Table of Contents

Introduction
Prologue
  I. Corporate Governance
          A.  Owner-Related Business Principles
          B.  Full and Fair Disclosure
          C.  Boards and Managers
          D.  The Anxieties of Plant Closings
          E.  An Owner-Based Approach to Corporate Charity
          F.  A Principled Approach to Executive Pay
  II. Corporate Finance and Investing
          A.  Mr. Market
          B.  Arbitrage
          C.  Debunking Standard Dogma
          D.  "Value Investing": A Redundancy
          E.  Intelligent Investing
          F.  Cigar Butts and the Institutional Imperative
  III. Alternatives to Common Stock
          A.  Junk Bonds
          B.  Zero-Coupon Bonds
          C.  Preferred Stock
          D.  Unconventional Commitments
  IV. Common Stock
          A.  The Bane of Trading: Transaction Costs
          B.  Attracting the Right Sort of Investor
          C.  Dividend Policy and Share Repurchases
          D.  Stock Splits and Trading Activity
          E.  Shareholder Strategies
          F.  Berkshire's Recapitalization
  V.  Mergers and Acquisitions
          A.  Bad Motives and High Prices
          B.  Sensible Share Repurchases Versus Greenmail
          C.  Leveraged Buyouts
          D.  Sound Acquisition Policies
          E.  On Selling One's Business
          F.  Advantages in Acquisitions
  VI.  Accounting and Valuation
          A.  A Satire on Accounting Shenanigans
          B.  Look-Through Earnings
          C.  Economic Goodwill Versus Accounting Goodwill
          D.  Owner Earnings and the Cash Flow Fallacy
          E.  Intrinsic Value, Book Value, and Market Price
          F.  Aesop and Inefficient Bush Theory
  VII. Accounting Policy and Tax Matters
          A.  The Purchase-Pooling Debate
          B.  Stock Options
          C.  "Restructuring Charges"
          D.  Segment Data and Consolidation
          E.  Deferred Taxes
          F.  Retiree Benefits
          G.  Distribution of the Corporate Tax Burden
          H.  Taxation and Investment Philosophy
  Epilogue
  Afterword and Acknowledgments
  Index
  Concept Glossary
  Disposition Table

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