He looks for three qualities: integrity, intelligence, and energy . Crucially, if a person lacks integrity, the other two will "kill you" because they make a dishonest person more dangerous.
He rarely interferes in daily operations, trusting CEOs to manage their businesses as if they owned them. ⚖️ Ethics and Reputation
He famously told his managers: "We can afford to lose money—even a lot of money. But we can't afford to lose reputation—even a shred of reputation". He looks for three qualities: integrity, intelligence, and
For Buffett, reputation is the most valuable asset a company or individual can possess.
Should I focus more on or his philosophical background ? ⚖️ Ethics and Reputation He famously told his
He advocates for "fair dealing and honesty," believing that a culture of transparency prevents minor missteps from turning into scandals.
Rationality is most critical when deciding what to do with company earnings. He expects managers to reinvest money only if it can generate a return higher than the cost of capital; otherwise, it should be returned to shareholders. Should I focus more on or his philosophical background
He warns against the tendency of managers to mindlessly copy their peers' behaviors—even irrational ones—simply because "everyone else is doing it". 📖 Recommended Resources
