Rating: 
Summary: What they do teach you at Harvard Business School
Review: In the first place, Lawrence Cunningham, whose school it turns out is just a couple blocks from me here in Manhattan, has done a very fine public service in collecting these essays. If you've ever tried to wade through Buffet's annual letters yourself, you know that there are long bits of detailed financial discussions interspersed with the gems of wisdom, aphorisms, and humor that the amateur Buffet-ette is more apt to be seeking. So his collection and coalition, which is well-chosen, well-ordered, and well-edited is a treat for any Buffet fan looking for an accessible volume of the man's work.Buffet has the strangest of powers in that he comes across as a homespun billionaire. Now that's different from just being homespun, the way Sam Walton was, or just being a billionaire, like Bill Gates. Buffet flaunts his wealth and his professional love of money, all the while expressing essential, eternal truths in simple, earthy phrases. When I saw Buffet speak at business school he tapped on the microphone to test it and said "testing, testing, one-million, two-million, three-million." It is that natural genius for combining wealth, truth and comedy that is most vividly on display in "The Essays of Warren Buffet.". Of course, these timeless, simple truths are all known - the way we know that "eat less, exercise more" is how to lose weight. And yet, and yet, it takes Buffet to remind us to "think like an owner"; invest only in management that you "like, trust, and admire"; and buy pieces of business (stocks) when it costs less than the intrinsic value. There are the excellent statements of managerial accountability, business valuation, and capital structure. Helpful warnings on accounting shenanigans, trading costs, and paying heed to Mr. Market. For clarity, brevity, wit, truth, and learning, there is no business writer in the 20th century that compares with Warren Buffet. Buffet's sayings are irreplaceable (and I am not cherry picking here, but merely highlighting a half-dozen of the hundreds of bon mots in this book): "On the other hand, working with people who cause your stomach to churn seems much like marrying for money - probably a bad idea under any circumstances, but absolute madness if you are already rich." "The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price." "Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds... any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops" In regard to acquisitions, which usually fail to earn the cost of capital: "The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons." "One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity," sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise." On acquiring bad companies for cheap prices: "In my early days as a manager I, too, dated a few toads. They were cheap dates - I've never been much of a sport - but my results matched those of acquirers who courted higher-price toads. I kissed and they croaked." Buffet is approaching literature here - the nuance involved, and the delicious counter-pointing of toads, dates, sport are pitch-perfect. The payoff - "I kissed and they croaked" is as fine a line of found poetry as exists. Buffet, having studied at the feet of the master of investment literature for the first half of the 20th century, has ascended to become the master of investment literature, unqualified. This is a book that will please Buffet-maniacs, investors, finance newbies, and anybody with an interest in the articulated evolution of managerial capitalism that has separated the finance and capital allocation specialties from the operational and day-to-day specializations. In closing, it's appropriate to quote America's great investing wag quoting America's greatest political wag - the subject is, as always with Buffet, simple maths and simple truths: "Managers thinking about accounting issues should never forget one of Abraham Lincoln's favorite riddles: 'How many legs does a dog have if you call his tail a leg?' The answer: 'Four, because calling a tail a leg does not make it a leg'." Enjoy this book.
Rating:
Summary: In This Instance Familiarity Does Not Breed Contempt
Review: It is certainly true that Mr. Warren Buffet is nothing if not consistent. On June 29, Forbes Magazine will release their latest compilation of the wealthiest people in the world. There are 538 on the list, 269 from America, 56 that disappeared from last year, and many that while still present, have seen their billions cut in half or even a third of what they once enjoyed. Even the wealthiest individual, Mr. Gates, while maintaining his position at number one saw his assets decline. Guess who has billions more than last year? Warren Buffet! I always enjoy watching those that enjoy being critical of Mr. Buffet. Their charges are absurd, ranging from he never changes his methods, or he did not buy into the technology sector. The year 2000 will be remembered for many things but the amount of money lost in the tech sector will always remain the stuff of which legend is made. Mr. Buffet did in fact embrace technology as he saw fit, and last year the stock of his company went up by 14.4%. That is a number shared by other companies, however it is closer to what they are worth today as compared to one year ago if they are still alive and limping. We have embraced the 21st century by entering such cutting-edge industries as brick, carpet, insulation and paint, Buffett told his Berkshire Hathaway shareholders this year. "Try to control your excitement." More exciting is the holding's company's stock price in the last year, up 14.4%. Stings a bit to the nay Sayers I would think. The real treat for investors is that Mr. Lawrence A. Cunningham has earned the respect of Mr. Buffet and Mr. Munger unlike others who report from afar. In this his, "First Revised Edition", Mr. Cunningham has expanded the text by over 10%, and added items like a, "Disposition Table", that are instructive to maximizing the value of what he presents. The comments I made on the first version need to be revised as follows. One share of Berkshire "A" stock is not $59,900.00; you missed that bargain, Now it will cost you $67,000.00. Up $2,250.00 this past Friday when the markets were soft to say the least. And that bargain "B" Berkshire? Well last time $1,966.00 would have done it, $2,235 will be required now, and it too rose $84.00 this past Friday. I cannot imagine that Mr. Warren Buffet is not on any investor's top 5 list of the greatest investors since there were markets in this Country. I would also suggest that a dispassionate appraisal of his performance argues quite eloquently that he is the best to have ever amassed his fortune, and that of his shareholders on Wall Street. Thanks to the efforts of Mr. Lawrence A. Cunningham readers have access to essays that previously were available primarily to shareholders, and which are organized in this book thematically for the second time. Annual reports are generally easy to come by, however as I wrote on August 3, 2000, 1 Share Of Berkshire Hathaway "A" required $59,900.00, and the "Baby Berkshires" $1,966.00 per share. Many are quick to respond the price is so high as Mr. Buffet has not split the stock, ever. But what is more important is why he has never done this. This book explains his theory on this matter, and dozens of others. Mr. Buffet has his critics, they range from the idiotic, "he's lucky", to "his success allows him to make attractive deals", and to those who feel he missed the money that was made in tech stocks. As for the luck theory, who else has earned 23.8% compounded annually for over 25 years? Winning the lottery is probably more likely an event. As to the attractive deals his wealth is said to facilitate, I guess the answer is, is the questioner serious? He made what he has, his reputation allowed him to have the Federal Government allow Solomon Brothers to continue participating in the bond market based on one thing, his word! This is a man who has rescinded very successful trades because news arrived within days of his buying/selling that could have given the appearance of his having had information others were not privy to. This book has more useful information and ideas that have been proven over decades than any 10 hot Business Books of the moment. Mr. Buffet has had off years, but he has never gone bust. One of my favorite stories is when he was hanging out with friends as a kid, his pals were collecting bottles for the deposit. He was collecting bottle caps, sorting them, and determining who was drinking what brand! He clearly was put amongst us for a reason. On a time invested basis there is no better or more rewarding reading than these essays. No one can match what he has accomplished, why would someone not wish to hear what he has to say on dozens of topics? Thank you Mr. Cunningham for gaining this man's trust.
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Summary: Best collection of Buffett's wisdom I've read
Review: Larry Cunningham is one of a handful of Warren Buffett aficionados who truly grasps what Buffett is all about. Too much attention has been paid to Warren the stock picker, and very little to Warren the business analyst and corporate manager. To be a successful investor, you first have to be a successful judge of businesses, which Buffett has been exceptional at. That is the key legacy of Larry Cunningham's Essays. He has artfully stitched together Buffett's musings over the past 20 years and created an extraordinary primer that both individual investors and corporate managers will find extremely useful. I will resort to this book time and again for illumination and refreshment.
Rating: 
Summary: Other reviews of this collection include:
Review: Money (7/98)("extraordinary"); USA Today (6/23/98) ("check it out"); Financial Post (since 5/98)(no.1 bestseller); Investor's Digest of Canada("instructive and entertaining"); Analyst (UK)(5/98) ("the one [book]Buffett seems to prefer"); CNN-fn (6/23/98) ("thumbs up").
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Summary: Puts the FUN back into FUNdamental analysis
Review: Mr Buffett's essays are witty, smart and credible. They are also well compiled by the Cardozo team. They offer a penetrating view of how corporations do, and should, operate. The essays renew our faith in hard-headed thinking about difficult corporate issues - and simple solutions.
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Summary: Gems of Hard-Earned Wisdom (pearls of pure wit included : -)
Review: Nice excerpts and selections of Warren Buffett's annual letters to his Berkshire shareholders. Having said that, why not get the real, full and uncensored portion, instead of this handy cut-and-paste version? "Remember, son, there are no shortcuts. Berkshire groupies come and go with every quick-buck mania, but the steady players make it through all sorts of speculative bull markets..." Have a great day!
Rating: 
Summary: waste of valuable money...check out the company website
Review: one can easily have access to the material on the berkshire hathaway's website (or print them out and staple them).
don't waste your money...pricey book...way over the intrinsic value. ironic that a person interested in financial acumen would spend money on this book.
Rating:
Summary: The Genius Of Buffett
Review: Some who read the book complained that it's possible to find the same information on Warren's website. Although I have enjoyed the shareholder's letters, there is something to be said about an easy to pickup, and read, compilation of some of his best ideas.
The way I look at it -- $25 is a small price to pay for the gems which you encounter in this book. One paragraph, even one sentence, could potentially change the way in which one invests and could make a significant change in your long term wealth!
Rating:
Summary: The Genius Of Buffett
Review: Some who read the book complained that it's possible to find the same information on Warren's website. Although I have enjoyed the shareholder's letters, there is something to be said about an easy to pickup, and read, compilation of some of his best ideas.
The way I look at it -- $25 is a small price to pay for the gems which you encounter in this book. One paragraph, even one sentence, could potentially change the way in which one invests and could make a significant change in your long term wealth!
Rating: 
Summary: Just buy the Compendium of Letters to Shareholders
Review: The book is well-organized, but it is just a reorganized version of Buffett's original words. I assume that readers purchased the book so that everything would be "laid out" for them. But as Charlie Munger, Berkshire's vice-chairman, said about common stock investments at a shareholders' meeting, "If it were that easy, everyone would be rich." One would be better off obtaining copies of the actual letters to shareholders. They are available on Berkshire Hathaway's website, and a compendium of letters to shareholders from 1977 to 1995 is available for purchase directly from the company for a reasonable price. I would recommend starting with the 1977 letter and proceeding in a chronological fashion. This would add context - a backdrop - for Buffett's investment philosophy. For instance, one would notice his evolution, as his emphasis shifted from mostly statistical undervaluation to favorable qualitative factors. Although he still seeks a "margin of safety" in his investment purchases, he is now more in tune with Philip Fisher than with Benjamin Graham. (His evolution was helped by Charlie Munger, who recognized, earlier in his investment career, the importance of subjective factors which are not readily quantifiable.) The book would be useful as a quick reference guide, but for the investment fanatic - and any truly successful investor is - the Berkshire Hathaway Letters to Shareholders are priceless.
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