Lessons for Investors and Managers
Edited by Lawrence A Cunningham

Experienced readers of Warren Buffett's letters to the shareholders of Berkshire Hathaway Inc. have gained an enormously valuable informal education. The letters distill in plain words all the basic principles of sound business practices. On selecting managers and investments, valuing businesses, and using financial information profitably, the writings are broad in scope and long on wisdom.

The central theme uniting Buffett's lucid essays is that the principles of fundamental valuation analysis, first formulated by his teachers Ben Graham and David Dodd, should guide investment practice.

Linked to that theme are management principles that define the proper role of corporate managers as the stewards of invested capital, and the proper role of shareholders as the suppliers and owners of the capital. Radiating from these main themes are practical and sensible lessons on mergers and acquisitions, accounting, and taxation.

In the third edition of this international bestseller, editor Lawrence Cunningham brings you the latest wisdom from Warren Buffett's Berkshire Hathaway reports. New material includes:

*Corporate governance issues
*Stock options and excessive CEO compensation
*The perils of derivatives
*US economic concerns
*Management succession at Berkshire Hathaway

This remarkable collection of essays presents the original business and investment strategies of the man regarded as the world's most successful investor.