Kyle Grieve chats with Lawrence Cunningham about corporate governance, ethical decision-making, and Warren Buffet's shareholder letters. Lawrence provided a list of businesses for investors to research and discussed the makeup of a successful incentive program.

Lawrence Cunningham is an author, professor, and board member of public companies, including Constellation Software, Kelly+Partners Group, and Markel Group. He wrote "The Essays of Warren Buffett" and has published other books on quality. As a board member, he engages with shareholders and serves on various committees.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:04:05 - How corporate governance protects shareholders
00:05:52 - Why Warren Buffett has created a competitive advantage by writing his shareholder letters the way he does
00:09:33 - A few businesses that have excellent corporate governance that investors should research
00:15:32 - Lessons from Charlie Munger and Philip Fisher that helped Warren better understand quality
00:18:19 - How Warren's alignment with shareholders is such a competitive advantage
00:32:02 - Why Berkshire is such an attractive buyer compared to alternatives
00:35:25 - A breakdown of some simple and complicated investments Warren has made using the 1-foot and 7-foot hurdle analogy
00:46:37 - The ABCs of capital allocation and why all board members should understand them deeply
00:52:08 - How Warren tracks intrinsic value for different business models and why you should utilize multiple tools
01:03:15 - Why it's so hard for most companies to have shareholder-friendly incentive programs

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📖  BOOKS MENTIONED:
- The Essays of Warren Buffett: Lessons for Corporate America by Lawrence Cunningham: https://amzn.to/43LfhKL
- Dear Shareholder by Lawrence Cunningham: https://amzn.to/4cEDeY1
- Common Stocks and Uncommon Profits by Philip A. Fisher: https://amzn.to/3TLl4Lu
- Where Are the Customers' Yachts? by Fred Schwed: https://amzn.to/49guqEQ

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