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The Essays of Warren Buffett: Lessons for Investors and Managers, 6th Edition

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The Essays of Warren Buffett: Lessons for Investors and Managers, 6th Edition Paperback – 13 May 2021

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A gold mine of investing advice from the most successful investor in history

THE ESSAYS OF Warren Buffett SIXTH EDITION

When Warren Buffett speaks, people worldwide listen. And with good reason: Buffett is the most successful investor-manager in history. He has set world records for achieving both high personal net worth, exceeding US$80 billion, and high corporate value for his holding company, Berkshire Hathaway, approaching US$600 billion. Time magazine lists Buffett as among the most influential people in the world―and he is.

According to Buffett, the best book collating his philosophy is The Essays of Warren Buffett by Lawrence A. Cunningham, the internationally renowned scholar and expert on Buffett and Berkshire. Through many updated editions dating to 1997, The Essays is the definitive account of Buffett’s approach to investing and management, consisting of a carefully curated and thematically organized compendium of Buffett’s original annual letters, along with Cunningham’s priceless commentaries.

" The book on Buffett. A superb job." ― Forbes

"Extraordinary." ― Money

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

One of "the smartest books we know." ― Fortune

  • Print length 400 pages
  • Language English
  • Publisher Wiley
  • Publication date 13 May 2021
  • Dimensions 15.2 x 2.33 x 22.9 cm
  • ISBN-10 1119803276
  • ISBN-13 978-1119803270
  • See all details

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From the inside flap.

When Warren Buffett speaks, people worldwide listen. And with good reason: Buffett is the most successful investor-manager in history. He has set world records for achieving both high personal net worth, exceeding US$80 billion, and high corporate value for his holding company, Berkshire Hathaway, approaching US$600 billion. Time magazine lists Buffett as among the most influential people in the world—and he is.

“ The book on Buffett. A superb job.” — Forbes

“Extraordinary.” — Money

“A classic on value investing and the definitive source on Buffett.” — Financial Times

One of “the smartest books we know.” — Fortune

From the Back Cover

About the author.

Lawrence A. Cunningham is the Tucker Research Professor at George Washington University in Washington DC and New York City and Director of its Quality Shareholders Initiative. A leading authority on corporate culture and quality investing, Cunningham's dozen books include Quality Investing , Quality Shareholders , Dear Shareholders , and Margin of Trust .

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  • ISBN-10 ‏ : ‎ 1119803276
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The Essays of Warren Buffett: Lessons for Investors and Managers

  • To view this video download Flash Player

the essays of warren buffett pages

The Essays of Warren Buffett: Lessons for Investors and Managers Paperback – 13 May 2021

A gold mine of investing advice from the most successful investor in history

THE ESSAYS OF Warren Buffett SIXTH EDITION

When Warren Buffett speaks, people worldwide listen. And with good reason: Buffett is the most successful investor-manager in history. He has set world records for achieving both high personal net worth, exceeding US$80 billion, and high corporate value for his holding company, Berkshire Hathaway, approaching US$600 billion. Time magazine lists Buffett as among the most influential people in the world―and he is.

According to Buffett, the best book collating his philosophy is The Essays of Warren Buffett by Lawrence A. Cunningham, the internationally renowned scholar and expert on Buffett and Berkshire. Through many updated editions dating to 1997, The Essays is the definitive account of Buffett’s approach to investing and management, consisting of a carefully curated and thematically organized compendium of Buffett’s original annual letters, along with Cunningham’s priceless commentaries.

" The book on Buffett. A superb job." ― Forbes

"Extraordinary." ― Money

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

One of "the smartest books we know." ― Fortune

  • Print length 400 pages
  • Language English
  • Publisher Wiley
  • Publication date 13 May 2021
  • Dimensions 15.2 x 2.33 x 22.9 cm
  • ISBN-10 1119803276
  • ISBN-13 978-1119803270
  • See all details

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“ The book on Buffett. A superb job.” ― Forbes

“Extraordinary.” ― Money

“A classic on value investing and the definitive source on Buffett.” ― Financial Times

One of “the smartest books we know.” ― Fortune

From the Back Cover

About the author.

Lawrence A. Cunningham is the Tucker Research Professor at George Washington University in Washington DC and New York City and Director of its Quality Shareholders Initiative. A leading authority on corporate culture and quality investing, Cunningham's dozen books include Quality Investing , Quality Shareholders , Dear Shareholders , and Margin of Trust .

Product details

  • Publisher ‏ : ‎ Wiley; 6th edition (13 May 2021)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 400 pages
  • ISBN-10 ‏ : ‎ 1119803276
  • ISBN-13 ‏ : ‎ 978-1119803270
  • Dimensions ‏ : ‎ 15.2 x 2.33 x 22.9 cm
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The Essays of Warren Buffett: Lessons for Corporate America

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1997, The Essays of Warren Buffett

The Essays of Warren Buffett: Lessons for Corporate America. Selected, Arranged, and Introduced by Lawrence A. Cunningham

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The Essays of Warren Buffett: A Complete Book Summary

  • Books and Resources , Investing 101
  • Andy Shuler
  • March 17, 2020

I feel like I’ve been reading the Essays of Warren Buffett for literally a lifetime, and although it hasn’t nearly need that long, it does feel like I’ve obtained a lifetime of information from his book. 

essays warren buffett

Looking back at some of the previous summaries that I have written, Buffett does an amazing job of making sure that he starts off with a great foundation for the new investor and then by the end of the book, things are moving along at 70MPH on the highway so you better buckle up!

That might seem intimidating, but it shouldn’t.  It should actually make you happier that you might not understand it all because the that just means that it will be able to provide value to you now, and in the future, as your investing career continues.

Like I said – I’ve written quite a few different summaries on a lot of these chapters, and I’ve even skipped some really good ones so I wasn’t essentially rewriting the book, but I’ve narrowed my list down to my Top 5 chapters in The Essays of Warren Buffett for our beginner investor:

Defining Intelligent Investing According to Warren Buffett

Buffett’s big investment philosophy is that we should be looking for companies that can drastically change their value for the long-term, not just looking for some sort of short-term gain.  Don’t buy a company and then sell it when it goes up 10% – look for that stock that’s going to become a tenbagger! 

This is the exact reason why they don’t usually invest in tech companies because the future is so uncertain in terms of what will be a competitive advantage for those tech companies, and he lives by the saying “if you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”

In summary, Buffett said that if you want to be a successful, average investor, you need to focus on two things:

  • Find out how to value a business
  • Understand how to think about market prices

If you can successfully do both of these then you’re going to be poised for long-term success during your time investing in the stock market.  It’s very important for you to understand first and foremost what you think a company is worth, and while this might seem hard to do, you can do so by understanding the financial ratios of the company and their potential path forward. 

I know that many people will likely get stressed or overwhelmed by me saying you need to “understand the financial ratios of the company” and I totally understand that, but that’s exactly why Andrew created the Value Trap Indicator to help get you the information that you need without having to be as in the weeds as other investors.  I mean, work smart, not hard, right?

The VTI also takes into account the market price of the company you’re evaluating, but this is another thing that’s very beneficial for you to understand on your own.  The market price of the company is quite simply the price that other investors are willing to pay for the company, not what the company is actually worth.  

Now, when I first started investing, I told myself that whatever the company is selling for is what the company is worth because ‘perception is reality’ so if people are willing to pay for it, then that’s what it is worth.  While that might sound great in a bull market, when things really get tough, that company that still has negative earnings is likely going to get hit extremely hard and that share price is going to drop faster than a hot potato.

Don’t believe me?  Well, during this coronavirus scare, the S&P 500 has dropped 14% over a 3-week span and Tesla has dropped 33%. 

In other words, there’s really two pieces you need to know as an investor – what is the intrinsic value of the company and what is the current price of the company. 

When you can identify those, your job as an investor is to find the companies that are being sold for well under their intrinsic value, buy some shares, and then sit back and reap the rewards.

Thoughts on the High Yield Bond Market from Warren Buffett

This article essentially says that Bonds have a place in the investing world, but it has to be for a very specific person in a very specific situation.  The average bond earns 2-4% while the Stock Market average CAGR is 11%, so if you’re investing in bonds waiting for the downturn in the market, you probably are missing out on much larger gains just to buy low in the years despite missing all of that uptick.

Buffett explains that Bonds are good for the investor that needs to have access to short-term cash because that is very liquid and easy to access as compared to investing in company stocks for a major company like Berkshire.

So, how does that impact the average investor?

Well, you should follow the same advice – only invest in bonds if it’s for the short-term.  Personally, I invest in a high-yield savings account for my emergency fund but bonds can work well, especially if you use a bond ladder.  The only issue is that it’s not as liquid as a savings account, so it’s a bit of risk vs. reward. 

Like I said, bonds are usually a good thing if you’re simply just looking for some security that is going to perform right around, or maybe a bit above, the inflation rate, but I wouldn’t expect much more as an investor.  I have bonds in my HSA because the last thing that I would want to have happen is for me to invest in stocks, the market crashes and my portfolio is cut in half, and then I need that money for a health related issue and now I might not even be working since it is a health issue.

If it’s not something that you could see yourself needing in the immediate future, avoid bonds!  Regarding my retirement accounts – I have 0% invested in any of them because I am young.  If you’re going to need the money in 5 years or less, I am ok with you investing in bonds.  Any time frame that is greater than 5 years, put it into the market, baby!

Let the entire investing history be your “proof in the pudding” and trust that even if a downturn arises, like the coronavirus fears that we are currently in, then trust that the market will rebound. 

You might be asking why you should have that trust and the answer is simple – because it has rebounded in the past and it’s more than likely going to rebound in the future as well.

Here’s the Optimal Dividend Policy According to Warren Buffett

DIVIDENDS!  Andy loves him some dividends, and so does Buffett!  I mean, I’d even go to a dividend buffet if one existed…. Get it?  Buffett?  Buffet?  Bad joke, I know…

While Buffett does love dividends, he is more so focused on the company employing their capital correctly.  This doesn’t mean always paying a dividend or never paying one – it means that the company should do what is will be the most useful for continued success of the company.

“For every dollar of retained earnings by the corporation, at least one dollar of market value will be created for owners.”

For the company to decide to not pay out that $1 in dividends, they should make sure that they’re able to use that $1 of earnings to generate a future value of something that is $1, at a minimum, or likely much more.

In other words, if the company only paid out a $1 dividend and kept the remaining $3, then that $3 that they retained better generate at least that much in the future and if it doesn’t, then the company is quite simply underutilizing their capital, and that can be a major red flag for investors.

The Real Benefits of Share Buybacks as Explained by Warren Buffett

In general, share buybacks are perceived as a good thing!  Buying back shares of the company has a couple major benefits that Buffett goes into that should help you as an investor of the company:

1 – The Straight Cash Reason

When a company buys backs shares, the total amount of outstanding shares is shrinking, so this should help you as an investor when looking at the total EPS for the company.  It’s important to understand when your companies are buying back shares, however, so that you’re not tricked into thinking that the earnings of the company are growing when in fact they might be shrinking, but since the total outstanding shares are shrinking at a greater speed, the total EPS looks higher.

I’ve written before about how important it is to understand this because you could very easily get tricked, but if the earnings are continuing to increase and the total outstanding shares are decreasing, then your investments are just becoming more and more valuable by the second

2 – The Breath of Confidence Reason

This is more of a qualtitative factor than a quantitative one, but if the company is buying back shares, then they hopefully think that the stock is undervalued, otherwise it would be foolish to buy back shares.  Now, while a management team of ANY company is likely the most bullish opinion of their company, and rightfully so, it should still be a breadth of confidence that they’re saying that their stock is undervalued and willing to put their money where their mouth is and buy back those shares.

Of course, you still need to do your homework and make sure that you agree with their analysis of their stock value, but this is definitely a good sign and the market will likely view it as a positive as well!

An Example of Accounting Fraud as told by Warren Buffett

In summary, the main goal of this chapter is to make sure that the management team of your investments have the same goals that you do.  Some management teams are only focused on the short-term, some on the long-term, some are only focused on getting the company to IPO and then cashing out and moving on. 

Regardless of what their goal is, you need to understand it BEFORE you invest in that company, because if you don’t, you could very well find yourself with a ‘bad’ investment simply because the management is steering the company in a different way than you were hoping the company was going to go.

In short, just like almost every other chapter, do your homework!

If you purchase the book, you’re going to be able to learn many, many more lessons from Buffett about his investing journey and things that he thinks are incredibly important.  In a sense, I think some of these chapters are just Buffett getting some things off his chest.  He goes on these rants at times about things that he thinks are just completely ludicrous, such as how Owner Earnings are reported or even talking about the difference in economic goodwill and accounting goodwill . 

I’ve included my top 5 chapters for the new investor above in this article, but I’ve also written some other summaries including one on arbitrage trading and how it can have an impact on Buffett’s business as well as in your own personal portfolio .

To buy the essays of Warren Buffett will set you back about $30 but I guarantee you will get much, much greater rewards than $30 by learning directly from the value investing GOAT, Warren Buffett. 

Chances are, you might even be able to find the book at your local library but I really encourage you to consider purchasing it because I can tell you for a fact that this book is one that I am going to find myself reading more than once, and likely on a fairly regular basis.

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The Top 12 Best Investing Books for Beginners in 2024

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Book Review of The Essays of Warren Buffett – A Summary and Analysis

Have you ever wondered how a simple book could unlock the secrets of wealth and success? Enter Warren Buffett , the legendary investor, and his insightful collection, “ The Essays of Warren Buffett ” This book, a treasure trove of wisdom, isn’t just a read; it’s a journey into the mind of a financial genius .

And that is exactly why I wanted to write a The Essays of Warren Buffet summary and book review for you

In a world where the stock market seems as unpredictable as the weather, Buffett’s essays offer a beacon of clarity. They’re not just words; they’re a blueprint for financial success. Whether you’re a budding investor or a seasoned pro, these essays are a goldmine of value investing strategies and timeless principles .

But here’s the catch: understanding Buffett’s wisdom isn’t always straightforward. That’s where this article comes in. We’ll look into the essence of Buffett’s teachings, breaking down complex ideas into simple, actionable insights. Think of it as your personal guide to navigating the intricate world of investments , guided by none other than the Oracle of Omaha himself.

“Risk comes from not knowing what you’re doing.”  The Essays of Warren Buffett

Ready to unlock the secrets of Buffett’s success? Let’s embark on this financial adventure, where each paragraph brings you closer to mastering the art of investing. Say goodbye to confusion and hello to confidence in your financial decisions.

Key Takeaways: The Essays of Warren Buffett Summary & Review

  • Primary Search Intent : At the heart of your quest lies the answer to how Warren Buffett’s timeless wisdom in “The Essays of Warren Buffett” can transform your financial journey. While this book provides a roadmap to value investing , it’s more than just investment strategies; it’s about cultivating a mindset for long-term financial success.
  • Understanding Value Investing : Delve into the essence of Buffett’s approach, where investing isn’t just about numbers but about understanding a company’s intrinsic value and potential for long-term growth.
  • Market Psychology Insights : Buffett’s unique perspective on market psychology, emphasizing emotional resilience and contrarian thinking, offers a fresh lens through which to view investment opportunities.
  • Practical Application : Learn how to apply Buffett’s principles in your own investment portfolio, with real-life examples and a step-by-step guide tailored for both novice and seasoned investors.

After these insights, you’re on the brink of unlocking a treasure trove of knowledge. This article will guide you through the intricate world of investments, with Warren Buffett as your compass. Whether you’re looking to refine your investment strategy or seeking inspiration from one of the greatest minds in finance, the journey ahead promises to be enlightening.

Stay tuned for a deep dive into the principles that have shaped Buffett’s legacy and how they can be applied in today’s dynamic financial landscape.

The Essays of Warren Buffett: Lessons for Corporate America

Quick Links: Unveiling the Wisdom of Warren Buffett

Book Review The Essays of Warren Buffett Summary

Warren Buffett: The Oracle of Omaha

Warren Buffets Early Life and Career Milestones

Have you ever wondered how a young boy from Omaha transformed into one of the world’s most renowned investment gurus? Warren Buffett’s journey from a paperboy to the chairman of Berkshire Hathaway is not just inspiring but filled with valuable lessons for every investor.

This section first looks into Buffett’s early life, his influences, and his meteoric rise to fame, offering insights into the making of an investment legend.

Buffett’s Investment Journey

Buffett’s investment journey began in his youth, influenced by his father, Howard Buffett, a stockbroker, and later by Benjamin Graham , the father of value investing. His early ventures, from running a pinball machine business to his first stock purchase, laid the foundation for his unique investment philosophy.

Buffett’s approach, blending value investing principles with a deep understanding of market psychology , set him apart from his peers.

Buffett’s story is a testament to the power of perseverance, keen market insight, and the importance of mentorship in shaping a successful investment career. His strategies, emphasizing long-term growth and ethical business practices, resonate strongly in today’s economic trends .

  • Did you know Buffett bought his first stock at just 11 years old? Imagine what your financial portfolio could look like if you started investing at that age!

Visual Element Suggestions: A timeline infographic of Warren Buffett’s early life and career milestones.

In summary, Warren Buffett’s early life and influences paint a picture of a determined and savvy investor. His journey to becoming the Oracle of Omaha offers invaluable lessons for anyone looking to navigate the stock market . Next, we’ll explore how Buffett shaped Berkshire Hathaway , turning it into a powerhouse of value investing.

Berkshire Hathaway’s Evolution: How Buffett shaped the company.

Berkshire Hathaway's Growth and Diversification

Berkshire Hathaway’s transformation under Warren Buffett is a classic example of how visionary leadership can redefine a company’s destiny. From a struggling textile mill to a conglomerate, this section explores how Buffett’s investment acumen and corporate governance reshaped Berkshire Hathaway.

Buffett’s acquisition of Berkshire Hathaway in the 1960s marked the beginning of its metamorphosis. His focus on acquiring companies with strong fundamentals and ethical management practices became the cornerstone of Berkshire’s growth. Under his leadership, the company diversified into insurance, energy, transportation, and more, all while adhering to the principles of value investing .

The evolution of Berkshire Hathaway under Buffett’s stewardship is a prime example of effective corporate governance and strategic diversification. It highlights how economic trends and market dynamics can be navigated successfully with a solid investment philosophy.

  • Think about your own investment portfolio. What lessons can you draw from Buffett’s strategy in shaping Berkshire Hathaway?

To conclude, Berkshire Hathaway’s evolution is a testament to Buffett’s investment genius and his commitment to value investing and sound corporate governance . As we turn the page to “The Essays of Warren Buffett,” we’ll uncover the key themes and wisdom that have made Buffett a legend in the investment world.

Book Summary: The Essays of Warren Buffett

“The Essays of Warren Buffett” is more than just a book; it’s a compendium of timeless investment wisdom. In this section, we’ll explore the key themes of value investing , corporate governance , and Buffett’s unique perspective on the stock market and economic trends .

Overview of Key Themes

Key Themes of The Essays of Warren Buffett

The book encapsulates Buffett’s philosophy, emphasizing long-term investment strategies, ethical business practices, and understanding market psychology. It advocates for a shareholder-oriented approach in corporate governance and stresses the importance of financial literacy for investors.

These themes are not just theoretical concepts but practical tools for navigating the complexities of the stock market. They align with modern economic trends and offer a roadmap for sustainable investing.

  • How do you think applying Buffett’s principles of value investing and corporate governance could change your approach to investing?

Buy a Copy of The Book on Amazon Now!!

In essence, the key themes of Buffett’s book provide a foundation for sound investing and ethical business conduct. Next, we’ll break down these themes chapter by chapter, offering a comprehensive summary of Buffett’s invaluable insights.

“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”  The Essays of Warren Buffett 

Deep Dive into Buffett’s Investment Philosophy

Detailed analysis of Buffett’s approach to investing.

Warren Buffett , known for his shrewd investment strategies, has always been a staunch advocate of value investing . This section offers a detailed analysis of Buffett’s approach, revealing the core principles that have guided his successful investment decisions.

Core Principles of Value Investing

At the heart of Buffett’s philosophy lies a focus on long-term investments in undervalued companies with strong fundamentals. He emphasizes the importance of understanding a company’s intrinsic value, rather than getting swayed by market fluctuations. This approach, deeply influenced by Benjamin Graham , advocates for thorough research and patience in investing.

Buffett’s principles of value investing are not just strategies but a mindset shift in how one views the stock market and investment opportunities. These principles are crucial in today’s dynamic economic trends .

  • Consider how adopting a long-term perspective in your investments could reshape your financial future. What changes would you make?

In summary, understanding the core principles of Buffett’s value investing approach offers a blueprint for making informed and strategic investment decisions. Next, we explore how Buffett’s views on market psychology contrast with conventional market trends.

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Buffett’s Views on Market Psychology: How Buffett’s strategies defy conventional market trends.

Warren Buffett’s investment strategies often go against the grain of conventional market trends. This section delves into how his understanding of market psychology has played a pivotal role in his investment decisions.

Buffett’s approach to investing is grounded in a deep understanding of human behavior and market sentiment. He often capitalizes on market overreactions, finding value where others see risk. This contrarian approach, focusing on investor psychology rather than just market metrics, sets him apart from other investors.

Buffett’s insights into market psychology are especially relevant in today’s volatile investment climate, where emotional reactions often drive market movements.

  • How might your investment choices change if you considered market psychology as much as financial metrics?

Buffett’s unique perspective on market psychology offers valuable lessons in navigating the stock market’s ups and downs. Moving forward, we’ll look at real-life applications of Buffett’s wisdom through case studies and success stories.

“It is not necessary to do extraordinary things to get extraordinary results.” 

Case Studies and Success Stories: Practical Application of Buffett’s Wisdom

Real-life examples of applying Buffett’s principles.

The true test of Warren Buffett’s investment principles lies in their application in the real world. This section showcases various case studies and success stories where Buffett’s strategies have been effectively implemented.

From individual investors to large corporations, many have found success by applying Buffett’s value investing principles. These case studies highlight the importance of long-term planning, understanding intrinsic value, and the courage to invest counter to market trends.

These real-life examples demonstrate how Buffett’s investment strategies remain relevant and effective in diverse economic trends and market conditions.

  • Imagine applying these principles to your own financial situation. What could your investment portfolio look like in the future?

These case studies not only inspire but also provide practical insights into applying Buffett’s investment wisdom. Next, we offer a step-by-step guide for investors on how to implement these strategies in their own portfolios.

Step-by-Step Guide for Investors: How readers can implement these strategies in their portfolios.

Adopting Warren Buffett’s investment strategies may seem daunting, but it’s achievable with the right guidance. This section provides a practical, step-by-step guide for investors looking to incorporate Buffett’s principles into their investment portfolios.

The guide begins with assessing one’s financial goals and risk tolerance, followed by researching and identifying undervalued stocks with strong fundamentals. It emphasizes the importance of diversification, patience, and staying informed about economic trends and market changes.

Here is a step-by-step guide for investors looking to incorporate Warren Buffett’s investment strategies into their portfolios:

These steps provide a practical guide for investors to implement Warren Buffett’s investment strategies, emphasizing the importance of aligning investments with financial goals, identifying undervalued stocks, diversifying the portfolio, and maintaining a long-term investment approach.

  • What’s the first step you’ll take to align your investment strategy with Buffett’s principles?

By following this guide, investors can take actionable steps towards applying Buffett’s investment wisdom to their own financial strategies. As we conclude, remember that mastering personal finance is a journey of informed decisions and continuous learning. Here’s to your financial success and the milestones you’ll achieve!

“If you don’t find a way to make money while you sleep, you will work until you die.” 

Comparative Analysis and Critique

Compare and contrast Buffett’s approach with contemporary strategies.

In the world of finance, Warren Buffett’s traditional approach to investing often stands in stark contrast to modern investment theories. This section explores how Buffett’s time-tested strategies compare with contemporary investment methods.

Buffett vs. Modern Investment Theories

Buffett’s value investing, rooted in principles taught by Benjamin Graham , focuses on long-term growth, intrinsic value, and company fundamentals. In contrast, modern investment theories often emphasize technical analysis, market timing, and short-term gains. This comparison highlights the differences in risk tolerance, investment horizon, and market perception between Buffett’s approach and modern methodologies.

Warren Buffett's Strategy

Understanding these contrasting investment philosophies is crucial for investors navigating today’s stock market and economic trends .

Which investment approach resonates more with your financial goals and risk appetite?

Modern Investment Theories

While Buffett’s approach offers a blueprint for steady, long-term growth, it’s important to also consider the criticisms and limitations of his methods. Next, we delve into a critique and counterpoints of Buffett’s investment philosophy.

Critique and Counterpoints

No investment strategy is without its critics, and Warren Buffett’s value investing is no exception. This section examines the criticisms and limitations of Buffett’s approach to investing.

Critics argue that Buffett’s strategies, while successful in the past, may not be as effective in today’s fast-paced, technology-driven markets. They point to the increasing importance of innovation, market disruptors, and the rapid evolution of industries as potential challenges to the value investing model. Additionally, some argue that Buffett’s success is partly due to his unique position and resources, which may not be replicable for the average investor.

These critiques offer a balanced perspective on Buffett’s investment approach, essential for understanding its applicability in different market conditions and economic trends .

  • How do you think Buffett’s strategies could be adapted to address these criticisms?

Understanding these critiques is vital for applying Buffett’s principles in a modern context. Next, we explore the relevance of Buffett’s essays in today’s market, particularly in adapting his principles to current economic trends.

The Relevance of Buffett’s Essays in Today’s Market

In an ever-evolving financial landscape, the applicability of Warren Buffett’s advice is frequently questioned. This section assesses how Buffett’s investment principles can be adapted to align with current economic trends and market conditions.

“The most important investment you can make is in yourself.” The Essays of Warren Buffett

Adapting Principles to Current Economic Trends

How Buffett’s advice holds up in modern financial contexts.

Buffett’s emphasis on fundamentals, intrinsic value, and long-term growth remains relevant, but it requires adaptation to account for new market dynamics, such as technological advancements and global economic shifts. Investors can apply Buffett’s principles by focusing on companies that demonstrate adaptability, sustainability, and strong corporate governance in today’s economy.

  • This adaptation ensures that Buffett’s timeless wisdom continues to guide investors through the complexities of modern financial markets.

Consider how you might apply Buffett’s principles to industries that are shaping our future, like renewable energy or technology.

Buffett’s essays remain a valuable resource, but their application requires a nuanced understanding of today’s economic landscape. Finally, we’ll explore the future of value investing and its potential evolution in the coming years.

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As we conclude, remember that mastering personal finance is about taking small, consistent steps towards your goals. From budgeting to investing, each strategy we’ve discussed is a building block for financial stability. My own financial journey, combined with years of advising, highlights the real-life impact of these principles.

Take action today, whether it’s adjusting your budget or exploring new investments. For further guidance, sign up for our newsletter and share your topic suggestions in the comments below. Your engagement helps shape our future content.

As your financial guide, I’m dedicated to providing reliable and practical advice. Look out for our upcoming articles on advanced investment strategies and the latest in personal finance. Together, let’s turn financial challenges into opportunities for growth and success. Remember, every step you take is a step towards shaping a secure financial future.

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Note: The content provided in this article is for informational purposes only and should not be considered as financial or legal advice. Consult with a professional advisor or accountant for personalized guidance.

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Berkshire Hathaway Reports Profit of $97 Billion Last Year, a Record

The conglomerate saw major gains in its insurance operations and in investment income. But revenues at its railroad and utility businesses declined from 2022.

A close-up of Warren Buffett, who's wearing a dark jacket over a white shirt and red tie and smiling.

By Michael J. de la Merced

Berkshire Hathaway, the conglomerate run for decades by Warren E. Buffett, recorded its highest-ever annual profit last year. But its chief executive found reason to blame government regulation for hurting the results of some of its biggest businesses.

In his letter to investors that traditionally accompanies the annual report, Mr. Buffett also paid tribute to Charlie Munger, his longtime lieutenant and Berkshire’s vice chairman until his death in November at age 99.

The company — whose divisions include insurance, the BNSF railroad, an expansive power utility, Brooks running shoes, Dairy Queen and See’s candy — disclosed $97.1 billion in net earnings last year, a sharp swing from its $22 billion loss in 2022 because of investment declines.

Berkshire also reported $37.4 billion in operating earnings, the financial metric that Mr. Buffett prefers because it excludes paper investment gains and losses, for the year, up 21 percent from 2022. (Investors often see Berkshire as a bellwether of the American economy, given the breadth of its business.)

Those gains arose from the powerful engine at the heart of Berkshire, its vast insurance operations that include Geico car insurance and reinsurance. The division reported $5.3 billion in after-tax earnings for 2023, reversing from a loss in the previous year thanks to fewer significant catastrophic events, rate increases and fewer claims at Geico.

The business that Berkshire is best known for, stock investments using the enormous cash that the insurance business throws off, also performed well last year. Investment income jumped nearly 48 percent amid rising market valuations. (About 79 percent of the conglomerate’s investment income comes from just five companies: Apple, Bank of America, American Express, Coca-Cola and Chevron.)

But two of the conglomerate’s biggest nonfinancial operations performed below expectations. BNSF, which operates the nation’s biggest freight railroad, reported $5 billion in operating profit for the year, while Berkshire’s utilities business earned $2.3 billion. Earnings at both were significantly below 2022.

While Mr. Buffett noted in his annual letter to investors the challenges that both divisions faced last year — BNSF was hurt primarily by falling shipment volumes and the utility business was battered by more frequent forest fires — he also pointed to government regulations as challenges.

The criticism contrasts with Mr. Buffett’s general support of government regulation, especially given his backing of Democratic policy efforts like the effort to raise taxes on the wealthy that became known as the “Buffett rule.”

In the case of BNSF, Mr. Buffett wrote that “wage increases, promulgated in Washington, were far beyond the country’s inflation goals.” And for the utility business, he went on at length about tighter regulations in several states that crimped the power utility’s profitability. “The regulatory climate in a few states has raised the specter of zero profitability or even bankruptcy,” he wrote, alluding to California’s Pacific Gas & Energy and Hawaiian Electric in Hawaii.

Mr. Buffett further warned that tighter regulations on utilities could pose a broader problem for the industry, and suggested that Berkshire Hathaway might curtail its business in certain states. “We will not knowingly throw good money after bad,” he wrote.

In the annual letter — a must-read publication for his millions of followers that is peppered with his customary folksy asides — Mr. Buffett talked up two of Berkshire’s longest-held investments, American Express and Coke, as solid financial performers. He also noted newer stock positions that he said he expected to maintain “indefinitely”: the fossil-fuel producer Occidental Petroleum, of which Berkshire owns nearly 28 percent, and stakes in five Japanese trading firms, regarded as a bet on the revival of Japan’s long-moribund economy.

In promoting the Japanese investments, Mr. Buffett took a jab at how much American companies pay their top executives. “The managements of all five companies have been far less aggressive about their own compensation than is typical in the United States,” he wrote.

Yet again, Mr. Buffett spent little time talking about what he has long called Berkshire’s “elephant gun,” the vast cash hoard it amasses from its insurance operations that he has used to strike major transactions. In recent years, the conglomerate has favored using that money to buy back its own stock as a better way to generate higher returns for investors.

That pile grew to $163.3 billion by year end, but Mr. Buffett said he saw few opportunities to profitably spend that cash at scale. “There remain only a handful of companies in this country capable of truly moving the needle at Berkshire, and they have been endlessly picked over by us and by others,” he wrote. “All in all, we have no possibility of eye-popping performance.”

Instead, Mr. Buffett emphasized Berkshire’s financial resilience. “I believe Berkshire can handle financial disasters of a magnitude beyond any heretofore experienced,” he wrote. “This ability is one we will not relinquish.”

As expected, Mr. Buffett offered a lengthy tribute to Mr. Munger, a fellow Omaha native who shared a love of investing. The two men were Berkshire’s biggest ambassadors with an often comedic buddy act: Mr. Buffett the persistent optimist, Mr. Munger the gimlet-eyed cynic.

In a lengthy introduction, Mr. Buffett praised Mr. Munger as the “architect” of the Berkshire business model of investing in good businesses at fair prices, an approach that made them billionaires and many of their longtime shareholders millionaires.

“Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades,” he wrote. “Even when he knew he was right, he gave me the reins, and when I blundered he never — never — reminded me of my mistake.”

Michael de la Merced joined The Times as a reporter in 2006, covering Wall Street and finance. Among his main coverage areas are mergers and acquisitions, bankruptcies and the private equity industry. More about Michael J. de la Merced

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Warren Buffett Pays Heartfelt Tribute: "Berkshire Loses Its Architect, Munger," Leaves Investors Reflecting

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In his annual letter, Buffett dedicates a section to Munger, calling him architect of Berkshire's success. Munger's guidance and influence are deeply missed, leaving investors pondering his long-standing impact on the company.

FILE PHOTO: Berkshire Hathaway Vice Chairman Charlie Munger walks past a crowd at the annual Berkshire shareholder shopping day in Omaha, Nebraska, U.S., May 3, 2019. REUTERS/Scott Morgan/File Photo (REUTERS)

Warren Buffett left no doubt: He misses Charlie Munger , and so will Berkshire Hathaway's shareholders.

Buffett on Saturday devoted a special section of his annual shareholder letter to Munger, who died in November at age 99.

The 93-year-old Buffett called his long-time business partner a key driver behind what has become his more than $900 billion, Omaha, Nebraska-based conglomerate.

"Charlie was the 'architect' of the present Berkshire, and I acted as the 'general contractor' to carry out the day-by-day construction of his vision," Buffett wrote.

Jim Shanahan, an Edward Jones analyst who covers Berkshire, called that a "profound compliment" from arguably the world's most revered investor.

"Buffett gave Charlie Munger a lot of credit for Berkshire's success and his personal success," he said. "Without his wisdom and guidance, Buffett wouldn't have been as successful as he has been."

Munger's death deprived Buffett of his closest confidante of more than 60 years, the last 45 as a Berkshire vice chairman.

The two grew up at the same time in Omaha, though Buffett did not meet Munger until 1959.

Under their leadership, Berkshire became the owner of dozens of businesses such as Geico insurance and the BNSF railroad and holder of more than $350 billion in stocks led by Apple .

Munger was known for his common-sense, witty and occasionally acerbic maxims.

"Envy is a really stupid sin," he said in 2003, "because it's the only one you could never possibly have any fun at."

But he also became known as the person who changed Buffett's attitude toward investing.

Buffett credited Munger with convincing him to buy "wonderful companies at fair prices instead of fair companies at wonderful prices" -- the latter of which Buffett has referred to as "cigar butts" because their businesses might still contain puffs of smoke.

Calling him Berkshire's "architect" alluded to Munger's passion for architecture, including designing buildings.

Buffett also recalled Munger's relative modesty, saying Munger was okay with letting him "take the bows and receive the accolades" while serving more as an older brother or loving father.

One place Munger shared the stage was at Berkshire's annual meeting, where he and Buffett would sit before tens of thousands of shareholders -- and millions more online -- fielding shareholder questions and often finishing each other's thoughts.

Munger's death means Buffett will likely share the stage at this year's May 4 annual meeting only with Vice Chairman Greg Abel, who is slated to eventually become chief executive, and Vice Chairman Ajit Jain.

James Armstrong, who leads Henry H Armstrong Associates in Pittsburgh and has owned Berkshire stock for more than 35 years, said Buffett's letter was an apt epitaph for Munger and what he meant to Berkshire.

"Charlie's impact was huge," he said. "It may not have been understood by the public, but it is now." 

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Warren Buffett and ‘Big Short’ investor Michael Burry have shown their cards in the streaming wars, courtesy of big bets and major selloffs

Warren Buffett, CEO of Berkshire Hathaway

Big Short investor Michael Burry seems to be liking what he’s hearing from streaming giants, while legendary investor Warren Buffett is unconvinced. At least, that’s if their stock filings are anything to go by.

On Wednesday, Burry’s Scion Asset Management revealed in an SEC filing that it had added 375,000 shares in Warner Bros. Discovery to its portfolio during the final quarter of 2023.

Burry—best known for calling the 2008 property crash—got a foot in the door well before the media giant announced an unprecedented coalition with two other streaming giants: ESPN and Fox .

The trio confirmed earlier this month they would be launching a new sports streaming service in the fall of 2024, which will include content from all the major professional sports leagues and college sports.

However the news, unfortunately for Burry, has done little to boost the business’s share price. The stock price for CNN’s parent company is down 36.6% over the past year and 16.5% in the year to date.

A hint of why Burry is interested in Warner Bros. Discovery might have been dropped during the company’s Q3 2023 earnings call. The company posted a minimal revenue increase of just 1% to $9.9 billion, with advertising revenue also sinking by as much as 50% in some areas of the business.

But the update also highlighted a renewed interest from consumers as well as investment in new products. The company posted its highest-grossing film in history with Barbie raking in nearly $1.5 billion across the global box office.

Additionally, while other movie franchises have begun to lose steam, Warner Bros. said The Nun II  (the latest film in  The Conjuring  universe) crossed $250 million in global box office, making the series the all-time highest-grossing in the horror genre.

Additionally, Warner Bros. Discovery CEO David Zaslav said newly launched products like news streaming service CNN Max were showing early signs of increased engagement and lower churn.

Paramount problems

On the other end of the spectrum, Warren Buffett’s Berkshire Hathaway confirmed this week it was paring back its holdings in Paramount Global .

The Oracle of Omaha’s disclosure showed the sale of 30.4 million shares, approximately a third of its previous holding, but doubled down on oil company Chevron .

The news Berkshire is backing away from the multinational mass-media business appeared to spook other investors, with its share price dropping 6.7% to $12.31 following the announcement.

Paramount hasn’t had the best time on the Nasdaq over the past 12 months. At the time of writing the company’s share price has slumped by more than 46% since this time last year, and is down 8.4% for the year to date.

The company is also facing turbulent times. The majority of voting stock in Paramount is held by the Redstone family ( led by Shari Redstone ) who are currently courting a raft of investors and weighing offers to buy Paramount’s parent company, National Amusements.

Bloomberg reports that among the options for the Redstones may be Apollo Global Management , one of the world’s largest money management companies and an investor in independent film studio Legendary Entertainment.

Elsewhere film and TV producer David Ellison is weighing an offer that would see National Amusements merged with his company, Skydance Media, the Wall Street Journal reports .

Whether either of the bids is made and accepted remains to be seen, but the current C-suite at Paramount is already having to make some tough decisions . Citing sources, Reuters reported Tuesday the company is laying off 800 people, though Paramount declined to comment.

The business is also considering a Disney-Fox-ESPN–like “bundle” deal with Apple , the Wall Street Journal reports, which would see Apple TV and Paramount Plus—which has thus far struggled to turn a profit —join forces.

Despite the upheaval, Buffett, like Burry, clearly sees green shoots for legacy media businesses attempting to navigate a streaming new age—after all, he still owns tens of millions of shares. His faith may be justified: CBS, one of Paramount’s many offerings, drew a record 123.7 million American viewers for the Super Bowl on Sunday, according to Nielsen estimates .

The record-breaking figure makes the Kansas City Chiefs’ defeat over the San Francisco 49ers the most-watched event since astronauts walked on the moon in 1969—or, by other measurements, ever .

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  1. The Essays of Warren Buffett: Lessons for Corporate America

    The Essays of Warren Buffett is a collection of writings from Buffett to shareholders of Berkshire Hathaway over the last decades. There is a new edition out which might contain updated material, but this edition covers writings from the 80s till the first internet bubble. Lawrence Cunningham chooses a variety of topics and associated writings ...

  2. The Essays of Warren Buffett : Lessons for Corporate America

    4.31 7,203 ratings212 reviews 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.

  3. The essays of Warren Buffett : lessons for corporate America

    The essays of Warren Buffett : lessons for corporate America by Buffett, Warren Publication date 2015 Topics Corporations -- United States -- Finance, Corporate governance -- United States, Investments -- United States, Stocks -- United States, Consolidation and merger of corporations -- United States, Accounting -- United States Publisher

  4. The essays of Warren Buffett : lessons for investors and managers

    Page-progression lr Page_number_confidence 93.86 Pages 232 Ppi 400 Related-external-id urn:isbn:0471851892 urn:oclc:226112080 urn:oclc:59556304 urn:isbn:1118821157 urn:oclc:857276854 urn:oclc:868003883 Scandate 20100506005116 Scanner scribe7.sanfrancisco.archive.org Scanningcenter sanfrancisco Source removed Worldcat (source edition)

  5. The Essays of Warren Buffett

    The Essays of Warren Buffett: Lessons for Corporate America Warren Buffett Carolina Academic Press, 2015 - Business & Economics - 313 pages The year 2015 marks the fiftieth anniversary...

  6. The Essays of Warren Buffett: Lessons for Investors and ...

    THE ESSAYS OF Warren Buffett A gold mine of investing advice from the most successful investor in history THE ESSAYS OFWarren BuffettSIXTH EDITION When Warren Buffett speaks, people worldwide listen. And with good reason: Buffett is the most successful investor-manager in history. He has set world records for achieving both high personal net worth, exceeding US$80 billion, and high corporate ...

  7. The Essays of Warren Buffett: Lessons for Corporate... (PDF)

    1 The Essays of Warren Buffett: Lessons for Corporate America, Third Edition (PDF) Warren E. Buffett, Lawrence A. Cunningham 2013 • 323 Pages • 1.95 MB • English + essays Posted April 14, 2020 • Submitted by bgorczany Twitter Explore PDF Download PDF Convert to... Read PDF online READ ONLINE

  8. PDF The Essays of Warren Buffett: Lessons for Corporate America, Third

    Buffett, Warren E., 1930-The Essays of Warren Buffett: Lessons for Corporate America / selected, arranged, and introduced by Lawrence A. Cunningham—3d ed. 308 p. 26 cm. Includes previously copyrighted material. Reprinted with permission. Includes bibliographical references and index. 1. Corporations—United States—Finance. 2. Corporate ...

  9. The Essays of Warren Buffett: Lessons for Investors and Managers, 6th

    Time magazine lists Buffett as among the most influential people in the world―and he is. According to Buffett, the best book collating his philosophy is The Essays of Warren Buffett by Lawrence A. Cunningham, the internationally renowned scholar and expert on Buffett and Berkshire.

  10. The Essays of Warren Buffett: Lessons for Corporate America

    Lawrence Cunningham's two dozen books include The Essays of Warren Buffett, which Cunningham self-published into an international best-seller that he has arranged for translation into a dozen languages. An influential thought leader in both value investing and corporate governance, Cunningham's other notable books include Quality Investing (long time best seller with AKO Capital), The AIG ...

  11. The Essays of Warren Buffett

    Warren Buffett. Wiley, 2021 - Business & Economics - 400 pages. "As in previous editions of The Essays of Warren Buffett, this one retains the architecture and philosophy of the original edition but adds selections from Warren Buffett's most recent annual shareholder letters. All the letters are woven together into a fabric that reads as a ...

  12. The Essays of Warren Buffett: Lessons for Investors and Managers

    The Essays of Warren Buffett: Lessons for Investors and Managers Paperback - 13 May 2021 by Lawrence A. Cunningham (Editor) 4.5 49 ratings See all formats and editions THE ESSAYS OF Warren Buffett A gold mine of investing advice from the most successful investor in history THE ESSAYS OF Warren Buffett SIXTH EDITION

  13. The Essays of Warren Buffett: Lessons for Corporate America

    We're Hiring! The Essays of Warren Buffett: Lessons for Corporate America. Selected, Arranged, and Introduced by Lawrence A. Cunningham. The growth of individuals investing in the stock of publicly traded companies in the late 1990s coin- cided with the development of new media outlets for equivocal financial data.

  14. Editions of The Essays of Warren Buffett

    The Essays of Warren Buffett: Lessons for Corporate America (Paperback) Published April 14th 2008 by The Cunningham Group. Second Edition, Paperback, 296 pages. more details. Want to Read. Rate this book. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars.

  15. The essays of Warren Buffett : lessons for corporate America

    The essays of Warren Buffett : lessons for corporate America by Buffett, Warren Publication date 2008 Topics Corporations -- United States -- Finance, Corporate governance -- United States, Investments -- United States, Stocks -- United States, Consolidation and merger of corporations -- United States, Accounting -- United States Publisher

  16. The Essays of Warren Buffett: A Complete Book Summary

    Defining Intelligent Investing According to Warren Buffett. Buffett's big investment philosophy is that we should be looking for companies that can drastically change their value for the long-term, not just looking for some sort of short-term gain. Don't buy a company and then sell it when it goes up 10% - look for that stock that's ...

  17. Book Review of The Essays of Warren Buffett

    Book Summary: The Essays of Warren Buffett. "The Essays of Warren Buffett" is more than just a book; it's a compendium of timeless investment wisdom. In this section, we'll explore the key themes of value investing, corporate governance, and Buffett's unique perspective on the stock market and economic trends.

  18. The Essays of Warren Buffett: Lessons for Corporate America

    The Essays of Warren Buffett is a collection of writings from Buffett to shareholders of Berkshire Hathaway over the last decades. There is a new edition out which might contain updated material, but this edition covers writings from the 80s till the first internet bubble. Lawrence Cunningham chooses a variety of topics and associated writings ...

  19. The Essays of Warren Buffett: Lessons for Corporate America

    The Essays of Warren Buffett is a collection of writings from Buffett to shareholders of Berkshire Hathaway over the last decades. There is a new edition out which might contain updated material, but this edition covers writings from the 80s till the first internet bubble. Lawrence Cunningham chooses a variety of topics and associated writings ...

  20. PDF Summary of The Essays of Buffett

    Written by Bookey About the book In the captivating pages of "The Essays of Warren Buffett," legendary investor Warren Buffett provides a remarkable insight into his investment strategies, philosophy, and timeless wisdom that have earned him unparalleled success.

  21. Berkshire Hathaway Reports Profit of $97 Billion Last Year, a Record

    That pile grew to $163.3 billion by year end, but Mr. Buffett said he saw few opportunities to profitably spend that cash at scale. "There remain only a handful of companies in this country ...

  22. Warren Buffett Pays Heartfelt Tribute: "Berkshire Loses Its Architect

    Warren Buffett left no doubt: He misses Charlie Munger, and so will Berkshire Hathaway's shareholders. Buffett on Saturday devoted a special section of his annual shareholder letter to Munger, who ...

  23. Warren Buffett Mentioned 7 Specific People In the Latest Berkshire

    Warren Buffett released the latest Berkshire Hathaway shareholder letter Saturday. It's the first one since Buffett's right-hand-man, Charlie Munger, died at age 99. In a full-page introduction ...

  24. The hollowing out of Vice and BuzzFeed marks the end of the digital

    Warren Buffett honors Charlie Munger in annual note, Berkshire reports record cash pile. Hot Stocks ... "I think most of us have seen the writing on the wall: there are simply not enough ...

  25. The Essays Of Warren Buffett Lessons For Corporate America, Third

    The letters of Warren Buffett written to the shareholders of Berkshire Hathaway compiled. Skip to main content. We will keep fighting for all libraries ... the-essays-of-warren-buffett-lessons-for-corporate-america-third-edition Identifier-ark ark:/13960/t7pp8jm30 Ocr ABBYY FineReader 11.0 (Extended OCR) Ppi 300

  26. Warren Buffett sells Paramount shares as 'Big Short ...

    Warren Buffett, CEO of Berkshire Hathaway, has sold a third of his stock in Paramount. ... At the time of writing the company's share price has slumped by more than 46% since this time last year ...