What do you think?
Rate this book
Berkshire Beyond Buffett: The Enduring Value of Values
Berkshire Hathaway, the $300 billion conglomerate that Warren Buffett built, is among the world's 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 them wrong.
In a comprehensive portrait of the corporate culture that unites Berkshire's subsidiaries, Lawrence A. Cunningham unearths the traits that assure the conglomerate's continued prosperity. Riveting stories of each subsidiary's origins, triumphs, and journey to Berkshire reveal how managers generate economic value from intangibles like 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, family business members, and investors, and it is an important resource for scholars of corporate stewardship. General readers will enjoy learning how an iconoclastic businessman transformed a struggling textile company into a corporate legacy.
In a comprehensive portrait of the corporate culture that unites Berkshire's subsidiaries, Lawrence A. Cunningham unearths the traits that assure the conglomerate's continued prosperity. Riveting stories of each subsidiary's origins, triumphs, and journey to Berkshire reveal how managers generate economic value from intangibles like 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, family business members, and investors, and it is an important resource for scholars of corporate stewardship. General readers will enjoy learning how an iconoclastic businessman transformed a struggling textile company into a corporate legacy.
336 pages, Hardcover
First published October 21, 2014
About the author
Lawrence A. Cunningham
28 books124 followersLawrence Cunningham, who goes by Larry, has published many books, including:
Berkshire Beyond Buffett: The Enduring Value of Values
The Essays of Warren Buffett: Lessons for Corporate America
Contracts in the Real World: Stories of Popular Contracts and Why They Matter
The AIG Story
He loves teaching (a prawf at GW), windsurfing, reading, and spending time with his wife and two daughters, preferably at the beach.
On Amazon, Cunningham has been ranked one of the top 100 authors in the category of business and investing.
Berkshire Beyond Buffett: The Enduring Value of Values
The Essays of Warren Buffett: Lessons for Corporate America
Contracts in the Real World: Stories of Popular Contracts and Why They Matter
The AIG Story
He loves teaching (a prawf at GW), windsurfing, reading, and spending time with his wife and two daughters, preferably at the beach.
On Amazon, Cunningham has been ranked one of the top 100 authors in the category of business and investing.
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 25 of 25 reviews
August 10, 2014
I was lucky enough to receive a galley copy of this book and it is excellent. Cunningham researched Bershire's subsidiaries and performed multiple in-depth interviews with key Berkshire managers to understand the culture and to answer the question of how durable that culture is.
Any observer of business will find this book both fascinating and useful. It will enable a much deeper understanding of Berkshire Hathaway's remarakable culture, how it works, and why it will endure Beyond Buffett.
The books is an absolute must-read for any Value Investor or follower of Warren Buffett and Charlie Munger, as well as for a broader business audience..
Any observer of business will find this book both fascinating and useful. It will enable a much deeper understanding of Berkshire Hathaway's remarakable culture, how it works, and why it will endure Beyond Buffett.
The books is an absolute must-read for any Value Investor or follower of Warren Buffett and Charlie Munger, as well as for a broader business audience..
October 8, 2014
There are several biographies and accounts about Warren Buffett's life as an investor and businessman, but there are none written about his master piece, Berkshire Hathaway. This book is filling that void.
Cunningham has made a great job in writing the biography of Berkshire Hathaway, which is Buffett's own Sistine Chapel. This biography tells the story of every subsidiary inside BRK, its founders, its culture and how they've managed to transform their intangible values into economic values.
The author weaves all the stories around a common core which are the Values that they share with each other and the ones that can make Berkshire to last many more years without Buffett.
The book also shows some of the obstacles and challenges that the new CEO (and the board and the shareholders) will face. The author also talks about the interesting differences between Berkshire and Teledyne, and the similarities between Berkshire and Marmon (which is now a BRK's subsidiary)
This is a great and very well researched book. Followers of Buffett and Berkshire will love it, but it will also help CEOs, entrepreneurs and businessmen in general because it has some amazing insights about management, corporate culture, organization and so on.
Cunningham has made a great job in writing the biography of Berkshire Hathaway, which is Buffett's own Sistine Chapel. This biography tells the story of every subsidiary inside BRK, its founders, its culture and how they've managed to transform their intangible values into economic values.
The author weaves all the stories around a common core which are the Values that they share with each other and the ones that can make Berkshire to last many more years without Buffett.
The book also shows some of the obstacles and challenges that the new CEO (and the board and the shareholders) will face. The author also talks about the interesting differences between Berkshire and Teledyne, and the similarities between Berkshire and Marmon (which is now a BRK's subsidiary)
This is a great and very well researched book. Followers of Buffett and Berkshire will love it, but it will also help CEOs, entrepreneurs and businessmen in general because it has some amazing insights about management, corporate culture, organization and so on.
February 23, 2015
The book is a collection of business biographies - subsidiaries and investments of Berkshire Hathaway.
The details revealed about the history and culture of some of the companies is amazing - it's quite difficult to understand some of the nuances of the kinds of businesses that WB has bought for BRK
For me, this was the best part of the book.
And throughout, the author tries (quite unsuccessfully) to spin stories around each of the companies wrt why they are examples of how they will survive beyond Buffett.
It's a must for any WB fan.
Bits about Mitek, Marmon Group, Clayton, Dairy Queen, Lubrizol, Mid American and BNSF really stood out.
The details revealed about the history and culture of some of the companies is amazing - it's quite difficult to understand some of the nuances of the kinds of businesses that WB has bought for BRK
For me, this was the best part of the book.
And throughout, the author tries (quite unsuccessfully) to spin stories around each of the companies wrt why they are examples of how they will survive beyond Buffett.
It's a must for any WB fan.
Bits about Mitek, Marmon Group, Clayton, Dairy Queen, Lubrizol, Mid American and BNSF really stood out.
June 29, 2015
Good subsidiary stories
You won't learn much more about Buffett or Berkshire unless your an investing newbie. But there is some nice history on the subsidiaries acquired over the years.
Secret of success: zero cost capital (from insurance ops) + acquisitions in times of panic + decentralized management + compounding interest.
You won't learn much more about Buffett or Berkshire unless your an investing newbie. But there is some nice history on the subsidiaries acquired over the years.
Secret of success: zero cost capital (from insurance ops) + acquisitions in times of panic + decentralized management + compounding interest.
August 21, 2018
Hopefully this book can do for corporate culture and creating value what William Thorndike’s Outsiders did for share buybacks and “value creation”. For those of you with a high degree of Warren Buffett-nausea, please keep reading! If Larry Cunningham’s The Essays of Warren Buffett is an “MBA in a book”, this book can be described as a doctorate degree in corporate stewardship in a day. One Buffetteer remarked that what Alice Schroeder did for Buffett The Man, Cunningham has done for Berkshire The Corporation.
Looking at the entrepreneurial juggernaut that Berkshire is today, it would be easy to say that it looks as if it was built by happenstance. And that would be absolutely correct. After reading this year’s shareholder letter from Berkshire, Cunningham remarked that Charles Munger seemed to have caught a slight version of the hindsight bias virus in chronicling the superiority of the “Berkshire system”, creating the 4th most valuable company in the US. And that comment makes total sense - people with integrity, intelligence and energy don’t come walking around the corner at regular intervals, carrying an appetizing price tag. This makes a copycat approach of Berkshire’s evolution nigh impossible. But while the most crucial part of this is not replicable – Buffett’s inimitable broad capacities – the blueprint he and others created can surely be learned from and applied more than is currently the case. This book will take aspiring students a long way towards permanent learning.
The outline of the book is very Buffettesque; simple, yet witty. After establishing its distinct corporate culture as the one homogeneous factor among Berkshire’s 80 subsidiaries, the author outlines the underlying traits via the acronym B-E- R-K-S-H-I-R-E (Budget-conscious, Earnest...). Overall, the book is filled-to-the-brim with anecdotes and nerdy facts. However, it sometimes falls into the trap of being too narrative; there are just so many stories to be told, so many nuggets to bring out. But the topic is not any obscure company premiering in the spotlight. Yes, large parts about Berkshire is misunderstood and/or neglected. But not the narrative aspects, rather the details. The “why” rather than “what”, the “how” rather than “when”. Berkshire Beyond Buffett really shines when diving into the nerdy facts about competitive edges of MiTek or discussing Marmon as a Berkshire Mini-me.
Overall however Berkshire is all about permanence and autonomy, the latter which can best be described as a trust-arbitrage. The net gains from giving full authority to people far outweigh its potential abuse. “There is money in being trusted. It is such a simple idea”. The book does this aspect a huge favor, as the myth of “Buffett just buys high quality companies” is widespread. Cunningham provides several interesting statistics around this, where the quality is not so much apparent in the absolute numbers themselves (for the subsidiaries), but rather via its people and organizational values.
While it is easy to agree with the author on the “endurability” of corporate culture - in Buffettshire...pardon, a Berkshire beyond Buffett, that might not matter in the medium term. With the aura around the company gone, Berkshire’s loyal shareholder base might slowly be replaced by Mr. Market – and he might not be so forgiving. It is all too easy to see how the bad apples at GenRe, Benjamin Moore or Salomon would have affected a Buffettless Berkshire. Another aspect likely to hurt is that it might be the most personal corporate animal ever created (considering its size). The “benign dictatorship” has led to everything being a result of Buffett ́s personal taste. “Berkshire is my painting, so it should look the way I want it to when it’s done...it is designed to fit me”. Cunningham brings up the “make Warren proud” motif among many operating chiefs, and this aspect cannot be overstated enough. “Make the memory of Warren proud” does not have the same ring to it. The seamless web of deserved trust might be neither seamless nor deserved down the line. Let us enjoy the creation before the buybacks start.
Looking at the entrepreneurial juggernaut that Berkshire is today, it would be easy to say that it looks as if it was built by happenstance. And that would be absolutely correct. After reading this year’s shareholder letter from Berkshire, Cunningham remarked that Charles Munger seemed to have caught a slight version of the hindsight bias virus in chronicling the superiority of the “Berkshire system”, creating the 4th most valuable company in the US. And that comment makes total sense - people with integrity, intelligence and energy don’t come walking around the corner at regular intervals, carrying an appetizing price tag. This makes a copycat approach of Berkshire’s evolution nigh impossible. But while the most crucial part of this is not replicable – Buffett’s inimitable broad capacities – the blueprint he and others created can surely be learned from and applied more than is currently the case. This book will take aspiring students a long way towards permanent learning.
The outline of the book is very Buffettesque; simple, yet witty. After establishing its distinct corporate culture as the one homogeneous factor among Berkshire’s 80 subsidiaries, the author outlines the underlying traits via the acronym B-E- R-K-S-H-I-R-E (Budget-conscious, Earnest...). Overall, the book is filled-to-the-brim with anecdotes and nerdy facts. However, it sometimes falls into the trap of being too narrative; there are just so many stories to be told, so many nuggets to bring out. But the topic is not any obscure company premiering in the spotlight. Yes, large parts about Berkshire is misunderstood and/or neglected. But not the narrative aspects, rather the details. The “why” rather than “what”, the “how” rather than “when”. Berkshire Beyond Buffett really shines when diving into the nerdy facts about competitive edges of MiTek or discussing Marmon as a Berkshire Mini-me.
Overall however Berkshire is all about permanence and autonomy, the latter which can best be described as a trust-arbitrage. The net gains from giving full authority to people far outweigh its potential abuse. “There is money in being trusted. It is such a simple idea”. The book does this aspect a huge favor, as the myth of “Buffett just buys high quality companies” is widespread. Cunningham provides several interesting statistics around this, where the quality is not so much apparent in the absolute numbers themselves (for the subsidiaries), but rather via its people and organizational values.
While it is easy to agree with the author on the “endurability” of corporate culture - in Buffettshire...pardon, a Berkshire beyond Buffett, that might not matter in the medium term. With the aura around the company gone, Berkshire’s loyal shareholder base might slowly be replaced by Mr. Market – and he might not be so forgiving. It is all too easy to see how the bad apples at GenRe, Benjamin Moore or Salomon would have affected a Buffettless Berkshire. Another aspect likely to hurt is that it might be the most personal corporate animal ever created (considering its size). The “benign dictatorship” has led to everything being a result of Buffett ́s personal taste. “Berkshire is my painting, so it should look the way I want it to when it’s done...it is designed to fit me”. Cunningham brings up the “make Warren proud” motif among many operating chiefs, and this aspect cannot be overstated enough. “Make the memory of Warren proud” does not have the same ring to it. The seamless web of deserved trust might be neither seamless nor deserved down the line. Let us enjoy the creation before the buybacks start.
April 18, 2022
how a distinctive corporate culture can make a company thrive.
Some personalities are so influential and awe-inspiring that it’s difficult to imagine the world without them. Investment legend Warren Buffett is that sort of personality.
Having molded Berkshire Hathaway, a conglomerate worth more than $300 billion, from the ground up, Buffett is seen as the foundation without which the firm could not stand on its own.
Yet these blinks will show that the core values that Buffett has worked so hard to instill, and the corporate culture that has resulted, are exactly what will keep Berkshire Hathaway successful even after Buffett is gone. And in exploring Buffett’s path, you will learn how you too can instill such a rock-solid culture in your own company.
Budget consciousness, earnestness and kinship are some of the key characteristics that give strength to business endeavors at Berkshire Hathaway, a multibillion-dollar conglomerate led by self-starters and driven by a hands-off management philosophy. By maintaining a strong reputation in many industries, encouraging savvy investing and preferring rudimentary businesses, Berkshire Hathaway founder Warren Buffett has built a legacy that will continue to prosper even when he’s gone.
Actionable advice:
Build core values with your own company name.
Berkshire Hathaway showed that one way to create a set of core values that your employees can remember and live by is to build them into your company’s name. Berkshire for example took each letter and assigned it a value, such as budget consciousness for “B” and earnestness for “E.” Try it yourself! In doing so, you might just discover some key principles with which your company can thrive.
Some personalities are so influential and awe-inspiring that it’s difficult to imagine the world without them. Investment legend Warren Buffett is that sort of personality.
Having molded Berkshire Hathaway, a conglomerate worth more than $300 billion, from the ground up, Buffett is seen as the foundation without which the firm could not stand on its own.
Yet these blinks will show that the core values that Buffett has worked so hard to instill, and the corporate culture that has resulted, are exactly what will keep Berkshire Hathaway successful even after Buffett is gone. And in exploring Buffett’s path, you will learn how you too can instill such a rock-solid culture in your own company.
Budget consciousness, earnestness and kinship are some of the key characteristics that give strength to business endeavors at Berkshire Hathaway, a multibillion-dollar conglomerate led by self-starters and driven by a hands-off management philosophy. By maintaining a strong reputation in many industries, encouraging savvy investing and preferring rudimentary businesses, Berkshire Hathaway founder Warren Buffett has built a legacy that will continue to prosper even when he’s gone.
Actionable advice:
Build core values with your own company name.
Berkshire Hathaway showed that one way to create a set of core values that your employees can remember and live by is to build them into your company’s name. Berkshire for example took each letter and assigned it a value, such as budget consciousness for “B” and earnestness for “E.” Try it yourself! In doing so, you might just discover some key principles with which your company can thrive.
June 3, 2019
One of the most prolific writers on value investing, Lawrence Cunningham, profiles the culture of Berkshire Hathaway. Cunningham writes in-depth biographies of Berkshire’s subsidiaries, using copious footnotes. It is a helpful resource for learning more than the frequently rehashed anecdotes about Buffett and Berkshire.
June 27, 2017
informative.
May 25, 2019
Pretty good history of Berkshire and it’s subsidiaries. Good arguments pro-positive future. Would be interesting to hear arguments against as well (author mentions a few but not extensively)
August 24, 2021
After reading all of buffet's letters and the snowball. This gives vital insights on Berkshire's culture and key events which defined that culture.
July 6, 2022
Good read
Nice insights.
Too many names and details that may not be relevant as such but guess are important to set the right context.
Nice insights.
Too many names and details that may not be relevant as such but guess are important to set the right context.
March 4, 2017
Marks a paradigm business shift, amid an era of aggressive acquisitions, spin offs, mergers and strategic partnerships, business landscape is changing. Moving from hard industrial money into "cheap money" as industrialists call it. a long lived battle between the two, came into a close tie rather a slight "cheap money" win. This opened a wide door for interpretations onto the future of massive acquisitions, acquired businesses performance and reflections on overall societal impact.
January 17, 2016
We expect a book written on Berkshire Hathway to talk about Warren Buffett and his story of conquests. However this book takes us on a different note. The book talks more than the man behind the empire. The book explores the set of guiding principles that the man has placed in the company which would last even when he might not be there to take the company forward.
The book talks about the stories of various acquisitions and essence behind each one. Berkshire might look like a built up conglomerate however individual subsidiaries running behind the firm include a group of both large and small corporations. The only thing common among them being the Berkshire culture. The culture of frugality, of family values, f passion towards work which Buffett has conserved over the years. The books talks about how he picks and chooses firms to buy.
A Berkshire target is not a firm which might be an easy target for corporate raiders. A Berkshire target would be a firm that has stood the test of time. A home grown family owned business that would give importance to cultural values. A firm that would give value to values. That would be a Berkshire firm. Buffett as the book describes has built his business on similar lines. Whether it was Nebraska Furniture or Fruit of the Loom, Buffet has given importance to the firms to own up their identity even after acquisition. Buffet believes it is always those intangible (which corporate raiders overlook) for which he is always ready to pay the premium for.
Through the pages we come to know many more Berkshire subsidiaries like Netjets, Mitek, Mclane, Helzberg Diamonds, Washington Posts and many more, how they fit into the Berkshire culture and how they would keep the spirit and the values of the conglomerate alive even after Buffet.
And ultimately always remember, there is value in values.
The book talks about the stories of various acquisitions and essence behind each one. Berkshire might look like a built up conglomerate however individual subsidiaries running behind the firm include a group of both large and small corporations. The only thing common among them being the Berkshire culture. The culture of frugality, of family values, f passion towards work which Buffett has conserved over the years. The books talks about how he picks and chooses firms to buy.
A Berkshire target is not a firm which might be an easy target for corporate raiders. A Berkshire target would be a firm that has stood the test of time. A home grown family owned business that would give importance to cultural values. A firm that would give value to values. That would be a Berkshire firm. Buffett as the book describes has built his business on similar lines. Whether it was Nebraska Furniture or Fruit of the Loom, Buffet has given importance to the firms to own up their identity even after acquisition. Buffet believes it is always those intangible (which corporate raiders overlook) for which he is always ready to pay the premium for.
Through the pages we come to know many more Berkshire subsidiaries like Netjets, Mitek, Mclane, Helzberg Diamonds, Washington Posts and many more, how they fit into the Berkshire culture and how they would keep the spirit and the values of the conglomerate alive even after Buffet.
And ultimately always remember, there is value in values.
June 7, 2019
Not too long ago, I thought culture is such a fluffy thing that it is just a corporate talk. But over the years from my own personal experience and reading of many companines’ and founders’ biographies, I have changed my view. A company's culture usually reflects its founders value and belief systems. So it is the case of Berkshire. This book summaries Berkshire corporate culture as follows: budget conscious, earnest, reputation, kinship, self starters, hands off, investor savvy, rudimentary and eternal. Through detailed examples of numerous Berkshire subsidiaries, the book demonstrated how the Berkshire culture is deeply rooted. Berkshire attracts and only acquires companies, often family owned, who share the same value and has the same culture. The book then concludes that Berkshire will continue to strive after Buffett because the culture would be safeguarded by the long term devotees of the Berkshire culture. The book is also a great source to understand Berkshire as a company. We all know so well about Buffett as a person and his investment philosophy, but this is a first book I read about the company he founded, which is a huge conglomerate that consists of hundreds of businesses. Berkshire when it was first started, invested 80% in stocks, now it is the opposite- 80% is in its fully owned subsidiaries. Fascinating stories and company history and worth reading for those who care about the longevity of the creation by the greatest investor in our lifetime.
March 13, 2015
I really enjoyed this book. The biggest take-away for me was the information regarding delegation and independently working subsidiaries. I've looked at how that applies to government and my small business as it expands. Very helpful and I'll be referencing it often in the future.
It didn't give me any greater comfort in my Berkshire investment going forward - as I haven't been too concerned about the existing holdings for some time. However, it did point out, and I believe, that future growth of Berkshire will be more difficult without Warren Buffett. He's an interesting, unique individual who will be missed when he passes. He has built a company/legacy that like it's subsidiaries, will continue long after he's gone. (But, I personally expect we'll start seeing dividends from it.)
It didn't give me any greater comfort in my Berkshire investment going forward - as I haven't been too concerned about the existing holdings for some time. However, it did point out, and I believe, that future growth of Berkshire will be more difficult without Warren Buffett. He's an interesting, unique individual who will be missed when he passes. He has built a company/legacy that like it's subsidiaries, will continue long after he's gone. (But, I personally expect we'll start seeing dividends from it.)
August 24, 2023
What will keep Berkshire Hathaway successful even after Buffett is gone? Think about it ... Right now, Buffett is seen as the Berkshire's foundation without which it could not stand on survive. However, Buffett has worked hard to instill
specific core values such as budget consciousness, earnestness, kinship and more (one for every letter in BERKSHIRE). These values and principles will give strength to business endeavors at Berkshire Hathaway so the legacy Warren Buffett has built will continue to prosper even when he’s gone.
specific core values such as budget consciousness, earnestness, kinship and more (one for every letter in BERKSHIRE). These values and principles will give strength to business endeavors at Berkshire Hathaway so the legacy Warren Buffett has built will continue to prosper even when he’s gone.
January 11, 2016
The key message in this book:
Budget consciousness, earnestness and kinship are some of the key characteristics that give strength to business endeavors at Berkshire Hathaway, a multibillion-dollar conglomerate led by self-starters and driven by a hands-off management philosophy. By maintaining a strong reputation in many industries, encouraging savvy investing and preferring rudimentary businesses, Berkshire Hathaway founder Warren Buffett has built a legacy that will continue to prosper even when he’s gone.
Budget consciousness, earnestness and kinship are some of the key characteristics that give strength to business endeavors at Berkshire Hathaway, a multibillion-dollar conglomerate led by self-starters and driven by a hands-off management philosophy. By maintaining a strong reputation in many industries, encouraging savvy investing and preferring rudimentary businesses, Berkshire Hathaway founder Warren Buffett has built a legacy that will continue to prosper even when he’s gone.
December 27, 2015
Warren Buffet is an exeptional investor and a business person. The book gives you lessons about business culture and value in values... those that can endure even after leaders are gone. Worth reading.
September 4, 2015
Torn between 3 and 4, would give it a 3.5 if I could. Easy to read and interesting stories. The authors synopsis of the characteristics of Berkshire subsidiaries feels a bit hokey. Multiple anecdotes, but this is a reasonable read for people who are interested in Berkshire.
Read
December 17, 2014GG6 DL026672
Read
December 19, 2014Location: GG6 IRC
Accession no: DL026672
Accession no: DL026672
Read
April 24, 2015338.86097 C9735 2014
May 10, 2016
A great introduction into Berkshire's values and overview of Berkshire's history
January 20, 2016
Interesting--and a strong argument for entrepreneurial and equitable values
November 1, 2018
Insight provided into what has made this company successful and how it will continue to be successful long after the departure of Warren Buffett. Ingrained into the culture within Berkshire Hathaway are its guiding principles. BERKSHIRE being an acronym itself shows how in-your-face the company wanted to keep its purpose top of mind.
Displaying 1 - 25 of 25 reviews