Summary
Cunningham selects passages from Buffett’s shareholder letters and arranges them by subject. Topics include corporate governance, investing, acquisitions, valuation, accounting and taxation. This fourth edition adds Buffett’s reflections on Berkshire after fifty years, his discussion of dividends and Munger’s essay on the Berkshire system. It brings related arguments together across letters written in different years.
Why read it Our view
Useful for reading how Buffett links ownership, management and the use of money. Compare the subjects together rather than taking an isolated line as a rule. Ask how a decision affects owners, what the accounts show and what risk remains. The letters come from Berkshire’s history, so check which conditions also apply to your business.
Written about
- Charlie MungerContributing authorThis fourth edition includes Munger’s fiftieth-anniversary essay on the Berkshire system. Cunningham’s preface also credits him with permission to reprint his work.Source
- Warren BuffettAuthor and endorsementBuffett wrote the letters selected for this collection and gave Cunningham permission to arrange and republish them. The publisher also reproduces Buffett’s praise for the way Cunningham collected their philosophy.Source