A Few Lessons for Investors and Managers From Warren Buffett

Description

Peter Bevelin begins A Few Lessons for Investors and Managers with Warren Buffett’s wisdom, "I am a better investor because I am a businessman and a better businessman because I am an investor." This book is about how managers and investors can increase their chance of success and reduce the chance of harm if managers think more like investors and investors more like businessmen. There are a lot of books about Warren Buffett, but A Few Lessons for Investors and Managers is different. It tells in a short-easy-to-read way about what managers and investors can learn from Buffett. This is a selection of useful and timeless wisdom where Warren Buffett in his own words tells us how to think about business valuation, what is a good and bad business, acquisitions and their traps, yardsticks, compensation issues, how to reduce risk, corporate governance, the importance of trust and the right culture, learning from mistakes, and more. A Few Lessons for Investors and Managers From Warren Buffett Jacket Title Page Contents Epigraph Introduction and Acknowledgments One What Investing in Financial Assets Is All About Two Valuation Three the Value of a Business Four Return on Tangible Invested Capital Reflects the Cash Flow Generating Characteristics of the Business Five Business Characteristics: The Great, the Good, and the Gruesome A. The Really Great Business B. The Good Business C. The Gruesome D. Other Tough Businesses E. The Correct Way to Look at Accounting Goodwill F. What Are the Key Factors for Success or Harm and How Predictable Are They? Six Past Results as a Guide: Sometimes Useful and Sometimes Dangerous Seven the Importance of Trustworthy and Talented Management Eight the Importance of Clear Yardsticks to Judge Management Performance Nine Corporate Governance Ten Owners and Management Eleven Management Compensation: I Get What I Reward For Twelve Mergers and Acquisitions: Dumb Acquisitions Cost Owners Far More Than Most Other Things Thirteen a Few Management Issues A. Be Honest and Trustworthy and Select People You Can Trust B. Management and Cost Efficiency C. Communication Fourteen How to Reduce Risk: A. Easy Does It B. Minimize the Chance That I Make a Bad Deal C. Conditions and Environment Where I Have the Largest Chance of Finding a Good Deal-And a Warning During Good Times E. Distrust Biased Advice F. Avoid Mindless Imitation and Don't Be Caught Up in the Latest Fads and Fashions G. Imitation Driven by the Fear of Losing Business H. Pay No Attention to Economic Forecasting I. Have the Right Mental Attitude Toward Market Fluctuations Fifteen Sometimes Mistakes Are Made