ixACKNOWLEDGMENTS
T
he main ideas in this boo ktrace their intellectual lineage to
Benjamin Graham, whom I never knew but must thank post-
humously, 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 disa-
gree 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 Amer-
ica, 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 en-
couraging me to write the present book, especially the courageous
college and business school professors who use that boo kin their
courses and their many students who tell me how valuable it is.
Other fans of that boo kwho 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 fi-
nance, accounting, and governance. For tutelage in that philosophy,
I than kmy 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 busi-
ness. My colleagues at Cardozo Law School do and support my re-Copyright 2001 The McGraw-Hill Companies, Inc. Click Here for Terms of Use