Capital allocation, Berkshire and deals

How non-financial managers can read income statements, balance sheets and cash flow.

How the chase for short-term share prices corrupted shareholder value, and fixes.

The case for demerger argued from the parent company's side.

Why acquirers overpay: the premium is a promise of gains most never deliver.

The systematic practitioner framework.

Bain's evidence that frequent small deals beat occasional large ones.

Why mergers fail; the break risk an arbitrageur underwrites.

Insider account from a serial restructuring CEO.

How Berkshire runs on trust instead of the controls other large firms use.

Value is discounted future cash flow, not earnings per share or return on equity.

Berkshire's shareholder letters arranged by topic: governance, valuation, mergers.

Interviews with Berkshire subsidiary managers.

Teledyne from the inside; the conglomerate that actually compounded.

Mittal Steel's 2006 hostile takeover of Arcelor, creating the largest steelmaker.

Eight CEOs who beat the market by allocating capital, not by running operations.

Every Berkshire annual letter since 1965, in order, as the company grew.

Berkshire as an operating company: its subsidiaries' culture and whether it lasts.

Eight activist letters over a century, from Graham in 1927, and what lay behind them.

How managers and middlemen took value from the owners of American companies.

Buffett, Munger and scholars discuss governance and investing at a 1996 symposium.