Download How to Think Like Benjamin Graham and Invest Like Warren Buffett PDF by Lawrence A.Cunningham
The main ideas in this booktrace their intellectual lineage to Benjamin Graham, whom I never knew but must thank posthumously, and Warren Buffett, whom I have the great fortune to know and from whose writings, talks, and conversations I have gained knowledge and insight. Neither of these men, of course, has any responsibility for this book’s content and no doubt would disagree with some of what it says, though it is written as a narrative interpretation of principles they developed, to which it tries to be faithful.
Mr. Buffett deserves my continuing thanks for permitting me to prepare a collection of his letters to the shareholders of Berkshire Hathaway, The Essays of Warren Buffett: Lessons for Corporate America, and for participating along with Berkshire Vice-Chairman Charles Munger in a symposium I organized to analyze it. Thanks also to the readers of that collection of wonderful writings for encouraging me to write the present book, especially the courageous college and business school professors who use that bookin their courses and their many students who tell me how valuable it is.
Other fans of that bookwho encouraged me to write this one include my friends at Morgan Stanley Dean Witter, led by David Darst and John Snyder; Chris Davis and KimMarie Zamot at Davis Selected Advisers; the team at Edward D. Jones; and supporters too numerous to mention at other firms who appreciate the business analysis way of investing.
By training and professional habit I am a corporate lawyer, and as my students know, effectiveness as a corporate lawyer requires mastering not only (or mostly) law but also business, including finance, accounting, and governance. For tutelage in that philosophy, I thankmy friends and former colleagues at Cravath, Swaine & Moore as well as that firm’s clients.
Not all law faculties recognize the intersection of law and business. My colleagues at Cardozo Law School do and support my research and writing in the fields of finance, accounting, and governance that seem to others a step beyond law as such. Among these colleagues, special thanks to Monroe Price for introducing me to Warren Buffett through their mutual friend Bob Denham. For granting me a sabbatical to devote time to workon this book, I especially thankDean Paul Verkuil and Dean Michael Herz.
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