Warren Buffett on Business: Principles from the Sage of Omaha

WARREN BUFFETT ON BUSINESS: Principles from the Sage of Omaha (Wiley, $24.95, December 2009) is a handbook on timeless strategies to run a successful business in Buffett's own remarkable words. This is not about how Buffett invests or how you can invest like him, but about his business management principles and practices. 

Compiled by Richard J. Connors, who teaches the courses on Warren Buffett at Washington University in St. Louis, WARREN BUFFETT ON BUSINESS contains carefully selected Berkshire Hathaway letters written over the decades of Buffett's long career. This accessible organization of business and management topics from Buffett includes Buffett's Berkshire Hathaway stockholder letters, covering topics such as corporate culture, communication, corporate governance, compensation, and acquisitions. 

The book demonstrates Buffett’s way of communicating with and treating employees and shareholders fairly and honestly, responsible corporate governance, ethical behavior, patience and perseverance, admitting mistakes, and having a passion for work. Some topics Buffett addresses:

• Corporate Culture: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
• Corporate Governance: “At Berkshire, board members travel the same road as shareholders.”
• Executive Compensation: “At Berkshire… I am a one man compensation committee who determines the salaries for the CEOs of around 40 significant operating business. How much time does this aspect of the job take? Virtually none. How many CEOs have voluntarily left us for other jobs in our 42 year history? Precisely none.”
• How to Manage a Crisis: “…I will attempt to do it in the manner of a fellow that has never met a lawyer.”
• Berkshire Managers: “They love their businesses, they think like owners, and they exude integrity and ability.”
• Communication: “As managers, Charlie and I want to give to our owners the financial information and commentary we would wish to receive if our positions were reversed.”

Warren Buffett is the Chairman and Chief Executive Officer of Berkshire Hathaway Inc., and one of the most admired and prolific investors and managers in Corporate America.   

These essays are the priceless pearls of business and management wisdom, woven into a delightful narrative on the major topics concerning both managers, entrepreneurs, and anyone interested in business. Significantly different than other books on Buffett, WARREN BUFFETT ON BUSINESS provides direct, hands-on information on how to effectively manage a business. It contains ten previously unpublished chapters of Buffett's valuable knowledge. These timeless lessons are ever-more important in the current environment.