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The main ideas in this book trace their intellectual lineage to Benjamin Graham, whom I never knew but must thank posthurnously, and Warren Buffett, whom I have the great fortune to know and from whose writings, ta1ks, and conversations I have gained knowledge and insight, Neither of these rnen, of course, has any responsibility for this book's content. and no doubt would disagree with some of what it says, though it is written as a narrative interpretation of principles they developed, to which it tries to be faithful.
Mr. Buffett deserves my continuing thanks for permitting me to prepare a collection of his letters to the shareholders of Berkhire Hathaway, The Essays of Warren Buffett: Lessons for Corporate America, and for participating along with Berkhire Vice-Chairman Charles Munger in a symposium I organized to analyze it. Thanks also to the readers of that collection of wonderful writings for encouraging me to write the present book, especially the courageous college and business school professors who use that book in their courses and their many students who tell me how valuable it is. ....

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