| Editor's Note |
|
1 | (2) |
| Introduction |
|
3 | (14) |
| Prologue: Owner-Related Business Principles |
|
17 | (10) |
|
I Governance and Management |
|
|
27 | (50) |
|
A Corporate Purpose: Partnership Value Creation |
|
|
27 | (2) |
|
B Shareholder Quality: Five Buckets |
|
|
29 | (3) |
|
C Full and Fair Disclosure |
|
|
32 | (4) |
|
|
|
36 | (11) |
|
E Employees and Business Change |
|
|
47 | (7) |
|
F Society and Social Compacts |
|
|
54 | (2) |
|
G An Owner-Based Approach to Charitable Giving |
|
|
56 | (6) |
|
H A Principled Approach to Executive Pay |
|
|
62 | (9) |
|
I Risk, Reputation and Climate Change |
|
|
71 | (4) |
|
|
|
75 | (2) |
|
|
|
77 | (44) |
|
A Farms, Real Estate and Stock |
|
|
77 | (4) |
|
|
|
81 | (4) |
|
|
|
85 | (6) |
|
D Debunking Standard Dogma |
|
|
91 | (9) |
|
E "Value" Investing: A Redundancy |
|
|
100 | (6) |
|
|
|
106 | (7) |
|
G Cigar Butts and the Institutional Imperative |
|
|
113 | (3) |
|
|
|
116 | (5) |
|
|
|
121 | (36) |
|
A Attracting Quality Shareholders |
|
|
121 | (3) |
|
B Stock Splits and the Invisible Foot |
|
|
124 | (5) |
|
C Berkshire's Dual Class: Thwarting Clones |
|
|
129 | (4) |
|
D Buybacks and Rationality |
|
|
133 | (7) |
|
E Dividends and Capital Allocation |
|
|
140 | (8) |
|
|
|
148 | (2) |
|
G Beating Costs with Indexing |
|
|
150 | (7) |
|
|
|
157 | (50) |
|
|
|
157 | (4) |
|
B Junk Bonds and the Dagger Thesis |
|
|
161 | (7) |
|
C Zero-Coupon Bonds and Ski Masks |
|
|
168 | (6) |
|
|
|
174 | (10) |
|
|
|
184 | (9) |
|
F Foreign Currencies and Equities |
|
|
193 | (6) |
|
G Home Ownership: Practice and Policy |
|
|
199 | (3) |
|
|
|
202 | (5) |
|
|
|
207 | (24) |
|
A Bad Motives and High Prices |
|
|
207 | (11) |
|
B Sensible Share Repurchases Versus Greenmail -- |
|
|
218 | (1) |
|
|
|
218 | (3) |
|
D Sound Acquisition Policies |
|
|
221 | (3) |
|
E On Selling One's Business |
|
|
224 | (4) |
|
|
|
228 | (3) |
|
|
|
231 | (36) |
|
A Aesop and Inefficient Bush Theory |
|
|
231 | (3) |
|
B Intrinsic Value, Book Value, and Market Price |
|
|
234 | (7) |
|
|
|
241 | (5) |
|
D Economic versus Accounting Goodwill |
|
|
246 | (10) |
|
E Owner Earnings and the Cash Flow Fallacy |
|
|
256 | (7) |
|
|
|
263 | (4) |
|
|
|
267 | (24) |
|
|
|
268 | (6) |
|
|
|
274 | (1) |
|
|
|
275 | (2) |
|
|
|
277 | (7) |
|
E Pension Estimates and Retiree Benefits |
|
|
284 | (3) |
|
|
|
287 | (1) |
|
|
|
288 | (3) |
|
|
|
291 | (10) |
|
A Distribution of the Corporate Tax Burden |
|
|
292 | (2) |
|
B Taxation and Investment Philosophy |
|
|
294 | (4) |
|
C American Government as a Silent Partner |
|
|
298 | (3) |
|
|
|
301 | (10) |
|
|
|
301 | (2) |
|
|
|
303 | (5) |
|
|
|
308 | (3) |
|
|
|
311 | (22) |
|
A Buffett on Berkshire Culture |
|
|
311 | (12) |
|
B Munger on "The Berkshire System" |
|
|
323 | (5) |
|
|
|
328 | (1) |
|
|
|
329 | (4) |
| Index |
|
333 | (5) |
| Concept Glossary |
|
338 | (1) |
| Disposition Summary |
|
339 | |
