| 作者简介： Lawrence A. Cunningham is Director of The Samuel and Ronnie Heyman Center on Corporate Governance and Professor of Law at Cardozo Law School, New York City. He prepared this collection as the centerpiece of a symposium featuring Buffett's letters. His other books include How to Think Like Benjamin Graham and Invest Like Warren Buffett. |
| FOREWORD INTRODUCTION PROLOGUE I. CORPORATE GOVERNANCE A. Owner-Related Business Principles B. Full and Fair Disclosure C. Boards and Managers D. The Anxieties of Plant Closings E. An Owner-Based Approach to Corporate Charity E A Principled Approach to Executive Pay II. CORPORATE FINANCE AND INVESTING A. Mr. Market B. Arbitrage C. Debunking Standard Dogma D. "Value" Investing: A Redundancy E. Intelligent Investing F. Cigar Butts and the Institutional Imperative III. ALTERNATIVES TO COMMON STOCK A. Junk Bonds B. Zero-Coupon Bonds C. Preferred Stock D. Unconventional Commitments IV. COMMON STOCK A. The Bane of Trading: Transaction Costs B. Attracting the Right Sort of Investor C. Dividend Policy and Share Repurchases D. Stock Splits and Trading Activity E. Shareholder Strategies E Berkshire'sRecapitalization V. MERGERS AND ACQUISITIONS A. Bad Motives and High Prices B. Sensible Share Repurchases Versus Greenmail C. Leveraged Buyouts D. Sound Acquisition Policies E. On Selling One's Business F. Advantages in Acquisitions VI. ACCOUNTING AND VALUATION A. A Satire on Accounting Shenanigans B. Look-Through Earnings C. Economic Goodwill Versus Accounting Goodwill D. Owner Earnings and the Cash Flow Fallacy E. Intrinsic Value, Book Value, and Market Price F. Aesop and Inefficient Bush Theory VII. ACCOUNTING POLICY AND TAX MATTERS A. The Purchase-Pooling Debate B. Stock Options C. "Restructuring" Charges D. Segment Data and Consolidation E. Deferred Taxes F. Retiree Benefits G. Distribution of the Corporate Tax Burden H. Taxation and Investment Philosophy EPILOGUE AFTERWORD AND ACKNOWLEDGMENTS INDEX CONCEPT GLOSSARY DISPOSITION TABLE |
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