注释
第1章
1. Benjamin Graham, The Intelligent Investor (Ist ed.1949; 4th rev. ed. Harper & Row, 1973), 108.
2. Fred Schwed, Jr, Where Are the Customers' Yachts? (lst ed. 1940; rev. ed. John Wiley & Sons, 1995), 6-7.
3. The New York Stock Exchange Fact Book (New York, 1999)， htp://www.nyse.com; Gretchen Morgenson,“Investing's Longtime Best Bet Is Being Trampled by the Bulls," The New York Times, January 15, 2000.
4. Report of the Presidential Task Force on Market Mechanisms (the Brady Re-port), 1988.
5. Greg Ip, "Market on a High Wire," The Wall Street Jourmnal, January I8, 2000.
6. Burton G, Malkiel, A Random Walk Doun Wall Street (lst ed. 1973; 7th rew.ed. W. W. Norton, 1999), 57-61.
7. Warren E. Buffett and Lawrence A. Cunningham, The Essays of Warren Bffett:Lessoms for Corporate America (The Cunningham Group, 1997), 72.
8. Robert J. Shiller, Irrational Exuberance (Princeton University Press, 2000), 18-132, catalogs and evaluates the 25 top bursts and busts on global stock exchanges during one- and five year periods from the 1960s through the 1990s.
9. Joseph de la Vega, Confusiom de Confusiones (lst ed. 1688; rev. ed. John Wiley & Sons, 1996), 159- -165 (the selected quotation condenses original material without indicating omissions).
10. Malkiel, Random Walk, 185.
11. Buffett and Cunningham, Essays, 63, 84. The price per share was $5.63, aggregating $100 million, compared to a value of $400 to $500 million.
12. Graham, Intelligent Investor, 289 (footnote omitted).
第2章
1.For additional analysis and sources, consult Lawrence A. Cunningham, "From Random Walks to Chaotic Crashes: The Linear Genealogy of the Efficient Capital Market Hypothesis," The George Washington University Law Review,vol. 62 (1994), on which this chapter is based.
2. Louis Bachelier, "Theory of Speculation," reprinted in The Random Character of Stock Market Prices, Paul H. Cootner, ed. (rev. ed. MIT Press, 1964).
3. Eugene F Fama, "The Behavior of Stock Market Prices," Journal of Busines,vol. 38 (1965).
4. Sidney S. Alexander,“Price Movements in Speculative Markets: Trends or Random Walks?" Industry Management Review, May 1961.
5. Benjamin Graham, The Intlligent Investor (lst ed. 1949; 4th rev. ed. Harper &Row, 1973), 133.
6. Paul A. Samuelson, "Proof That Properly Anticipated Prices Fluctuate Randomly," Industry Management Reriew, Spring 1965.
7. Milton Friedman, "The Methodology of Positive Economics," in Essays in Pos.itive Economics (University of Chicago Press, 1953).
8. Andrew Lo and A. Craig MacKinlay, A NonRandom Walk Down Wall Street(Princeton University Press, 1999).
9. Eugene A. Fama, "Eficient Capital Markets: I1," Journai of Finance, vol. 46(1991).
10. James Tobin, "On the Efciency of the Financial System," Lloyds Bank Review,July 1984.
11. William F. Sharpe, Porfolio Theory and Capital Markets (McGrawHill, 1970);Kenneth J. Arrow, "Risk Perception in Psychology and Economics," Economic Inquiry, vol. 20 (1982).
12. Lawrence H. Summers, "Does the Stock Market Rationally Reflect Fundamental Values?" Journal of Fimance, vol. 41 (1986).
13. Fischer Black, "Noise," Journal of Finance, vol. 41 (1986).
14. Andrei Shleifer, Inficient Markets: An Introduction to Beharioral Finance (Ox.ford University Press, 2000).
15. Harry M. Markowitz, Porfolio Diversificatiom: Efcient Diversification of Investments John Wiley & Sons, 1959).
16. Sharpe, Portfolio Theory and Capital Markets.
17. Andrei Shleifer, "Do Demand Curves for Stocks Slope Down?" Joumnal of Finance, vol, 41 (1986).
18. Francis Fukuyama, Trust: The Social Virtues and the Creation of Prosperity (FreePress, 1995).
19. Graham, Intelligent Imvestor, 61, n. 2.
20. Lawrence A. Cunningham, ed., "Conversations from the Buffett Symposium,"Cardozo Law Reriew, vol. 19 (Sept. -Nov. 1997), 812.
第3章
1.For additional analysis and sources, consult Lawrence A. Cunningham, "From Random Walks to Chaotic Crashes: The Linear Genealogy of the Efficient Capital Market Hypothesis," The George Washington University Law Review,vol. 62 (1994), on which this chapter is based.
2. H. E. Hurst,“LongTerm Storage Capacities of Reservoirs," Transactions of the American Society of Civil Engineers, vol. 116 (1951).
3. Edgar E. Peters, Chaos and Order in the Capital Markets John Wiley & Sons,1991); Edgar E. Peters, Fractal Market Analysis: Applying Chaos Theory to In-vestment and Economics (ohn Wiley & Sons, 1994).
4. Henri Poincare, Science and Method (lst ed.1908; rev. ed. Dover Press, 1952).
5. Edward Lorenz, "Deterministic Nonperiodic Flow," Journal of Atmospheric Sciences, vol. 20 (1963); Edward Lorenz, Nonlinear Dynamical Economics and Chaotic Motion (Springer-Verlag, 1989).
6. Alan Wolf,“Chaos in the Stadium," Algorithm, April 1992.
7. These figures were prepared by Alan Woif.
8. Alan Wolf, et al, "Determining Lyapunov Exponents from Time Series," Phys-ica, vol. 16D (1985).
9. Benoit B. Mandelbrot, The Fractal Geometry of Nature (W. H. Freeman, 1988);Benoit B. Mandelbrot, ed, Fractals and Scaling in Finance: Discontinuity Con-centration, Risk (Springer-Verlag, 1997).
10. Andrei Shleifer, neficient Markets: An Introduction to Behavioral Finance (Ox-ford University Press, 2000), 121 22.
11. John Y. Campbell and Robert j. Shiller, "The DividendPrice Ratio and Expec-tations of Future Dividends and Discount Factors," Reriew of Financial Studies,vol. 1 (1998); John Y, Campbel and John Ammer,“What Moves Stock and Bond Markets: A Variance Decomposition for Long-Term Asset Returms," Jourmal of Finance, vol. 48 (1993).
12. Warren E. Buffett and Lawtence A. Cunningham, The Essays of Warren Bffett:Lessons for Corporate America (The Cunningham Group, 1997), 72.
13. Warren E. Buffett, "The Superinvestors of Graham and Doddsville," Hermes (Columbia Business School), Fall 1984.
14. Benjamin Graham, The Intelligent Investor (lst. ed. 1949; rev. ed Harper & Row,1973), 36 -37.
15. lbid.
第4章
1.Alex Berenson,“On Hair-Trigger Wall Street, A Stock Plunges on Fake News,"The New York Times, August 26, 2000.
2. Susan E. Hurd and Jonathan M. Winer, "On-Line Securities Fraud Under Scru-tiny," The New York Law Journal, February 22, 2000.
3. Professor Howard M. Friedman of the University of Toledo Law School furnished testimony providing some of these examples before the Permanent In-vestigations Subcommittee of the Senate Governmental Affairs Committee on March 22, 1999.
4. SEC w Francis Tribble & Sloane Fitzgerald, SEC Litigation Release No. 15959,October 27, 1998.
5. SEC w Remingion-Hall Capial Corp. G Douglas T. Fonteno, SEC Litigation Release No. 15943, October 22, 1998.
6. Alex Berenson, "Two Accused of Using EMail to Comnit Stock Fraud," The New York Times, February 25, 2000,
7. Jeffrey Keegan,“Regulators Step Up Fight against Intermet Fraud," Investment Dealers Digest, August 7, 1998.
8. Philip L Carret, The Ant of Speculation (lst ed. 1930; rev. ed. Fraser, 1984>).
9. Edwin LeFevre, Reminiscences of a Stock Operator (lst ed. 1923; rev. ed. JohnWiley & Sons, 1994).
10. Benjamin Graham, The Inelligent Investor (lst ed. 1949; 4th rev, ed. Harper & Row, 1973), 142.
11. Leslie Eaton, "Internet Investing: Spotlight on Risk," International Herald Trib-une, December 6, 1996.
12. SEC n Aziz Golshani, No. 99 13139 (CBM) (Federal Central District of California, December 15, 1999); Rebecca Buckman and Michael Schroeder, "Web Postings Draw Charges of Stock Fraud," The Wall Street Joumal, December 16,1999; Gretchen Morgenson, "Intemet's Role Is Implicated in Stock Fraud," The New York Times, December 16, 1999.
13. SEC Litigation Release No. 16399 Uanuary 5, 2000) (reporting on SEC u Yun Soo Oh Park, Federal Northern District of llinois, Case No. 00C 0049); Jennifer Fiedlin, "The SEC Files Civil Fraud Charges against Tokyo Joe," The Street.com & NYTimes.com, January 2000; John C. Coffee, J.r, "Tokyo Joe and the First Amendment," The New York Law Journal, January 20, 2000
14. "Net Damage: PairGain Hoax Revealed," Investor Relations Business, April 26,1999; Associated Press, "PairGain Worker Sentenced in Fraud Case," The New Yorh Times, August 31, 1999.
15. Alex Berenson,“S.E.C Reaches Settlement in Web Based Pump and Dump'Case," The New York Times, March 3, 2000; Michael Schroeder, "Georgetown Students Draw Web Investors- and an SEC Bust," The Wall Street Journal,March 3, 2000.
16. William M. Bulkeley,“Presstek Suit Alleges Short Sellers Posted False State.ments On-Line," The Wall Street Journal, September 18, 1997.
17. Gretchen Morgenson, "S.E.C. Says Teenager Had After-School Hobby: Online Stock Fraud," The New York Times, September 21, 2000.
18. Lawrence Harris, "Volailits, Portfolio Insurance, and the Role of Specialists and Market Makers," Cornell Law Revieu, vol. 74 (1989), provided part of the foundation for the following discussion.
19. Michael Schroeder and Randall Smith, “Sweeping Changes in Market Structure Sought: Major Firms Propose Central Order System and Single Regulator,"The Wall Street Joumal, February 29, 2000; Alex Berenson, "Top WallSt. Executives Urge Trading Overhaul," The New York Times, March I, 2000
20. Michael Schroeder,“NASD, NYSE Discussed Merging to Keep Up With Market Changes," The Wall Street Journal, March 3, 2000; Greg Ip and Randall Smith,“Instinet, Datek Recently Held Merger Talks," The Wall Street Journal,March 3, 2000.
21. Thomas Kalinke,“Sleepless in New York: Evening Hours at the Exchange,"Financial History, vol. 69 (Spring 2000).
22. Rebecca Buckman,“Heavy Losses: The Rise and Collapse of a Day Trader,"The Wall Street Journal, February 28, 2000.
23. Senate Governmental Affairs Committee, Permanent Subcommittee on Investigations, February 25, 2000; Bloomberg News, "Day Trading's Risks and Pressures Are Described to a Senate Panel," The New York Times, February 25,2000.
24. Gerald M. Loeb, The Battle for Investment Survival (lst ed. 1935; rev. ed. JohnWiley & Sons, 1996).
25. Warren E. Buffett and Lawrence A. Cunningham, The Essays of Warren Buffet:Lessons for Corporate America (The Cunningham Group, 1997), 90.
26. Edward Wyatt, “Day Traders Are Formidable Market Force," The New York Times, April 14, 1999.
27. The Charles Schwab Corporation, 1999 Annual Report, 4]- 42; Patrick McGeehan, "Proft Up at Citigroup, Merill and Schwab," The New York Times,April 18, 2000.
28. Patrick McGeehan, "The Unmutual Fund," The New York Times, May 18, 2000.
第5章
1. Benjamin Graham, The Intelligent Investor {lst ed. 1949; 4th rev, ed. Harper & Row, 1973), 110.
2. Warren E. Buffett and Lawrence A. Cunningham, The Essays of Warren Bffett;Lessons for Corporate America (The Cunningham Group, 1997), 120, 122, 134.
3. Ibid, 110.
4. John C. Bogle, Common Sense on Mutual Funds (ohn Wiley & Sons, 1999),5. Gerald M. Loeb, The Battle for Investment Survival (lst ed. 1935; rev. ed. ]ohn Wiley & Sons, 1996).
6. Buffett and Cunningham, Essays, 79; Graham, Intelligent Investor, 54, 282-283.
7. Gretchen Morgenson, "Buying on Margin Becomes a Habit," The New York Times, March 24, 2000.
8. Gretchen Morgenson, “StockTrading Cheerleader Now Faces $45 Million Deb," The New York Times, April 19, 2000.
9. Nick Leeson, Rogue Trader (Warner, 1997).
10. Graham, Intelligent Inestor, 228-231.
11. Buffett and Cunningham, Essays, 57.
12. Charles T. Munger,“A Lesson on Elementary, Worldly Wisdom As It Relates to Investment Management and Business," Outstanding Investor Digest, vol. X(May 5, 1995).
13. Edwin LeFevre, Reminiscences of a Stock Operator (lst ed. 1923; rev. ed. John Wiley & Sons, 1994).
14. Graham, Intelligent Investor, 245.
15. Ibid., 124 -125
16. Bill Spindle,“Been There? Euphoric '80s in Japan Ended in Long Slide," The Wall Street Journal, January I8, 2000.
17. Steve Liesman and Jacob M. Schlesinger,“Blunted Spike: The Price of Oil Has Doubled This Year; So, Where's the Recession?" The Wall Street Joumnal, December 15, 1999; Joseph Kahn,“Surge in Oil Prices Is Raising Specter of In- fation Spike," The New York Times, February 21, 2000.
18. Graham, Intelligent Investor, 162.
19. Gretchen Morgenson,“Investing's Longtime Best Bet Is Being Trampled by the Bulls," The New York Times, January 15, 2000.
第6章
1.Donald Schwartz, late professor at the Georgetown University Law Center,prepared the original version of this parable, rewritten for publication here and previously appearing in other forms in Lawrence A. Cunningham, Introductory Accounting and Finance for Lawyers (West Group, 2d ed, 1999) and Lewis D.Solomon, et al, Corporations Law and Policy (West Group 4th ed., 1998).
2. Carol Loomis,“Mr. Buffett on the Stock Market," Fortune, November 22, 1999.
3. Charles T Munger, author of“A Lesson on Elementary, Worldly WisdomAs It Relates to Investment Management and Business," Outstanding Investor Digest,vol. X (May 5, 1995), furnished this example.
4. Warren E. Buffett and Lawrence A. Cunningham, The Essays ofWarren Bffett:Lessons for Corporate America (The Cunningham Group, 1997), 71,
第7章
1.Benjamin Graham, The Inelligent Investor (lst ed. 1949; 4th rev. ed. Harper & Row, 1973), 63.
2. Warren E. Buffett and Lawrence A. Cunningham, The Essays of Waren Bufet:Lessons for Corporate America (The Cunningham Group, 1997), 92-93.
3. Benjamin Graham, The Interpretation of Financial Statements (lst ed. 1937; rev.ed. Harper Business, 1998), 77.
4. Buffett and Cunningham, Essays, 208.
5. Ibid, 91-92.
6. Adrian J. Slywotzky and David J. Morrison, authors of Profit Patterns (TimesBusiness, 999) identify and discuss the patterms described in the accompa-nying text.
7. Bill Miller,“Amazon.com's Allure," Barron's, November 15, 1999,
8. Buffett and Cunningham, Essays, 96-97.
9. Graham, Intelligent Investor, 286.
10. Buffett and Cunningham, Essays, 99.
11. The psychology literature calls the resistance bias a“principle of conservatism"and the pattrnseeking bias a "representativeness heuristic." Both labels seem not only unwieldy but imprecise when adapted for thinking about investor behavior. Nevertheless, investment theorists cling to these terms in arguing that these cognitive biases play a role in explaining market inefficiencies. For an example, consider Andrei Shleifer, Inefcient Markets: An Introduction to Behavioral Finance (Oxford University Press, 2000).
12. Buffett and Cunningham, Essays, 87.
13. lbid., 53.
第8章
1.Leopold A. Bernstein and John J. Wild, Analysis of Financial Statements (5thed. McGraw-Hill, 2000), 102-03.
2. Benjamin Graham, The Interpretation of Financial Statements (Ist ed. 1937; rev.ed. Harper Business, 1998), 32.
3. For more, consult ibid. or Lawrence A. Cunningham, Introductory Accounting and Finance for Lawyers (West Group, 2nd ed., 1999), on which this and the next chapter draw (the title is intended to show that it is for the nonaccountant;it is not exclusively for lawyers).
第9章
1.Benjamin Graham, The Inelligent Investor (lst ed. 1949; 4th rev. ed. Harper &Row, 1973), 277.
2. Warren E. Bfett and Lawrence A. Cunningham, The Essays of Warren Bufet:Lessons for Corporate America (The Cunningham Group, 1997), 10L. Note also Subrata N. Chakravarty, "Three Little Words," Forbes, April 6, 1998.
3. Buffett and Cunningham, Essays, 187.
4. The per share figures throughout this chapter do not take into account any stock splits occurring in 2000 or beyond.
5. Graham, Itelligent Investor, 14-15.
6. Michael Metz and David Kerdell,“Graham and Dodd Revisited," Portfolio Strategy (CIBC Oppenheimer, December ll, 1998).
7. Benjamin Graham, The Interpretation of Financial Statements (Ist ed. 1937; rev.ed. Harper Business, 1998), 15, 23.
8. Ibid, 49.
9. Ibid, 48- 49.
10. Philip L. Carret, The An of Speculation (lst ed. 1930; rev. ed. Fraser, 1984).11. Graham, Intelligent Investor, 277-282.
12. John Burr Williams, The Theory of Investment Value (lst ed. 1938; rev ed. Fra-ser, 1997).
13. Robert Shiller, Irrational Exuberance (Princeton University Press, 2000) (noting the studies referred to and reporting on others done directly that show slightly lower expected returns), 52- 55; Graham, Intelligent Investor, 122.
14. Buffett and Cunningham, Essays, 85.
15. Stern Stewart, the firm that trademarked the term "economic value added,"publishes volumes of material on the concept, including G. Bennett Stewart II,“EVA": Fact and Fantasy," Journal of Applied Corporate Finance, vol. 7(1994).
16. The CocaCola Company defines“economic value added" in a glossary in its annual report as year-to-year growth in after tax operating income in excess of a varying estimated charge for average operating capital employed,
17. Graham, Interpretation, 75-76.
第10章
1.David Burgstahler and Ilia Dichev, "Earnings Management to Avoid Earnings Decreases and Losses," Journal of Accounting and Economics, vol. 24 (1997).
2. Michael Schroeder,“SEC to Adopt Disclosure Rules for Companies," The Wall Street Journal, December 16, 1999.
3. New York Stock Exchange Listed Company Masual, Section 303.01, Audit Committees (available from http://www.nyse.com/listed). Big accounting firms used these rules and recommendations to formulate statements of audit committee standards. For example, see PriceWaterhouseCoopers, Asudit Comittees: Best Practices for Protecting Shareholder Interests (1999); KMPG, Shaping the Audit Committee Agenda (199).
4. Graham's lampooning appears in Warren E. Buffett and Lawrence A. Cunningham, The Essays of Warren Buffett: Lessons For Corporate America (The Cunningham Group, 1997), 159- 65. Briloff's work includes More Debits Than Credits (Harper & Row, 1976) and Unaccountable Accounting (Harper & Row,1972).
5. Some of these charade discussions are adapted from Lawrence A. Cunningham,Introductory Accounting and Finance for Lawyers (West Group, 2nd ed., 1999).
6. Buffett and Cunningham, Essays, 193.
7. Benjamin Graham, The Intelligent Imvestor (lst ed. 1949; 4th rev ed. Harper & Row, 1973), 167.
第11章
1. Benjamin Graham, The Intelligent Investor (lst ed. 1949; 4th rev ed. Harper &Row, 1973), 155.
2. lbid, 286.
3. Warren E. Buffett and Lawrence A. Cunningham, The Essays of Warren Bufett: Lessons for Corporate America (The Cunningham Group, 1997), 147.
4. For additional analyis and sources, consult Lawrence A. Cunningham,“Commonalities and Prescriptions in the Vertical Dimension of Global Corporate Govemnance," Cormell Law Review, vol. 84 (1999), on which this and the following chapters draw.
5. Graham, Intelligent Investor, 270.
6. AMP, Inc. u Allied Signal, Inc, 1998 US District LEXIS 15617 (Federal Eastern District of Pennsylvania, October 8, 1998), reversed on other grounds by the
Federal Third Circuit Court of Appeais, 168 Federal Reporter 3d 649 Uanuary 20, 1999).
7. Buffett and Cunningham, Essays, 47.
第12章
1.Wanen E. Buffett and Lawrence A. Cunningham, The Essays ofWarren Bufett:Lessons for Corporate America (The Cunningham Group, 1997), 138.
2. Ibid, 86 -87, 96.
3. Roberta Romano,“Corporate Law and Corporate Governance," Industrial and Corporate Change, vol. 5 (1996); Sanjai Bhagat and Bernard Black,“The Uncertain Relationship between Board Composition and Firm Performance," Business Lawyer, vol. 54 (1999).
4. Buffett and Cunningham, Essays, 40.
5. James A. Brickley, Jffy L. Coles, and Gregg Jrrell, Leadership Structure:Separating the CEO and Chairman of the Board," Joumal of Corporate Finance,vol. 3 (1997).
6. Ira M. Millstein and Paul w. MacAvoy, "The Active Board of Directors and Performance of the Large Publicly Traded Corporation," Columbia University Law Review, vol. 98 (1998).
7. Buffett and Cunningham, Essays, 47-54.
8. Investor Responsibility Research Center (press release), "Investors, CEOs, Split on Best Governance Practices for DotCom Companies," January 26, 2000
9. SEC Rule 14a-8 under the Federal Securities Exchange Act of 1934.
10. Benjamin Graham, The Memoirs of the Dean of Wall Street (McGrawHill, 1996;posthumous publication, Seymour Chatman, ed.), 201 -212. The company was Northern Pipeline, and the year was 1928 (Graham was 34 years old). lbid,320.
11. Benjamin Graham, The Intlligent Investor (lst ed. 1949; 4th rev. ed. Harperand Row, 1973), 270.
第13章
1. Joseph Kahn,“AMP Rejects Allied Signal's Takeover Bid of $10 Billion," TheNew York Times, August 22, 1998.
2. john A. Byrnes, "The Blame When the Boss Fails," Business Week, December 27, 1999.
3. Consult Kevin Murphy,“Corporate Performance and Managerial Remuneration; An Empirical Analysis," }ournal of Accounting and Economics, vol. 7(1985), and Hamid Mehran, "Executive Compensation Structure, Ownership,and Firm Performance," Joumnal of Financial Ecomomics, vol. 38 (1995).
4. Ben & Jerry's Homemade, Inc., 1992 Annual Report (5:1 ratio raised in 1990 to7:1); Ben & Jery's Homemade, lnc, 1998 Annual Report (16:1 ratio at its "historical high" and would be higher if “the present value of unexercised stock options were included").
5. Lee Gomes,“McAfee.com to Make L.ongAwaited IPO," The Wall Street Journal, December 2, 1999.
6. Haig Simonian and Niki Tait, "U.S. Executives Earn Much More," The Financial Times (London), August 3, 1998.
7. Warren E. Buffett and Lawrence A. Cunningham, The Essays of Warren Bffett:Lessons for Corporate America (The Cunningham Group, 1997), 5455.
8.“Accounting for Stock Based Compensation," Statement of Financial Accounting Standards No.123 (Financial Accounting Standards Board, 1995).
9. Gretchen Morgenson, "Investors May Now Eye Costs of Stock Options," The New York Times, August 29, 2000 (reporting studies performed by Pat McConnell of Bear Stearns); Manitou Investment Management Ltd, The Long View: The Amazing Stock Option Bubble (October 1999) (reporting studies performned by the British research firm Smithers and the U.S. investment banking frm Sanford Bernstein).
10. David Leonhardt,“In the Options Age, Rising Pay (and Risk); Will Today's Huge Rewards Devour Tomorrow's Earnings?" The New York Times, April 2,2000.
11. Buffett and Cunningham, Essays, 58.
12. Reuters, “Study Says Mergers Often Don't Aid Investors," The New York Times,December l, 1999.
13. Buffett and Cunningham, Essays, 143.
14. Mttell, Inc., SEC Form 8-K (f]ed July 22, 1999).
15. Mattell, Inc., SEC Form 8-K (fled October 22, 1999)
16. Buffett and Cunningham, Essays, 123-127.
17. Beginning in 1999, the author helped direct a project on frm structures for the Independence Standards Board, and his views expressed here do not necessarily represent those of that project or of the board.
18. Buffett and Cunningham, Essays, 168.
第14章
1.David Gladstone, Venture Capital Handbook (Prentice-Hall, 1988), 101104.
2. Warren E. Buffett and Lawrence A. Cunningham, The Essays of WarrenBufett: Lessons for Corporate America (The Cunningham Group, 1997), 36 (this is one of Berkshire Hathaway's famous "Owner Related Business Prin-ciples").
3. This discussion draws on the annual letters of John F. Jack) Welch to GeneralElectric Co. shareholders from 1985 through 2000. Some of them were coau-thored with other GE executives.
4. This discussion draws on the annual letters of Michael D. (Mike) Eisner toWalt Disney Co. shareholders from 1988 through 2000.
5. This discussion draws on the annual letters of Roberto C. Goizueta to CocaCola Co. shareholders from 1985 through 1996. plus an article enclosed withone of them by Mr. Goizueta called "The Emerging Post-Conglomerate Era:Changing the Shape of Corporate America," Leaders, April June 1989.