영문목차
PREFACE=1
INTRODUCTION=3
PROLOGUE : OWNER-RELATED BUSINESS PRINCIPLES=27
I. CORPORATE GOVERNANCE=37
A. Full and Fair Disclosure=37
B. Boards and Managers=40
C. The Anxieties of Business Change=53
D. Social Compacts=59
E. An Owner-Based Approach to Corporate Charity=61
F. A Principled Approach to Executive Pay=67
G. Risk, Reputation and Oversight=77
II. FINANCE AND INVESTING=81
A. Mr. Market=81
B. Arbitrage=85
C. Debunking Standard Dogma=91
D. "Value" Investing : A Redundancy=102
E. Intelligent Investing=109
F. Cigar Butts and the Institutional Imperative=115
G. Life and Debt=119
III. INVESTMENT ALTERNATIVES=123
A. Surveying the Field=123
B. Junk Bonds=127
C. Zero-Coupon Bonds=134
D. Preferred Stock=140
E. Derivatives=150
F. Foreign Currencies and Equities=159
G. Home Ownership : Practice and Policy=166
IV. COMMON STOCK=171
A. The Bane of Trading : Transaction Costs=171
B. Attracting the Right Sort of Investor=176
C. Dividend Policy and Share Repurchases=178
D. Stock Splits and Trading Activity=188
E. Shareholder Strategies=191
F. Berkshire's Recapitalization=192
V. MERGERS AND ACQUISITIONS=197
A. Bad Motives and High Prices=197
B. Sensible Share Repurchases Versus Greenmail=208
C. Leveraged Buyouts=208
D. Sound Acquisition Policies=211
E. On Selling One's Business=214
F. The Buyer of Choice=218
VI. VALUATION AND ACCOUNTING=221
A. Aesop and Inefficient Bush Theory=221
B. Intrinsic Value, Book Value, and Market Price=224
C. Look-Through Earnings=230
D. Economic versus Accounting Goodwill=235
E. Owner Earnings and the Cash Flow Fallacy=244
F. Option Valuation=251
VII. ACCOUNTING SHENANIGANS=255
A. Satire=256
B. Standard Setting=262
C. Stock Options=263
D. "Restructuring" Charges=268
E. Pension Estimates=272
F. Realization Events=273
VIII. ACCOUNTING POLICY=275
A. Mergers=275
B. Segment Data and Consolidation=277
C. Deferred Taxes=277
D. Retiree Benefits=280
IX. TAX MATTERS=283
A. Distribution of the Corporate Tax Burden=283
B. Taxation and Investment Philosophy=288
EPILOGUE=293
INDEX=301
CONCEPT GLOSSARY=305
DISPOSITION SUMMARY=306