Buffet replied a question from a Harvard student: how do you instill the co-ledership throught out your organization? And to begin with, how do you know that the management one level below you as making decisions so parallel with your own?
This concerns with the management philosophy of Buffet, and the answer was interesting.
Well, all the money we need, you know, we like to have more. But we can afford lose money, but we can't afford lose reputation. Therefore I ask the managers to judge every actions they take not just by legal standars, well that's for the first test, but also by the test what I called newspaper test:
how would they feel about any given action if they knew written up, say next day, in a local newspaper, to be read by their family, by their neighbours, by their friends, written by a smart and unfriendly reporter?
If passes that test, it is OK. But I tell them if anything is close to the line, it's out.
We can afford lose money, but we can't afford lose reputation.
I guess this represents what the conventional American capitalistic value sometimes ignored.
I'll keep this in my mind.
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