Table of Contents

Prologue: The Carrot of Trust
Part I. Pillars
1. The Players
2. Partnership Practices
3. Business Methods
Part II. Perspectives
4. Deals
5. Boards
6. Internal Affairs
Part III. Alternatives
7. Contrasts
8. Comparisons
Part IV. Challenges
9. Judgment
10. Public Perception
11. Scale
12. Succession
Epilogue: The Stick of Ruthlessness
Notes
Index

About the Author

Lawrence A. Cunningham and Stephanie Cuba are authors, investors, consultants, and board members. Their previous work includes The Warren Buffett Shareholder: Stories from Inside the Berkshire Hathaway Annual Meeting (2017). 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 and author of Berkshire Beyond Buffett: The Enduring Value of Values (Columbia, 2014). Cuba is president of CC Strategies, a real estate consulting firm specializing in project management, investment analysis, and public-private partnerships. The two are married and live in New York City with their two daughters.

Reviews

To truly understand Warren Buffett’s conglomerate, one needs to look beyond the extraordinary numbers and absorb the unique culture of Berkshire Hathaway. Every Berkshire shareholder—or investor of any other company, for that matter—should read Margin of Trust to better understand what makes a sustainable corporate culture and, therefore, superior investment that’s built to last multiple generations.
*Robert P. Miles, executive in residence, University of Nebraska at Omaha, College of Business Administration, Executive MBA Program, Genius of Warren Buffett Course*

The essential element for successful long-term investing is a trust formed between managers and owners of a company. Margin of Trust outlines the special ingredients that have been baked into the relationship between Berkshire and its shareholders for over fifty years. This book is an important must-read that has earned a place in every investor’s library.
*Robert G. Hagstrom, author of The Warren Buffett Way*

Everyone wants to understand the ingredients of Warren Buffett’s success—Lawrence A. Cunningham and Stephanie Cuba have delivered compelling answers in Margin of Trust. This readable and practical book takes the reader inside the Buffett organization to show how the concept of trust is the foundation of Buffett’s deal making and operations. Essential reading for fans of Buffett and anyone who wants a better understanding of management.
*M. Todd Henderson, law professor at the University of Chicago and coauthor of The Trust Revolution: How the Digitization of Trust Will Revolutionize Business and Government*

Few writers are more familiar with the intricacies of Berkshire Hathaway than Lawrence A. Cunningham.
*The Rational Walk*

While detailing the strengths and notable successes of a trust-based approach, the authors are candid about its risks, and how Berkshire works to mitigate them. Their prose is lively, and their points well taken.
*Financial Advisor*

This brief, concise, and pleasant exploration of the inner machinations of Berkshire Hathaway will interest anyone who seeks a better understanding of Buffett's Midas Touch. . . . Highly recommended.
*Choice*