It is a pleasure to announce the coming publication of a new edition of The Essays of Warren Buffett: Lessons for Corporate America, expected to be available around March 8. Along with the vintage content from previous editions that has made this collection a long seller, I am adding essays from Buffett’s annual letters to Berkshire Hathaway shareholders since 2008, the date of the prior edition. New material addresses:
●the financial crisis and its continuing implications for investors, managers and society
●the housing bubble at the bottom of that crisis
●the debt and derivatives excesses that fueled the crisis and how to deal with them
●controlling risk and protecting reputation in corporate governance
●Berkshire’s acquisition and operation of Burlington Northern Santa Fe
●the role of oversight in heavily regulated industries
● investment possibilities today
●weaknesses of popular option valuation models
Some other material has been rearranged to deepen the themes and lessons that the collection has always produced:
● Buffett’s “owner-related business principles” are in the prologue as a separate subject
● valuation and accounting topics are spread over four instead of two sections and reordered to sharpen their payoff.
Those who are familiar with The Essays will notice from the accompanying image that we have made the cover snappier than has been our custom. (Thanks for the cover design to Tim Colton, of Carolina Academic Press, which will continue to partner with me in the distribution of the book.) The main reason: the book’s traditional covers could be seen well in physical form but pictures of them, shown on the internet, could not. Since most sales are done over the internet these days, the cover needed a face lift.
The adage remains, however, that one should not judge a book by its cover. This book should continue to be judged on its content and organization, in which a distinctive investment and business philosophy is coherently articulated.
Thanks to the many fans of the book, first published in 1997. I hope you enjoy the updated edition. And I hope to see many of you in Omaha for the Berkshire shareholders’ meeting in May.