You
Are Here: Home
> Resource
Articles > Working
Relationships > Article
|
Untitled Document
Top
Picks for
Sunday, 27 May 2012
|
Do
Business With People You Trust Or Admire
by
Warren Buffett
I've said many times that when a management with a reputation
for brilliance tackles a business with a reputation for bad
economics, it is the reputation of the business that remains
intact.
I just wish I had not been so energetic in creating examples.
A further related lesson: Easy does it. After 25 years of buying
and supervising a great variety of businesses, Charlie (Berkshire
vice-chairman) and I have not learnt how to solve difficult
business problems. What we have learnt is to avoid them.
To the extent we have been successful, it is because we concentrated
on identifying one-foot hurdles that we could step over rather
than because we acquired any ability to clear seven-footers.
The finding may seem unfair, but in both business and
investments it is usually far more profitable to simply stick
with the easy and obvious than it is to resolve the difficult.
On occasion, tough problems must be tackled. In other instances,
a great invesment opportunity occurs when a marvellous business
encounters a one-time huge, but solvable, problem.
Overall, however, we have done better by avoiding dragons than
slaying them.
After some other mistakes, I learnt to go into business only
with people whom I like, trust and admire. This policy of itself
will not ensure success: A second-class textile or department
store company will not prosper simply because its managers are
men that you would be pleased to see your daughter marry.
But an owner—or investor—can accomplish wonders
if he manages to associate himself with such people in businesses
that possess decent economic characteristics.
Conversely, we do not wish to join with managers who lack admirable
qualities, no matter how attractive the business is.
We have never succeeded in making a good deal with a bad person.
Excerpted from Warren Buffett's 1989 letter to Berkshire
Hathaway shareholders.
Warning: ./cache is not writeable. Make sure you've set the correct relative or absolute path, and that the location is server-writable. in /home/inter154/public_html/simplepie.inc on line 1780
| Hot
Recommendations |
 |
|
| Internet
Mastery Center Blog |
The importance of having a social media marketing plan.
Do you already have a social media marketing plan in place? If you aren’t utilizing social media in your marketing plan, then you’re really missing out! Within 6 months of adding social media to my marketing, I had tripled leads and income, which isn’t something to be sneezed at. The beautiful thing about social media [...]
Red Light/Green Light TRAFFIC…
Russell Brunson has been conducting a series of ‘live’ affiliate marketing training videos that are nothing short of awesome! This Friday he’s going to reveal why it’s so easy get traffic for SUPER competitive keywords using his “Red Light/Green Light” SEO strategy. DON’T MISS IT…you’ll only be billed $1 for your registration, after which Affiliate [...]
Internet Marketing For Busy Moms (And Dads Too!)
You probably have heard stories of online rags-to-riches. You’ve seen ordinary people becoming highly respected marketing experts. You may even know of a friend who was once a marketing ‘nobody’ now having everyone calling him/her a ‘guru’. Question is: when will it be your turn? While your ‘guru’ friends seem to have a knack for [...]
13% conversion rate is ho-hum normal to some guys…
By Internet Marketing standards, a 1% conversion rate is pretty normal. You are kicking butt if you can hit 2% or 3%. But when Simon Hodgkinson and Jeremy Gislason start to hit 13% and up to 72%+ conversions, I seriously wonder whether they are playing a fair game… Well, you can find out today and [...]
All-new autoresponder with NO monthly fees!
arpReach has completed remaking its brand name from what is formerly known as Autoresponse Plus to bring you new features and improvement to its e-mailing service. What’s more, arpReach has NO monthly fees. It’s only a one-time investment for setting up as many e-mail lists as you like! Read the Top 10 Changes made to [...]
|
|
