Gems from Warren Buffett: Wit and Wisdom from 34 Years of Letters to Shareholders

by Mark Gavagan

‘hire well, manage little’ code suits both them and me.

“Charlie and I put Chuck Huggins in charge of See’s (Candies) about five minutes after we bought the company. Upon reviewing his record, you may wonder what took us so long.”

“Ben Graham taught me 45 years ago that in investing it is not necessary to do extraordinary things to get extraordinary results. In later life, I have been surprised to find that this statement holds true in business management as

well. What a manager must do is handle the basics well and not get diverted.”

“Berkshire is my first love and one that will never fade: At the Harvard Business School last year, a student asked me when I planned to retire and I replied, ‘About five to ten years after I die.’ ” -1991 letter

“Candor benefits us as managers: the CEO who misleads others in public may eventually mislead himself in private.”

Al Capone: ‘You can get much further with a kind word and a gun than you can with a kind word alone.’ ”

facts do not cease to exist, either because they are unpleasant or because they are ignored.”

“We feel noble intentions should be checked periodically against results.”