The Warren Buffett Shareholder book – final set of quotes to ponder

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“The best leaders exemplify the behaviour they expect from others. Buffett and Munger send an important message by admitting mistakes publicly and answering questions about them at the Annual Meeting. Let’s share our mistakes so we can all learn about and avoid repeating them.” (Raymond Buck Hartzell’s chapter)

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“When employees see their leader sharing bad news and admitting mistakes publicly, it gives them the green light to do the same. Buffett requests that bad news travel fast at Berkshire, good news can always wait. When notified of problems in a timely manner, management can usually deal with bad news more effectively. If bad news is hidden, it festers and the severity of the damage it causes usually grows.”  (Raymond Buck Hartzell’s chapter)

“In the long run, culture trumps strategy. Berkshire’s Annual Meeting is a big part of the culture and it showcases the web of trust built between the management team and fellow owners of the business. I define culture as the way you behave when no one is watching.”  (Raymond Buck Hartzell’s chapter)

“You can see in real time how to adapt timeless principles to the reality of the day. There is no wishful thinking, just a lens into the world.  Applying timeless concepts to whatever is topical reveals a deep multi-layered understanding of what’s happening in the world. Implicit in all this is how to work with the world rather than against it.” (Shane Parrish’s chapter)

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