In the third edition of this international best seller, Lawrence Cunningham brings you the latest wisdom from Warren Buffett’s annual letters to Berkshire Hathaway shareholders. New material addresses:

the financial crisis and its continuing implications for investors, managers and society;

the housing bubble at the bottom of that crisis;

the debt and derivatives excesses that fueled the crisis and how to deal with them;

controlling risk and protecting reputation in corporate governance;

Berkshire’s acquisition and operation of Burlington Northern Santa Fe;

the role of oversight in heavily regulated industries;

investment possibilities today; and

weaknesses of popular option valuation models.

Some other material has been rearranged to deepen the themes and lessons that the collection has always produced:

Buffett’s “owner-related business principles” are in the prologue as a separate subject and

valuation and accounting topics are spread over four instead of two sections and reordered to sharpen their payoff.