in." After thinking a moment, the prospector asked if he might say just four words to the present occupants. That seemed harmless to St. Peter, so the prospector cupped his hands and yelled, "Oil discovered in hell." Immediately the gate to the compound opened and all of the oil men marched out to head for the nether regions. Impressed, St. Peter invited the prospector to move in and make himself comfortable. The prospector paused. "No," he said, "I think I'll go along with the rest of the boys. There might be some truth to that rumor after all."

    -Warren Buffett, Berkshire Hathaway Letter to Shareholders, 1985
    60 people found this helpful
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Top reviews from other countries

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  • Richard Marie-france
    5.0 out of 5 stars MERCI PARFAIT
    Reviewed in France on November 15, 2019
    MERCI PARFAIT
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  • Marco Duran
    5.0 out of 5 stars Es bueno.
    Reviewed in Mexico on November 3, 2019
    Me gusto , es muy interesante.
  • LLethur
    5.0 out of 5 stars A must have for all investors
    Reviewed in the United Kingdom on December 28, 2012
    If you believe in following best practice and then implementing your own improvements this is definitely a book worth reading . It covers most of Buffet's annual letters to Berkshire shareholders in a chronological manner easy to follow . What makes Buffet's writing so enjoyable is the way he helps the layman understand the world of investing . It also accounts for some of the mistakes that he and his partner Charlie Munger has made and we can learn from and hopefully avoid . My only regret is not getting the paperback version since then I could have shared this book with so many more people that could have benefited from reading the book themselves .
  • Marijana
    5.0 out of 5 stars Good
    Reviewed in the United Arab Emirates on January 29, 2025
    Good
  • Yezdi Ghadiali
    5.0 out of 5 stars Worth Every Penny
    Reviewed in India on April 22, 2020
    An easy to read book that provides tons of information in an eloquent manner and one that all investors must read.