Lawrence A. Cunningham - Berkshire Beyond Buffett: The Enduring Value of Values
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Berkshire Hathaway, the $300+ billion conglomerate that Warren Buffett built, is among the worlds largest and most famous corporations. Yet, for all its power and celebrity, few people understand Berkshire, and many assume it cannot survive without Buffett. This book proves that assumption wrong.
In a comprehensive portrait of the distinct corporate culture that unites and sustains Berkshires fifty direct subsidiaries, Lawrence A. Cunningham unearths the traits that promote the conglomerates perpetual prosperity.
Riveting stories recount each subsidiarys origins, triumphs, and journey to Berkshire and reveal the strategies managers use to generate economic value from intangible values, such as thrift, integrity, entrepreneurship, autonomy, and a sense of permanence.
Rich with lessons for those wishing to profit from the Berkshire model, this engaging book is a valuable read for entrepreneurs, business owners, managers, and investors, and it makes an important resource for scholars of corporate stewardship.
Berkshire Beyond Buffett explores not only what will happen to Berkshire after Buffett, but presents all of Berkshire behind Buffett, the inspiring managerial luminaries, innovative entrepreneurs, and devotees of deep values that define this esteemed organization.
General readers will enjoy learning how an iconoclastic businessman transformed a struggling textile company into a corporate fortress destined to be his lasting legacy.
In a comprehensive portrait of the distinct corporate culture that unites and sustains Berkshires fifty direct subsidiaries, Lawrence A. Cunningham unearths the traits that promote the conglomerates perpetual prosperity.
Riveting stories recount each subsidiarys origins, triumphs, and journey to Berkshire and reveal the strategies managers use to generate economic value from intangible values, such as thrift, integrity, entrepreneurship, autonomy, and a sense of permanence.
Rich with lessons for those wishing to profit from the Berkshire model, this engaging book is a valuable read for entrepreneurs, business owners, managers, and investors, and it makes an important resource for scholars of corporate stewardship.
Berkshire Beyond Buffett explores not only what will happen to Berkshire after Buffett, but presents all of Berkshire behind Buffett, the inspiring managerial luminaries, innovative entrepreneurs, and devotees of deep values that define this esteemed organization.
General readers will enjoy learning how an iconoclastic businessman transformed a struggling textile company into a corporate fortress destined to be his lasting legacy.
Lawrence A. Cunningham: author's other books
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Lawrence A. Cunningham
Lawrence A. Cunningham
Buffett Warren
Ayano Morio
Warren Buffett
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BERKSHIRE BEYOND BUFFETT
LAWRENCE A. CUNNINGHAM
BERKSHIRE
BEYOND
BUFFETT
The Enduring Value of Values
 | Columbia Business School Publishing |
Columbia University Press
Publishers Since 1893
New York Chichester, West Sussex
cup.columbia.edu
Copyright 2014 Lawrence A. Cunningham
All rights reserved
E-ISBN 978-0-231-53869-5
Library of Congress Cataloging-in-Publication Data
Cunningham, Lawrence A., 1962-
Berkshire beyond Buffett : the enduring value of values / Lawrence Cunningham.
pages cm
Includes bibliographical references and index.
ISBN 978-0-231-17004-8 (cloth : alk. paper) ISBN 978-0-231-53869-5 (ebook)
1. Berkshire Hathaway Inc. 2. Buffett, Warren. 3. Corporate culture 4. InvestmentsUnited States. 5. Mutual fundsUnited States. I. Title.
HG4930.C86 2014
338.860973dc23
2014013371
A Columbia University Press E-book.
CUP would be pleased to hear about your reading experience with this e-book at .
Cover design: Noah Arlow
Cover image: Steven Noble
References to websites (URLs) were accurate at the time of writing. Neither the author nor Columbia University Press is responsible for URLs that may have expired or changed since the manuscript was prepared.
For my three beloved girls: Stephanie, Rebecca, and Sarah, fountains of eternal value.
CONTENTS
Budget-conscious
and Earnest
and Earnest
Berkshires
Portfolio
Portfolio
Authors Note: After Berkshire Hathaways 2014 annual meeting, I asked Warren Buffett who should write the foreword to this book. He immediately suggested Tom Murphy, a legendary businessman whom Warren said he had tried to model himself after. Warren later added a further explanation: Most of what Ive learned about management, I learned from Murph. I kick myself, because I should have applied it much earlier. When I relayed that to Tom, he modestly ducked any notion of being Warrens role model, but agreed to write the foreword anyway, and I am honored that he did.
L.A.C.
Its hard to remember a time when Warren Buffett wasnt well known. But in 1986, when a small TV and newspaper company named Capital Cities bought the broadcasting giant ABC, few people recognized the name of the man who financed 18 percent of the deal. A small number of investors knew about his record, and Wall Street was learning. But the general public had yet to meet this low-profile Omaha analyst, a man who would become Americas premier teacher of all things business and attract an international media following eager for his insights. Warren Buffett would one day help make business understandable to the average person, while earning the notice and respect of the countrys most sophisticated financial minds.
But this was 1986, and no one could have predicted what lay ahead for Warren. In the decades that followed, he would build a $300 billion company, one acquisition at a time, a feat that would awe even those of us who have known him for so long. Larry Cunninghams book is a comprehensive look at many of the lessons to be gleaned from Warrens experience in putting together an organization structured to thrive long into the future.
I met Warren in 1969 through a Harvard Business School friend who invested with him. I knew instantly how fortunate I was: Warren was the smartest person I had ever met. It wasnt long before I flew to Omaha and asked him to join my board at Capital Cities Communications. It was a sale I didnt make. He told me my multiple was too high; I said it wasnt. He said he wouldnt be a director, but he offered, instead, to be a sounding board if I needed one. So I ended up with the best of two possible worlds: I had the most valuable director who wasnt a director. How lucky can one man get? And by the way, for the record, I was right about that multiple!
I remember what Warren told me just before the ABC deal was completed. He warned me that my happy life as a paddleball-playing, below-the-radar businessman was about to change. My new responsibilities would up the ante in ways large and small, but one thing was certain: because I was to be head of a television network, my anonymity would be a thing of the past. Was I ready for a change this big?
He might have asked himself that question as well. Capital Cities became ABC, Inc., and Warren finally joined our board. His more frequent presence in New York and Washington, where he had been on the Washington Post board, exposed him to the national press and generated media coverage. He continued to turn down interviews and speaking engagements; but the genie was out of the bottle, and this genie was colorful and played a ukulele. In hindsight, those of us who knew him well understood his uniqueness and appeal. His national standing and attendant level of journalistic interest was not surprising.
It has now been almost three decades since Capital Cities acquired ABC for $3 billion. That deal, the largest non-oil merger at the time, has been dwarfed by the size of todays transactions. Warrens business base during that period has grown even more exponentially. Berkshires trajectory has been so consistent and seamless that Warrens own professional transition has gone almost unnoticed. The man who began his business life as a precocious stock picker and investor has morphed into chief executive of one of the largest collections of businesses in the world. Larry Cunninghams book astutely chronicles this development and, with Larrys years of experience writing about Warren and studying Berkshires businesses, helps us understand how this happened.
The skills that set Warren apart were clear to all of us who knew him in those early years. He had invited me to call for advice, and I did. I soon had a birds-eye view of Warrens breadth and nuanced understanding of a businesss long-term prospects. I considered our conversations Acquisitions 101a class Warren could teach with his eyes shut. In those days, I was focused 100 percent on growing Capital Cities. I had a great partner in the late Dan Burke, who ran the companys operations, and his help gave me time to dream. Warren reinforced those dreams. I focused on finding bigger and bigger TV and radio stations, plus newspapers and other properties that we could buy and improve. Warren has done this on a vast scale at Berkshire and with companies in a diverse range of businesses. He was always available if I needed another opinion. I learned a lot from him, and he generously claims to have learned from me. In my role as a member of the Berkshire Hathaway board, he continues to educate and surprise me.
Warren is a student of entrepreneurial success and a man who deeply appreciates how businesses are created and built, brick by brick, by those with a good idea, immeasurable drive, and strong character. We are both proponents of a decentralized management philosophy: of hiring key people carefully, of pushing decisions down the organization, and of setting overall principles and resisting temptation to be involved with details. In other words, dont hire a dog and try to do the barking.
Decentralization, though, is not a magic bullet. We used to remind ourselves that in the wrong environment, chaos and anarchy sit side by side with decentralization. One wrong hiring decision at a senior level can really hurt hiring decisions down the line. We have all been there. If were lucky, such errors of judgment are few and discovered quickly. If notI rest my case.
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