Welcome podcast listeners. We have a fantastic episode for you today.

Last year when we published the Best Investment Writing

Volume 2, we offered authors the opportunity to record an audio version of their

chapter to be released as a segment of the podcast and listeners loved it. This year we're bringing you

the entire volume of the best investment writing volume 3 in podcast format.

You'll hear from some of the most respected money managers and

investment researchers all over the world. Enough for me. Let's get to our guests and

let them take over this special episode.

Hi, I'm awadamodran. I'm a professor of finance at the Stern School of Business at New York University

and a dabbler in all things finance.

I'm going to read a piece that I wrote, title and a dabbler in all things finance.

I'm going to read a piece that I wrote titled Craft Hines

Lessons From the Edge.

On February 22nd 2009, Crafts shocked investors with a trifecta bad news in its earnings report.

Sub-Barr operating results, a mention of accounting irregularities, and a massive impairment

of Goodwill, and followed up by cutting dividends per share, almost 40%.

Investors in the company reacted by selling their shares, causing the stock price to drop almost 25% overnight.

While Kraft is neither the first,

nor will it be the last company to have a bad board,

it travails were noteworthy for a simple reason.

Significant portions of the stock

were held by Berkshire Hathaway with 26.7% and 3G Capital 29%.

...