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Lawrence A. Cunningham
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Warren E. Buffett
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The Essays of Warren Buffett: Lessons for Corporate America Paperback – November 1, 2015

by Lawrence Cunningham (Author), Warren Buffett (Author)
4.7 out of 5 stars 1,905 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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  1. Print length
    328 pages
  2. Language
    English
  3. Publisher
    The Cunningham Group & Carolina Academic Press
  4. Publication date
    November 1, 2015
  5. Dimensions
    6.75 x 1 x 10 inches
  6. ISBN-10
    1611637589
  7. ISBN-13
    978-1611637588
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There is a newer edition of this item:

The Essays of Warren Buffett: Lessons for Corporate America
The Essays of Warren Buffett: Lessons for Corporate America
$22.00
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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; Fourth edition (November 1, 2015)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 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 1,905 ratings

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  1. Lawrence A. Cunningham

    Lawrence A. Cunningham

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    Lawrence Cunningham's two dozen books include The Essays of Warren Buffett, which Cunningham self-published into an international best-seller that he has arranged for translation into a dozen languages.

    An influential thought leader in both value investing and corporate governance, Cunningham's other notable books include Quality Investing (long time best seller with AKO Capital), The AIG Story (with Hank Greenberg) and Margin of Trust (which Warren Buffett singled out for special mention in his 2020 letter to Berkshire Hathaway shareholders).

    Cunningham ​advises companies, boards and shareholders, for many years as the founder of Quality Shareholders Group and as special counsel at Mayer Brown LLP. He has served on numerous corporate boards, of both private and public companies, including Markel Group (New York Stock Exchange) and Constellation Software Inc. (Toronto Stock Exchange).

    Cunningham is the Director of the John L. Weinberg Center for Corporate Governance at the University of Delaware. He is a Trustee of the Museum of American Finance and a member of the Editorial Board of its flagship publication, Financial History.

    See more on the author's page
  2. Warren E. Buffett

    Warren E. Buffett

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    Discover more of the author’s books, see similar authors, read book recommendations and more.

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Customer reviews

4.7 out of 5 stars
1,905 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 book is well-organized by subject and serves as a complete collection of Buffett's thoughts, making it a valuable reference. They appreciate the writing style, describing it as intelligent and easy to understand, and consider it worth purchasing for its value investing content. The book receives positive feedback for its ethical approach, with one customer highlighting its humorous presentation of ethical principles.

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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.

"...Get out a high lighter and prepare to learn. It is packed with great quotes and lessons." 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 "Encyclopedia content"42 positive0 negative

Customers find the book well-organized by subject and full of information, with one customer noting how the essays are presented in an orderly manner.

"...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

Do not buy from this seller!!
1 out of 5 stars
Do not buy from this seller!!
This book came used and was supposed to be brand new. I’m very disappointed.
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Top reviews from the United States

  • Steve Burns
    5.0 out of 5 stars If Warren Buffett wrote a book this would be it
    Reviewed in the United States on March 12, 2007
    Verified Purchase
    If you are not familiar with Warren Buffett he is the greatest investor of all time. Mentored by Benjamin Graham (The father of value investing" he went on to produce over an annual 20% return in his stock portfolio for 40 years. As Chairman of Berkshire Hathaway he also brought a failing textile business that was trading at $4 a share in 1965 to the highest priced stock ever at over $100,000 a share in 2007.
    If you are are familiar with Mr. Buffett then let me tell you I am also a huge fan. This book is the one he chose out of a stack of books during a special that featured him on CNBC during the holidays "The billionaire next door".He said this one out of the many written about him capture his thoughts and investment style. Mr. Buffet's comments about this book were "First class. A great job at collating our philosophy". Can you get a better review than that?
    I was not disappointed, this is the book to by if you want to study and understand Warren Buffett. 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 investing and managing followed by Buffett.I always wished that Mr. Buffett would have written a book, this is the closest we may ever have. Buy it and enjoy, it is packed with profound yet simple wisdom. Here are a few examples:

    Virtually all his $40 billion net worth is in Berkshire stock.(99% of it) So much for diversification, he believes in putting all your eggs in one basket, then watching that basket.

    Margin of safety is critical in investing, only buy excellent businesses at fair prices.

    Only invest in businesses you understand. Your circle of competence.

    He does not believe "value investing" is the right term for him. He prefers "focused" or "intelligent" investing.

    He believes in buying excellent businesses, and then holding them, forever if possible.

    When investing he believes in buying true value not hopes and dreams.

    Get out a high lighter and prepare to learn. It is packed with great quotes and lessons.
    15 people found this helpful
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  • DANIEL SCHNAIDER
    5.0 out of 5 stars Valuable Lessons for executives from Warren Buffett's Wisdom
    Reviewed in the United States on July 13, 2024
    Verified Purchase
    As CEOs, we often find it challenging to get good, transparent advice from more experienced and wise individuals. Warren Buffett shares his exceptional execution strategies and his failings, as well as those of others. We executives focus so much on company politics and customer needs that we can easily forget that we ultimately work for our shareholders. There is something to learn in every section of his book.
    One person found this helpful
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  • A. Menon
    5.0 out of 5 stars This should be read by every new generation of investors
    Reviewed in the United States on January 12, 2021
    Verified Purchase
    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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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
    Verified Purchase
    MERCI PARFAIT
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  • Marco Duran
    5.0 out of 5 stars Es bueno.
    Reviewed in Mexico on November 3, 2019
    Verified Purchase
    Me gusto , es muy interesante.
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  • LLethur
    5.0 out of 5 stars A must have for all investors
    Reviewed in the United Kingdom on December 28, 2012
    Verified Purchase
    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 .
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  • Marijana
    5.0 out of 5 stars Good
    Reviewed in the United Arab Emirates on January 29, 2025
    Verified Purchase
    Good
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  • Yezdi Ghadiali
    5.0 out of 5 stars Worth Every Penny
    Reviewed in India on April 22, 2020
    Verified Purchase
    An easy to read book that provides tons of information in an eloquent manner and one that all investors must read.
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