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 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members: https://theinvestorspodcast.com/mastermind 📈 Learn to invest like legend investors do — from the company that has interviewed them. Use YOUTUBE15 to get 15% off! https://theinvestorspodcast.podia.com/how-to-get-started-with-stocks 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODES: - What I’ve Learned From Warren Buffett & Charlie Munger w/ Chris Davis: https://youtu.be/Oeo66H4lM-g - The Story of Berkshire Hathaway: How Warren Buffett Built an Empire w/ Jacob McDonough: https://youtu.be/FVLLxBtBOfM - Quality Investing: How to Own the Best Companies for Long Term Wealth w/ Lawrence Cunningham: https://youtu.be/VIZ4U3yIJ58 - Warren Buffett w/ Lawrence Cunningham: https://youtu.be/voVi4PfoYOE 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/episodes/warren-buffetts-wisdom-the-power-of-corporate-governance/ 📖  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 Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market. 🌍 Website: https://www.theinvestorspodcast.com/we-study-billionaires/  📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/survey2023-youtube ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.