Without a doubt, The Essays of Warren Buffett : Lessons for Corporate America was a definitive and clear insight into the mind of a genius - just see my review for this first edition. The Second Edition, however, adds another dimension reflective of today's business and investing environment.

Specifically:

Corporate Governance
- addition of "Audit Committees" section. As usual, a frank and down-to-earth assessment of just how honest an "audit committee" can be (it can't) - great addition, brings investors back to reality for believing these jokers.

Corporate Finance and Investing
- addition of "Debt" section, and in particular how Berkshire views debt, a section just about every business owner (home-owner too!) and profit/loss manager should read.

Alternatives to Common Stock:
- addition of "Foreign Currencies and Equities" section. Frankly, the decline of the dollar has made this topic of relevance to all investors - but Berkshire still loves America's "dynamism and resiliency." Yet another great, topical addition.
- addition of "derivatives" section. Hedge funds have made this a household term, yet don't be fooled. Not surprisingly, Charlie Munger and Warren call them "time bombs."

Accounting and Valuation:
- addition of "Accounting for Mergers" section. Here, Charlie and Warren put forth their idea for dealing with accounting for acquisitions, whether it be "purchase" or "pooling."
- addition of "Some Insurance History and Accounting" section. True to its name, Warren guides the reader from the birth of Lloyd's, through the asbestos crisis to Berkshire issuing a massive retroactive reinsurance contract. If you invest in Berkshire, you'll want to read this section too.

In all, this updated version provides investors with a timely resource for investing in today's world. Additionally, all managers (and professionals who want to grow) should read this book because here, Cunningham neatly organizes selections from Warren Buffet's annual essays and guides them through a tough-minded, down-to-earth and common sensical manual for reference in today's (sometimes exceedingly) complex business environment.

For these reasons, this reviewer highly recommends "The Essays of Warren Buffett: Lessons for Corporate America" - Second Edition.

This is the new edition of the classic original The Essays of Warren Buffett: Lessons for Corporate America, making its debut at Berkshire's 2008 Annual Meeting. I just skimmed this one and it is even more amazing than the original (which, as the reviews over there show, is also awesome).