Columbia University Press
Quality Shareholders
About this book
Author / Editor information
Lawrence A. Cunningham is the Henry St. George Tucker III Research Professor of Law at George Washington University. He is the author of many corporate governance and investing books, including Berkshire Beyond Buffett: The Enduring Value of Values (Columbia University Press, 2014).Lawrence A. Cunningham, editor and publisher since 1997 of The Essays of Warren Buffett: Lessons for Corporate America, is the Henry St. George Tucker III Research Professor at George Washington University. His books include Berkshire Beyond Buffett: The Enduring Value of Values (Columbia, 2014) and Margin of Trust: The Berkshire Business Model (Columbia, 2020).
Reviews
Cunningham has written a highly engaging, eminently readable book on an important, but as-yet-unheralded shareholder cohort, the Quality Shareholders. Quality Shareholders--engaged, long-term investors who can provide management with a sounding board and constructive criticism--may be the solution to rising transience and short-termism pervading markets. Cunningham describes how managers who run their companies to attract Quality Shareholders, and investors who strive to exhibit those qualities, contribute to the common good.
David Kass, University of Maryland:
Quality Shareholders highlights the close correlation between patient long-term investors and companies focusing on long-term strategies and profits. Its numerous examples of successfully run corporations with such dedicated shareholders will be of interest to individual and institutional investors alike.
Topics
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Frontmatter
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Contents
vii -
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Prologue: The Shareholders Managers Deserve
1 - PART I: Why Quality?
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1 Meet the Quality Shareholders
11 -
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2 Comparative Advantages
24 -
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3 Competitive Advantages
40 - PART II: Quality Engagement
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4 The Corporate Message
53 -
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5 Annual Letters
66 -
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6 Annual Meetings
75 -
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7 Quality Quarterly Contact
84 -
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8 Useful Metrics
93 -
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9 Capital Allocation
100 -
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10 Trackers and Spins
113 - PART III Pivot Points
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11 Director Selection: Stewards, Advocates, or Walkovers?
125 -
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12 Managerial Performance: The Overpaid and Underpaid
139 -
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13 Shareholder Voting: One Each, Dual Class, or Quality?
149 -
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Epilogue: Getting Indexers and Activists Going Quality
163 -
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APPENDIX A Research, Method, and Names
165 -
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APPENDIX B. Selected Quality Shareholder Statements
185 -
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Acknowledgments
205 -
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Notes
207 -
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Index
235