Buffett, the Bard of Omaha, is a genuine American folk hero, if folk heroes are allowed to build fortunes worth upward of $15 billion. He's great at homespun metaphor, but behind those catchy phrases is a reservoir of financial acumen that's generally considered the best of his generation. For example, in an essay on CEO stock options, he writes, "Negotiating with one's self seldom produces a barroom brawl." This is his way of saying that an executive who can give himself compensation totally disproportionate to his performance surely will. There are uncountable gems of financial wisdom to be harvested from these essays, taken from the annual reports he writes for Berkshire Hathaway, his holding company. Just to pick one more, here's a now-famous line about those he competes with when making stock-market investments: "What could be more advantageous in an intellectual contest--whether it be chess, bridge, or stock selection--than to have opponents who have been taught that thinking is a waste of energy?"

While Buffett has a policy of seldom commenting on stocks he owns--he feels public pronouncements will only lead to the public's expectation of more public pronouncements, and he likes to keep his cards close to his vest--he loves to discuss the principles behind his investments. These come primarily from Ben Graham, under whom Buffett studied at Columbia University and for whom he worked in the 1950s. First among them is the idea that price is what you pay and value is what you get--and if you're a smart investor, the first will always be less than the second. In that sense, the value of the lessons learned from Buffett's Essays could be far greater than the book's price. --Lou Schuler

The Wall Street Journal, July 6, 2000, Front Page,
"Cunningham's Buffett Essays ranked #3 on JP Morgan's 10-book list of "Summer Must-Reads for Millionaires"

The Financial Times, June 23, 2000
"A classic of value investing."

The Motley Fool, November 7, 2000
"Cunningham's Buffett Essays ranked #2 in 'The Top Seven Investing Books of All Time'"

The Wall Street Journal (Front Page)
"Cunningham's Buffett Essays ranked #3 on JP Morgan's 10-book list of Summer 'Must-Reads for Millionaires'"

The Financial Times
"A classic on value investing and the definitive source on Buffett."

Outstanding Investor Digest
Quoting Buffett: "Cunningham does a great job collating our philosophy. This is the one book to read."

Money Magazine
"Extraordinary--full of wisdom, humor and common sense. By far the best window into the way Buffett's mind works."

Forbes
"Cunningham has done a super job. This is the book on Buffett."

Book Description
The definitive work concerning Warren Buffett and intelligent investment philosophy, this is a collection of Buffett's letters to the shareholders of Berkshire Hathaway written over the past few decades that together furnish an enormously valuable informal education. The letters distill in plain words all the basic principles of sound business practices. They are arranged and introduced by a leading apostle of the "value" school and noted author, Lawrence Cunningham. Here in one place are the priceless pearls of business and investment wisdom, woven into a delightful narrative on the major topics concerning both managers and investors. These timeless lessons are ever-more important in the current environment.

From the Publisher
The book has garnered widespread critical acclaim from broad cross sections of readers; has been translated into numerous languages; and has been designated as a top investment/business book by numerous reviewers ranging from CNN to JP Morgan to the Motley Fool (number 2 investment book of all time!). This new and revised edition includes up-to-date passages and a few other improvements over the widely-acclaimed first edition.

From the Author
"I originally prepared this collection as the centerpiece of a symposium featuring Warren Buffett's letters. Warren, Charlie Munger, Bob Denham, and hundreds of others participated in dissecting all the ideas. This arrangement, organized by subject matter, contains a more valuable set of lessons than can be found at just about any school, library, business, or other place of learning. Anyone even remotely interested in business or finance or corporate life should read and study this collection and have a copy available for handy reference."

About the Author
Cunningham is a prolific author, whose books include acclaimed titles such as "How to Think Like Benjamin Graham and Invest Like Warren Buffett" and "Outsmarting the Smart Money" as well as the popular textbook Introductory Accounting and Finance for Lawyers (which is not for lawyers only). Cunningham is a renowned lecturer, holding a tenured professorship (in law and business) at Boston College, with additional teaching at schools including Columbia University, George Washington University, Yeshiva University and Oxford University. He is working on a book about corporate governance and the war on terrorism, with lessons for investors, managers, and all citizens alike. Buffett is the Chairman and Chief Executive Officer of Berkshire Hathaway Inc., a former student of Benjamin Graham and one of the most admired and successful investors and managers in Corporate America.

FROM THE PUBLISHER

An updated edition of The Essays of Warren Buffett was published this weekend, to include selections from Mr. Buffett's letters written since publication of the original edition in 1996. These include new essays on the technology stock bubble that burst, the circle of competence, unconventional commitments, share repurchases, stock-as-currency in acquisitions, the purchase-pooling debate, stock option accounting, and accounting shenanigans concerning "restructurings." The Introduction to this best-selling book is also updated to reflect the substantive additions and a "disposition table" is added to show where in the collection excerpts from various letters may be found. This new edition also has a high quality laminated cover to protect it from the repeated readings most copies receive!

SYNOPSIS

A thematically arranged collection of Warren Buffett's famous letters to Berkshire Hathaway shareholders, selected, arranged, and introduced by Prof. Lawrence A. Cunningham, with Mr. Buffett's permission and doing what Mr. Buffett called a 'superb job.'

FROM THE CRITICS

Forbes

The book on Buffett -- a superb job.

Money

Extraordinary -- full of wisdom, humor and common sense.

USA Today

Try it.

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