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沃倫·巴菲特，全球知名的投資大師，伯剋希爾——哈撒韋公司總裁，全美排名第二富豪。巴菲特是第一位靠證券投資成為擁有幾百億美元資産的世界富豪。在過去的35年中，他執掌的伯剋希爾公司每股賬麵價值從19美元上升至37.987美元，年復閤增長率高達24.00%。尤為難能可貴的是，伯剋希爾已經是一傢資産總額高達1300多億美元的巨型企業。

Foreword to the Third Edition
xi Preface
xiii Prologue: Owner-Related Business Principles
1 Introduction 13 Corporate Governance 15 Finance and Investing 20 Investment Alternatives 26 Common Stock 28 Mergers and Acquisitions 31 Valuation and Accounting 33 Accounting Shenanigans 37 Accounting Policy 37 Tax Matters 38
I. Corporate Governance 39 A. Full and Fair Disclosure 40 B. Boards and Managers 43 C. The Anxieties of Business Change 56 D. Social Compacts 63 E. An Owner-Based Approach to Corporate Charity 65 F. A Principled Approach to Executive Pay 72 G. Risk, Reputation and Oversight 82
II. Finance and Investing 87 A. Mr. Market 88 B. Arbitrage 92 C. Debunking Standard Dogma 98 D. Value Investing: A Redundancy 110 E. Intelligent Investing 117 F. Cigar Butts and the Institutional Imperative 124 G. Life and Debt 128
III. Investment Alternatives 133 A. Surveying the Field 134 B. Junk Bonds 138 C. Zero-Coupon Bonds 145 D. Preferred Stock 152 E. Derivatives 162 F. Foreign Currencies and Equities 172 G. Home Ownership: Practice and Policy 179
IV. Common Stock 183 A. The Bane of Trading: Transaction Costs 184 B. Attracting the Right Sort of Investor 189 C. Dividend Policy and Share Repurchases 191 D. Stock Splits and Trading Activity 202 E. Shareholder Strategies 204 F. Berkshire s Recapitalization 205 V. Mergers and Acquisitions 211 A. Bad Motives and High Prices 212 B. Sensible Share Repurchases Versus Greenmail 223 C. Leveraged Buyouts 223 D. Sound Acquisition Policies 226 E. On Selling One s Business 230 F. The Buyer of Choice 234
VI. Valuation and Accounting 239 A. Aesop and Inefficient Bush Theory 240 B. Intrinsic Value, Book Value, and Market Price 243 C. Look-Through Earnings 249 D. Economic versus Accounting Goodwill 255 E. Owner Earnings and the Cash Flow Fallacy 264 F. Option Valuation 271
VII. Accounting Shenanigans 275 A. A Satire on Accounting Shenanigans 276 B. Standard Setting 284 C. Stock Options 285 D. Restructuring Charges 290 E. Pension Estimates 294 F. Realization Events 296
VIII. Accounting Policy 297 A. Mergers 297 B. Segment Data and Consolidation 299 C. Deferred Taxes 300 D. Retiree Benefits 303
IX. Tax Matters 305 A. Distribution of the Corporate Tax Burden 305 B. Taxation and Investment Philosophy 311 Epilogue 315 Concept Glossary 323 Disposition Summary 325 Index 327
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