Director’s Definition
A director who gets $150,000 per year from a company and needs the money is not independent.
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Extreme Objectivity
The life of Darwin demonstrates how a turtle may outrun a hare, aided by extreme objectivity.
Related Topics: Darwin, demonstrates, extreme, hare, life, objective, objectivity, only, outrun, person, player, turtle 
Costco vs. Rockefeller Foundation
I believe Costco does more for civilization than the Rockefeller Foundation. I think it’s a better place.
Related Topics: believe, better, bunch, civilization, Costco, good, immediately, intelligent, more, people, place, Rockefeller Foundation, seat, sitting, squirm, suspicious, think, trying 
What’s Your Problem?
Let me know what your problem is, and I will try to make it more difficult for you.
Related Topics: difficult, know, problem, try 
No Big Advantages
We don’t have big advantages — no special competence — so we spend almost no time on it.
Related Topics: advantages, big, competence, special, time 
Charlie and Warren
I’ve been associated with Warren so long, I thought I’d be just a footnote.
Related Topics: associated, footnote, Warren Buffett 
Surviving Bad Management
Good businesses can survive a little bad management.
Related Topics: bad, businesses, good, little, management, survive 
Numerical Fluency
Without numerical fluency, in the part of life most of us inhabit, you are like a one-legged man in an...
Related Topics: ass-kicking contest, fluency, inhabit, life, like, numerical, one-legged man 
Good vs. Bad Ideas
It’s not the bad ideas that do you in, but the good ones.
Related Topics: bad ideas, good, ideas 
Turnover at Berkshire Hathaway
Berkshire has the lowest turnover of any major company in the U.S.
Related Topics: Berkshire Hathaway, company, lowest, major, turnover, U.S. 
Very-high-IQ People
Very-high-IQ people can be completely useless. And many of them are.
Related Topics: completely, high-IQ, IQ, people, useless 
The Downside of Litigation
Litigation is notoriously time-consuming, inefficient, costly and unpredictable.
Related Topics: costly, inefficient, litigation, notoriously, time-consuming, unpredictable 
Relying on Special Talents
I think we have some special talents. That being said, I think it’s dangerous to rely on special talents —...
Related Topics: better, businesses, dangerous, lots, monopolistic, own, prices, rely, special, talents, think, unregulated 
Charlie Munger’s Education
To this day, I have never taken a course anywhere, in chemistry, economics, psychology, or business.
Related Topics: business, chemistry, course, economics, psychology 
Strategic Plans Cause Dumb Decisions
Strategic plans cause more dumb decisions than anything else in America.
Related Topics: America, decisions, dumb, plans, strategic, strategic plans 
High Probability of Rip-off
Everywhere there is a large commission, there is a high probability of a rip-off.
Related Topics: commission, everywhere, high, high probability, large, probability, rip-off 
Eliminate What Not to Do
Quickly eliminate the big universe of what not to do, follow up with a fluent, multidisciplinary attack on what remains,...
Related Topics: act decisively, appear, attack, big, circumstances, eliminate, fluent, follow up, multidisciplinary, quickly, remains, right, universe 
More Brains in Money Management
It’s natural that you’d have more brains going into money management. There are so many huge incomes in money management...
Related Topics: banking, brains, huge, incomes, investment, investment banking, money management, more, natural 
Getting Rid of People
I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.
Related Topics: always, answer, confidently, get rid of, knowledge, people, questions, real, try 
Mistakes of Omission
The most extreme mistakes in Berkshire’s history have been mistakes of omission.
Related Topics: act, Berkshire Hathaway, extreme, history, mistakes, omission 
Valuing a Stock
You must value the business in order to value the stock.
Related Topics: business, stock, value 
Your Pay Rate
I make 50 cents for showing up… and the other 50 cents is based on my performance.
Related Topics: cents, performance, showing up 
Hiring Right
This is a good life lesson: getting the right people into your system is the most important thing you can...
Related Topics: important, lesson, life, life lesson, people, system 
Built from the Heart
One of the things that made Apple great was that, in the early days, it was built from the heart.
Related Topics: Apple Computer, built, early days, great, heart, one, things 
Moats in Business
Kellogg’s and Campbell’s moats have also shrunk due to the increased buying power of supermarkets and companies like Walmart. The...
Related Topics: buying, Campbell's, Costco, dramatically, increased, Kellogg's, moats, power, shrunk, supermarkets, Wal-Mart 
The First Step is the Hardest One
I think this is the start of something really big. Sometimes that first step is the hardest one, and we’ve...
Related Topics: big, first step, hardest, hardest step, start 
Making Money with Good Ethics
I’m proud to be associated with the value system at Berkshire Hathaway; I think you’ll make more money in the...
Related Topics: associated, bad, Berkshire, ethics, good, Hathaway, make, make more money, money, proud, system, value 
Swimming Against the Current
We’re emphasizing the knowable by predicting how certain people and companies will swim against the current. We’re not predicting the...
Related Topics: against, certain, companies, current, emphasizing, fluctuation, knowable, people, predicting, swim Avoiding Taxes
We don’t have any miraculous way of avoiding taxes at Wesco and Berkshire.
Related Topics: avoiding, Berkshire Hathaway, miraculous, taxes, way, Wesco 
Contributing to Ideas
I contribute ideas, sure. Why would I be there if I didn’t?
Related Topics: contribute, ideas, why 
Technology Alone Is Not Enough
It is in Apple’s DNA that technology alone is not enough. It’s technology married with liberal arts, married with the...
Related Topics: Apple Computer, DNA, enough, heart, humanities, liberal arts, married, results, sing, technology, yields 
Will It Change the World?
But it’s a disservice to constantly put things in this radical new light — that it’s going to change everything....
Related Topics: change, change the world, constantly, disservice, everything, important, light, new, radical, things Business Math
The good thing about business is that you don’t have to know any higher math.
Related Topics: business, enumerate, klutz, math, science, understand 
The Best Ideas Have To Win
If you wanna hire great people and have them stay working for you, you have to be run by ideas,...
Related Topics: best, best ideas, great, great people, hierarchy, hire, ideas, if, people, run, say, stay, working Being Conservative in Business
We don’t think because it’s never happened that it won’t. There’s no actuarial science, it’s rough judgment. We just try...
Related Topics: actuarial, conservative, happened, judgment, rough, science, think, try Easy Investment Predictions
Berkshire is in the business of making easy predictions. If a deal looks too hard, the partners simply shelve it.
Related Topics: Berkshire Hathaway, business, deal, easy, hard, looks, making, partners, predictions, shelve, simply 
Change the World for Better
Apple is about something more than that, Apple, at the core, its core value, is that we believe that people...
Related Topics: Apple Computer, believe, better, change, change the world, core, core value, passion, people, value Drowning in Capital
It takes almost no capital to open a new See’s candy store. We’re drowning in capital of our own that...
Related Topics: almost, capital, capital-starved, cost, crazy, drowning, franchise, house, open, pancake, See's Candy, store 
Playing Piano in a Whorehouse
I would rather make money playing a piano in a whorehouse than arguing that no cost is incurred when employees...
Related Topics: arguing, cash, cost, employees, incurred, make, money, paid, piano, playing, rather, stock options, whorehouse Capitalism without Failure
I regard it as very unfair, but capitalism without failure is like religion without hell.
Related Topics: capitalism, failure, hell, like, regard, religion, unfair, without 
