Chapter 18 15 Public and private

While the Cosmopolitan deal was still going on, there were already others following Buffett's lead.There are 50 people in Omaha who have become millionaires because of Buffett, and hundreds of people across the country.When he went to Columbia Business School to give a lecture on investment, 200 enthusiastic listeners were turned away, and the house couldn't fit. "Forbes" called him a "mythical hero."Dogs named 'Warren' in Kansas City and New York and "Buffy".William graduated from the Stanford Graduate School of Business.After meeting Buffett, Oberndorf resigned from his job at McKinsey and decided to invest.Money dealer Christopher.Stavin named his son Baptist Alexander Alexander.warren.Douglas, a stockbroker in Omaha.Sterry long admired the name of Buffett but never met each other. When his wife Martha was about to give birth, he took a copy of "The King of Fortune" and read the chapters about Buffett aloud to his wife, as if he wanted to use prenatal education to improve future life. The IQ of the offspring at birth.

By 1986, Berkshire's stock price had exceeded $3,000.In 21 years, Buffett has turned the slag of a small textile factory into gold, and the stock has doubled 167 times, while the Dow in the same period.Jones only doubled.The whole Wall Street respects and fears him.When he told Fannie Mae's chairman, David.When Magswell said that he invested in his company, Magswell was so excited that he wanted to run to the window and shout: "Warren. Buffett bought our stock!" Forbes asked: "He is so happy to succeed. Is that so?" The headline writers dubbed him "Midas," (the Greek god who was said to have a touch of alchemy.) "Wizard," "Wise Man from Omaha," and "God of Omaha."

Many strangers gathered around Buffett to "do business".A Pakistani immigrant offered to sell him her newsstand, and a woman offered to sell a prewar building. What is amazing is that a man from Lincoln, Nebraska asked for a "loan" of 100 million US dollars to buy a farm. After being rejected by Buffett, he actually came to Kaiwitt Square with a pistol in his hand, and was arrested The FBI agents hired by Buffett made arrests, and Buffett sat motionless at his desk. Despite Buffett's high profile, his private life remains quiet and unremarkable, unlike today's CEOs.He doesn't schedule his time in advance, preferring to do whatever he wants whenever he wants.When Bill.When Graham (Kay's son) asked him when it would be convenient to visit, he replied, "Anytime, I don't have a schedule." Richard, the manager of the Washington Post.Simmons was amazed at the austerity and tranquility of his room, a verdant house that hardly contained a statue of a bull or bear or anything.Under the glass dome are just an old Edison stock ticker, a Pulitzer Prize, a few family photos (one is of Ben Graham) and a bench.There is a layer of dust on it, which shows that it is actually a decoration.He had no computer, no stock terminal or electronic calculator. "I am the computer," he told the interviewer.When he was in the office, Simmons described: "It looked like nothing was going on, except that sometimes Bill Scott (Buffett's trader) poked his head in and said, '$10 million at 125 18, okay?' Not often.

Compared with other presidents, Buffett has too much time. "He was free every minute of every day, sitting at a horseshoe-shaped mahogany table reading for hours, keeping in touch with the outside world by telephone (still answered by himself), and three private lines leading to: Salomon Brothers, Smith Barney & Goldman Sachs. Regardless of who said it first, Buffett did seem a little naive when he first saw him.A young investor, Shish.Klarman had breakfast with the billionaire at the Ritz-Carlton in Boston, and Klarman discovered that he lived up to the legend, that no one would notice him or know him while he waited at the desk. who is it. "He ate a whole sausage and a few eggs, and he was the last popular food in America.

Gut people. "Hollywood producer Norman Lear mistook this rich man for a driver when he met him at the Omaha airport. He was slightly fat, with tortoiseshell glasses on a flat face, and his hair was thin and not well combed. Holding the car keys in his hand, only his messy eyebrows show his independent personality. Writer Adam.Smith found "a little nostalgia for the hugely successful Yankee".The billionaire drives his own car, houses his own house, and lives in a house he bought for $31,500 in 1958. He is like the well-informed old fox who wins with justice and public morality as described in American mythology.Ideal tradition triumphs over the superficial present which is changing rapidly.Among Berkshire's shareholders is not only the famous money dealer Mario.Gabelli et al., along with columnist Epi in Hughes, Iowa.Lederer and aka Ann.Landers, who hit it off with Buffett and advise millions of ordinary Americans on how to live at home.Buffett is an opinion expert on Wall Street.

By the mid-80s, it was funny how Buffett was being touted for his pursuit of the ordinary.Articles praising him often have headlines like "Oh, it's Warren Buffett" and "A Corn-Eating Capitalist."It talks about his wise and simple life style of self-criticism.His friend Carol.Loomis wrote in the paper: Buffett didn't relish the reports.But it was soon proven wrong.Someone asked Wayne.MacKenzie -- Berkshire's treasurer in the '60s -- has seen a change in his boss, who says Buffett is much happier. "I never knew he liked the spotlight and attention so much," he said.

In fact, he has always liked it, it's just that others didn't pay attention to him in the past.Always talkative, he loves to entertain and put himself in the history books.But he's good at disguising himself as casually shabby in interviews.He was always talking about his work achievements; whether talking to friends, colleagues or giving a speech, he had a strong desire to myth his past.He's always sugar-coating his past, as if to make it perfect.Buffett is remembered by his high school classmate, Danley, who bought his first pinball machine.And Buffett later said that they jointly bought it.College Bob.Russell recalled that their ranking list, "Boys Ranking," was written in pencil, and Buffett said it was more of a crown, saying it was in public print.

Buffett did not exaggerate his success in his autobiography, but deleted a lot of his ambitions and plans.For example, he said that he went to Columbia University because of Ben.Graham was too nice to say it was Harvard who decided to go to the second best college after being expelled.Likewise, he said that he had not given up his position at Graham-Newman to go to Omaha "to be the boss"; he and his partners had only been exhorting and pleading with family.That wasn't exactly what he was; when the Omaha World-Herald reported on Buffett's return from New York, his pals rushed to work hard for three weeks.He also said let him be Tom.Murphy's "gorilla" was Murphy's idea, and his own efforts on it are well known.

It's as if he's a little bit tempted to say that his success is a divine arrangement rather than a result of his lifelong pursuit of wealth. In fact, what my friends like most about him is that he is very cautious and serious, and he is never absent-minded.Norman."He's been happy all his life," says Lear, "and he has no flaws." That impression also comes from Buffett's exuberant, teenage energy.He is informal without being "sloppy," firm without being indifferent. Buffett can turn ordinary fun into enjoyment.At one point, New York Magazine reported that he "swallowed Pepsi because he liked red sweets."Buffett used to be a neighbor in Omaha, Don.Kayo — who had declined to invest with the young Buffett — happened to read the story, and he was outraged.Keo, who is now the manager of Coca-Cola, wrote a letter to Buffett, offering to let him taste "the nectar of God".After a few back and forth, Buffett agrees to try this new "Red Coca-Cola"

samples, and then a trial. "He's kind of addicted to red Coca-Cola," Keo said.In fact, he drinks 5 bottles a day, (No more Pepsi.) And often writes a note to Keo like a child saying How happy he is.According to one visitor, his office was filled with potato chips and "thousands" of red Coke bottles.When Keo met Buffett again in 1986 (the year the White House changed), he thought the old neighbor hadn't changed at all: "This guy still loves life that much." to Berkshire.Buffett's mythology reaches its peak when Hathaway's annual meeting is held.

In the past in Omaha, only a few shareholders attended the meeting, which was held in the cafeteria of its subsidiary, National Compensation Corporation.When sporadic out-of-town shareholders came, Buffett changed the meeting place to the basement of the Red Lion Hotel.By 1986, shareholders had flooded in, and he leased the pink-marble mausoleum of the Joslyn Museum of Art.Shareholders swarmed Omaha like birds with his report.Among them are Buffett's admirers, money merchants, Graham's followers, New York bankers, retired rich and young investors who yearn for wealth.Some of them have suits and leather shoes, some have short-sleeved shirts; some come from the east, some from the south, and some from the west coast.In contrast, the annual meeting of other companies can hardly attract even a single shareholder, because it is a waste of time. A total of 450 people came to Omaha to attend the meeting. After the meeting, Buffett took them to visit Mrs. B's furniture world, where Some oriental rugs are on display for $10,000. The meeting itself was like a Bartels & James party.There is a coffee pot on the table and a bucket filled with cans of Coke - the company's "official drink".95% of the shareholders attending the meeting have held the stock for at least 5 years. This kind of loyalty is unique on Wall Street, and most of them have transferred their savings to this stock. They were so attached to it it was almost religious.Buffett is their god.They paid close attention to his every gesture, every word, as if it could be framed and hung on the wall.They all flattered themselves that they had a bit of glory—even if they weren't geniuses, at least they discovered geniuses.This sect has its own creed (the "Graham and Dodd" investment philosophy), and its followers are feel-good devout believers. Among them was James, a metallurgical engineer in Tucson who had read "Graham and Dodd."Lake, there's Ronald who runs an insurance company in Pocatello, Idaho.Milton, and Austin-based photographer Michael.O'Brien, who met Buffett when he was writing transfer certificates.He bought his stock after reading Buffett's epistolary report.There is also a Jacksonville named Sade.McNulty's money merchant, who admired Buffett so much that he brought his wife to celebrate his wedding anniversary. Another loyalist was Tim C. Medley from Mississippi, Jackson's financial planner.His wife asked him in amazement: "You pay $1,000 all the way to Nebraska just to hear people talk?" Medley only had one share of stock. You are a faithful believer, you often go to church, Buffett is so attractive to me." Medley first met Buffett in Medley's hallway, where Buffett was welcoming investors.With his hair disheveled, wearing a blue tank top and baggy gray trousers frayed at the belt eyelets, he looked like a high-school basketball coach: a "regular guy" that Medley so awed. The crowd fell silent in reverence as Buffett and Munger took the podium.A quart of Red Coke sits on the counter like a sacrament.Buffett quickly introduced the company's business situation, and then began to answer questions.He solemnly said that people who want to leave early can only leave when Munger speaks, not when he speaks.They spent the next few hours talking casually and openly about the annual report, answering questions about Berkshire and the business. Munger plays a supporting role, and he keeps bringing up the "civilization" issue, as if things are going downhill these days.At a meeting, he talked high: "This room is full of intelligent people." But he is not the most pleasing figure for people, and there are very few people who support him. Buffett steals all the shots, his brows waltzing across his forehead, one gleeful joke after another.He likes to see familiar faces—people he's known for years, people who've gotten rich because of him, and people like Poor Road.For someone like Angel, he now has 15 million US dollars.He told a friend that he felt he was painting a masterpiece that everyone who knew him admired.Perhaps his messianic status in Berkshire is the reason why he refuses to sell even a single share of stock and holds the shareholder meeting as a ceremony!He talked about inflation, Mrs. B and the management of the company, and answered questions about investing, Met and Ben.Graham question.And now and then a short story to illustrate the point, casual enough to sound like a lazy summer afternoon chatting in an easy chair. Once Buffett gave an impromptu speech at the Metropolitan Corporation, and someone asked him what management techniques he could recommend.He told the story of a stranger in a small town.Wanting to make friends with the locals, he went to the village square and saw an old time teller "in a mess like a German shepherd".Buffett went on to say: He looked at a dog carefully and asked, "Does your dog bite?" The old man said, "No."So the stranger bent down and patted the dog. The dog jumped on it and bit off his sleeve skillfully. While mending his clothes, the stranger asked the old man, "Didn't you say that your dog doesn't bite people?" Say, "Not my dog." The moral of the story for managers: It's important to ask the right questions. Buffett always uses this concise way to explain the problem, even in private.Once there was a person who touted Buffett's insurance company but didn't want to buy it himself-Steven.Gluck Stern flew to Omaha to ask a few questions.It was a cold morning.Gluck Stern had read Buffett's comments in the paper, and now he was anxious to see what kind of person he was.Buffett met him in a flannel shirt and khaki pants, and he felt instantly relieved.He spoke to Buffett about theoretical risk. "Hey, Stern," Buffett said, "know that when you play poker, somebody's going to have a bad luck, and if you look around and don't see anyone's bad luck, it's you." This is Buffett's way of warning him not to take risks with brokers he doesn't understand.Gluck Stern felt that the hosts were like the writers of those annual reports—simply put, not much, but profoundly meaningful.He took Buffett's advice. Buffett's public-private boundaries are unclear.His friends were also his ardent supporters.They often come to consult and ask for advice.stan.Lipsey asked Buffett to help him figure out how to get rid of his girlfriend's entanglement.Texas financier Richard.Rainwater came to consult the regular "real estate notes" question. In 1986, Wren.When Walter hesitated, Buffett warned him not to act rashly for a few money, it was not worth it.This is Ryan.Walter will never forget it, because soon several stocks that happened to be on Wall Street collapsed.Jack.Byrne talks about Buffett like a national treasure. "Some people who knew Warren didn't get a favor," Byrne said. "He should have a favor for me." Every odd-numbered year, Buffett's inner circle—the so-called Graham gang—holds a meeting.At the beginning, only Buffett and a few investment partners participated, which was very simple.On their second meeting in Palm Coast, Florida, a hotel clerk dismissed the tip and threw it on the door. Another time, super rich Sandy.Goetzman went to a meeting with them. When he arrived at the airport, he thought he was flying first class. Everyone else said no, so Goetzman stammered that his secretary made a mistake, and finally followed everyone in second class. Now they have meetings that are no longer like this, and the range of participants has expanded.They are now taking Elizabeth to places like Scottsdale, Sun Valley, Arizona, and Idaho for vacation.Invited by Buffett Invited some rich friends and couples, such as Ben Rolle.Loomis and Tom.Murphy.Once they were playing on the Colorado River, Presbyterian Kay.Graham couldn't help but said: "My ass has never been so wet." Buffett thinks that going on vacation with friends is a great joy.He likes his friends very much, and others treat him the same.There is also a sanctity to the gathering, though not quite the same as the annual meeting.Although these friends are very successful in their careers, they are all willing to listen to Buffett's arrangement, as if it was a celebration party just for them.The guest list is determined by Buffett, only who he says will count."People obviously want to sit at his table, and you can't help but wonder, would he sit at my table?" said one regular, turned musician Peter.Buffett felt his father's friends were eager to join his company.Sitting next to him hung John.Lennon and Joko.In the music room of Ono's portrait, Peter compares them to a group of talented musicians who are not comparable to the Beatles.Regular guest Ed.Anderson thinks Buffett is a "miracle guy."Buffett's casual behavior at such gatherings suggests that he knows these friends—at least some of them—much better than the average shareholder "audience." Many of Buffett's friends are also his shareholders, so he somehow feels responsible for their families and wealth.They talk about Buffett and stocks all the time, even as they walk.Buffett's friend broker Marshall.Weinberg once advised not to sell Berkshire shares at $77, saying they would go up, and he said the same thing when the stock price reached $105.Another longtime friend of Buffett's is Henry.Britt also always describes Berkshire's prospects in a similar manner to others.When the stock price hit $1,700, he panicked and sold his wife's stock. Ordinarily, the purchase of Berkshire's stock is not for sale, but for Buffett to arrange, not to make up his own mind.But the stock price was unusually high, and people were overwhelmed.Case, chairman of Reynolds Securities.Welling bought some Berkshire shares at $40 and later at $43.When the stock hit $50, he waited for the price to fall back.But he waited and waited...and finally bought some at $3,000. Buffett has an old friend for decades. He can't help but analyze how the stock price will fall after Buffett's death--1,000 US dollars per share?Or $2,000?He's not alone in thinking this way.Buffett's health became a factor in the relationship's financial situation.There was this dialogue at an annual meeting: Questioner: Mr. Buffett, I have always wanted to buy Berkshire stock, but I have to consider that something will happen to you personally, and I cannot afford the unexpected risk. Buffett: I can't bear it either. Buffett's role at home is also murky.Several of his annual epistolary reports were supposedly addressed to his sister Roberta.But when they were together, he kept her at arm's length, and Roberta, who lived in California, clearly did not want to interfere with her brother's affairs, so she was terse in asking him questions. She finds his answer absolutely "great," but she doesn't talk to him "the way I talk to other people."She said that she understood that it was inappropriate to "interrupt casually" because "he had to go back to his original train of thought, and he had the habit of focusing, and he was serious and single-minded in everything he did." Buffett admits he behaves differently in public than in his personal life.In his words, he is introverted at home and extroverted on the street.This can be roughly reflected in his female companion.Susie is Buffett's girlfriend at most social events, be it at their Graham seminars, at Berkshire's annual meeting or on vacation with friends in New York and California. Susie is also a very outgoing person. Although she already lives in a small house in San Francisco, she is not often at home.When her children or friends needed help or were sick or dying, she would stay with them for weeks without saying a word until it was over.When she was in Omaha with her friend Bella.Eisenberg, When an AIDS survivor wanted to see their old friend, she flew around with her without saying a word.Maybe it's because she's traveled a lot and is passionate about population control, including treks to India, Turkey and Africa.She herself said "my days are spent in heaven".She also took care of San Francisco people and once brought an AIDS patient home for care.The rest of her nomadic life was spent not for her family or her own inner circle, but for all who needed her - including her husband. "It's odd," commented one of Buffett's friends, "that he's still madly in love with her." His partner in Omaha, Askide, also rarely participates in public events, which is the same as Buffett in Omaha.She goes to the local zoo every morning to tend to the plants, where she can be seen digging in jeans and a sweater.Both she and Buffett are socially active.When Buffett is at home, he often hangs out in his "nest" off the living room, where the family used to bask in the sun, with his books and papers; and a big TV.His diet is also very simple, often eating ham sandwiches or eating vanilla ice cream in front of the box, as well as breakfast.This peaceful atmosphere made Askide feel comfortable, her childhood was too unstable.When Warren's older sister, Doris, ventured to ask her how things were going on with Warren at a holiday gathering, Askide blushed and said Warren was "the nicest man ever to live with." Buffett would have liked a quieter, more modest 14th floor at Kewitt Place, which he called Berkshire.Hathaway's "Center of the World".Although his company was very rich, there were only 11 people in total: two secretaries, a cashier, three accountants, a trader, a treasurer, an insurance manager, Gladys.Kath (who was always his assistant) and boss.Berkshire has no lawyers, no strategic planners, no social employees such as doormen, drivers, intelligence agents and consultants.It didn't have an analyzer hooked up to a bunch of cathode ray tubes, the stuff that modern corporations have. These austerities are deliberately orchestrated by Buffett to allow for what he calls "institutional mobility."If he hired traders on the first floor, they would find some business to do; if he hired lawyers, they would find someone to litigate. A lean organization allows us to spend our time doing business instead of coordinating with each other. There was an investment banker on Wall Street who made the long journey to this capitalistic bastion, and he will never forget what he saw.He is John from Bear Stearns.Ott, he was taken aback when he saw the red lion for the first time.The principals who came with him were about to sell a gas company when they told the hotel doorman to go to the Berkshires.The doorman stared blankly at Hathaway.Finally they found Kaiwitt Square and were amazed at the small building opposite the pizza.There were warrens inside and out.Buffett's logo. Buffett met them in a pair of Ker-Mats.After a few simple greetings, he asked Otto's client to briefly introduce the situation.Buffett looks very distinctive now.He pursed his lips tightly and frowned, but his brows entered the frame of his glasses.After listening to the other party's introduction for an hour and a half, he asked a few questions.The economics of the natural gas industry are complex, governed by regulations, and involve both legal and social issues.Ott had sent a bag of materials to Buffett in advance, and Buffett knew it very well. When the parties provided some more information, Buffett recalculated its economic situation.Ott discovered that Buffett had no notepad and no one was running in and out to provide him with supporting data.He sang a one-man show. Three or four hours later, Buffett made a price based on what he knew.This time it was Ott's turn to be dumbfounded again, because the general president would not make an offer after just one meeting. (In the end the business fell through.) Buffett has a gift for grasping themes from disjointed clues; his simplicity also complements that ability.He thinks that too many leaders distract him from his focus, well-meaning, warm-hearted, and intelligent as they may be.Much of the "work" they do is unnecessary. (Buffett's motto is: "If it's not worth doing, don't do it well.") He doesn't like indecision, and he doesn't like it. Willing to see-saw bargaining.His negotiating style is to come up with a price, either deal or fail, and never change once the decision is made. Buffett and Bill.The two Scotts were in charge of investing, which would have required dozens of traders and analysts at other firms.Scott doesn't work full time yet, and he leaves work at 3 o'clock every day to practice polka.In all cases, Buffett quietly researched and made his own decisions (and discussed them with Munger on the phone, of course).Compared with such a team of one and a half people, the Harvard University Foundation has more than 100 staff members. Buffett's most important employee is his assistant and secretary Gladys.Kath.She turned away all visitors and answered questions in a monotonous voice. Treasurer Wayne.MacKenzie is a native of Fremont, Nebraska.He was small, blue-eyed, and loyal to Buffett.MacKenzie hasn't asked Buffett for a raise since the 1960s. "If I feel like I'm not doing enough and he's not satisfied, then I'm definitely wrong." Mackenzie said dryly. (Buffett paid him very little in the 1960s and 1970s, but by 1986 he was getting $198,000). Buffett has never spoken loudly in front of MacKenzie since he returned to Omaha from New Bedford in the early 1970s, and he has never expressed his innermost thoughts. "If I thought it might hurt him, I wouldn't say it," McKenzie said. "But Buffett is so introverted that I wouldn't be able to talk to him about that." No one in this loyal group of colleagues is as smart as Buffett.They didn't come to disturb his tranquility, and Buffett got on well with them, but not much, as he did with his friends.Unless there are guests, he eats alone, and asks the secretary to order a meal at McDonald's. (“Ask for a 1/4 pound, with cheese and French grilled fish.”) Buffett has talked to several of his sons about the idea of ​​father-son soldiers, but he doesn’t have many supporting roles.Munger says it's a good thing that several parts of Berkshire don't work in the same office as the heads of See's Sugar.Specifically, "no one" thought about competing with Buffett, and he was beyond reach. Buffett has received 3 apprentices, Daniel.Grossman, a young tennis star born in Omaha, has a master's degree in management from Stanford University.Grossman would not discuss the experience, but according to colleagues, he did not appear to be used to the intensity of the work here.Most likely because Buffett is a silent mentor who doesn't speak without purpose.A lawyer in Omaha said of Buffett this way: "The motor is always running, and you can't work there without analyzing the mind." We don't know how Buffett hopes to work with Grossman.Peter said: "This is the first time my father tried to find a successor, but it was not satisfactory. He didn't know what to do." Buffett never assigned tasks to his staff, nor did they need their help. "If Daniel wants to see how he works and learn some experience, it's impossible there." Buffett's daughter said: "You can't see anything, everything is in his head." There is often Buffett Sit and meditate or look at documents, books or whatever. Grossman finally gave up, but he became a successful investor in California. In 1986, Buffett bought a second-hand Falcon aircraft for the first time.Compared with other companies' aircraft, this one is a bit shabby and cost $850,000.But this was the stinky airs of the company he had always disliked.He mentioned the plane in a letter included in his annual report, jokingly complaining that it was "too expensive" and "too extravagant".But no matter how much he doesn't like buying airplanes, he still loves this airplane very much.In fact, this is not a change of style, he just flies to the sky to try to be quieter.He has told friends that he travels more now and that other customers know him.They used to ask him about the market, and that was what he hated. Buffett's erratic behavior makes him a successful investor, but it doesn't make him a good manager.He handles abstract problems and data much better than actual concrete problems, and he always Carefully avoid conducting business with others. By 1986, he was managing a large group—something he never imagined.Berkshire's existing insurance company, Blue Chip, See's Sugar (a bank), The Buffalo News, Furniture World, World Encyclopedia, and Scott & Fitz, a small steel mill, among other assets. Buffett strictly limits his role to make up for the lack of management ability, and he only makes some big decisions.He often said that a person does not need "the ability of a large circle", but "knowing where the circle is is very important". He is also very self-aware of his own shortcomings.In terms of management, he directs everyone to sing, but he does not dance. (He had no "advice" to Mrs. B.) Buffett's simplicity has prevented him from getting too involved and causing trouble. Buffett never asks his unit managers to forecast profits, (Computer simulations are unreliable; it often makes "falsely accurate" forecasts.) Nor does he arrange meetings, (Chuck Hawkins, chairman of See's Sugar, Haven't been to Omaha in 20 years.) Not to mention imposing his Berkshire "culture" on others.Harvard-trained Scott & Fitz are armed with modern business tools, budgeting, planning, and more; Mrs. B uses...the other way around.But they're all equally grateful to Buffett -- he's allowed them to run their own business with little questioning. There's no one like me, and there never will be, whether it's religious denominations or newly recruited NBA teams. We bought a business and let the original owners run it. From this point of view, Berkshire is a very strange group.It hardly looks like a modern institution.Modern society is a professional society, which actually creates a mania for specialization.That's why historians write at length about Bonaparte's shoe sizes and more football players today than they did under President Coolidge.In corporations, people are growing, mostly because historians, football coaches, and business leaders are afraid to take responsibility or make big decisions. Buffett's Berkshire is structured like an Arthurian meeting.Power is concentrated in two tiers, the executive heads and Buffett himself.Buffett hires executive managers (with the power to fire them), and he controls their money in and out.His third unspoken job is to inspire them, among them Stein.Lipsey was his friend, but many were not. ralph.Shi only met Buffett through work needs.He handed him a financial report every month (Buffett wanted all the business details, but he actually remembered it himself.) Sometimes Shi wrote an introduction to Buffett, making him feel like he was managing.They talk on the phone again in a month or so. But Shi had to call, because Buffett never called him.Shi has a wide range of autonomy, which is unimaginable elsewhere. When Shih planned to reorganize Wikipedia's sales managers, Buffett let him go, despite his skepticism.The consequences of this change were disastrous, with sales dropping by 20%. "This kind of thing will never happen again," said Shi Concession.Buffett still didn't talk about him. The charisma in this event cannot be underestimated.Except that every June 30th and December 31st Shi has to turn over his profits to Omaha, he feels that the business is his own.Traditionally he can run his business as a self-employed person for a long time.Like all Berkshire managers, he's likely to get a raise (except for Buffett and Munger, whose salaries are fixed at $100,000).But Shi was also personally motivated by Buffett.用他的比喻说，就像小孩汇报成绩一样，他不愿给巴菲特带去坏消息。 “他创造的个人责任是独一无二的，”施解释说，“我们不能像巴菲特管理我们一样管 理斯科特＆费兹。我们企业办公室有40人。我们有预算，有年度计划和长期计划，还得制定规则。我们可不像伯克希尔。 " 如果巴菲特有什么值得经理们抱怨的话，那就是太孤僻了。他从不说好话，别人问他有什么建议时他的话也总是很难懂。一个经理说他会“丢颗珍珠出来”。这正是巴菲特的资本主义教义，但遮点光，好像他的经理也是他的“教徒”一样。 但对有些经理来说珍珠是不够的。当波珊珠宝店的头死后，接替他的是女婿唐纳德。耶鲁，一个新手。他需要有人帮他。他发现巴菲特对数字很在行，但不愿或不能带他熟悉业务。当他问巴菲特一些经营问题时，巴菲特泛泛而谈或半遮半掩地搪塞过去。耶鲁想巴菲特针对生意上的战略谈谈看法，巴菲特却没正面回答。 到现在为止，巴菲特没解雇过任何经理，显得胸襟很宽广。70年代他显然对乔治。亚得顿不满，他是一家小企业的董事长，位于伊利诺斯莫里斯山中，背景是国民银行。（巴菲特给他写信说他的模糊报告太让人“恼火”、“生气”了。这已是巴菲特的最尖锐的措辞了。）但也没有开除亚得顿，而是把银行给卖了。 对开除的谨慎当然会对业务有利。尤其与斯泰因布伦纳的动不动就开除的作法相比更显得如此。巴菲特对人十分忠实，他认为对“人”的考虑是影响股票的一个因素。他用胡萝卜刺激人比用大棒内行得多。他不愿与人对立，倒是不折不扣的拍马专家。在一篇机智的赞歌中，他写道： 当我叫着经理们的名字时——布朗金，弗里德曼和埃尔德曼家族，还有查克。霍金斯，斯坦。利普西和拉尔夫。施——我觉得热面沸腾，就像比勒。哈金斯在1927年宣布让他的纽约人列队时一样。 当他的事业获得额外的收入时，企业的发展却不够快，巴菲特对此有一定的责任。他对再投资过分谨慎了，也许这是因为他在纺织业上曾失败过。 为此，世界百科迟迟才开始发行电子版，波珊也错过了增加商场，扩大名誉的大好时机。 巴菲特不是不愿扩展，他只是要求布朗金、利普西或施向他证明经理们挣的钱能比让他和芒格在别处投资挣的更多。做不到这一点的人也照样按例向奥马哈交红利。巴菲特对自己也是这么要求的，如果他和芒格找不到好的投资机会，那就让伯克希尔停止发展，他照样给股东们发红利。