"If Berkshire ever gets in trouble, it will be my fault."
Today I finally made my way through Berkshire Hathaway's 2009 annual report, which was released last week.
I'm kind of biased, because I weirdly enjoy reading SEC filings, but I really think anyone could have a good time leafing through Berkshire's annual earnings report. Warren Buffett writes it himself in a conversational tone, sprinkling in his investment philosophies and personal anecdotes with the required facts and figures. I wish more public companies would follow Buffett's lead in making shareholder updates as interesting as they are informative.
I particularly liked his assertion that a CEO should man up and accept full responsibility for the performance of his (or her) company.
"I believe that a CEO must not delegate risk control. It’s simply too important. ...If Berkshire ever gets in trouble, it will be my fault. It will not be because of misjudgments made by a Risk Committee or Chief Risk Officer.
In my view a board of directors of a huge financial institution is derelict if it does not insist that its CEO bear full responsibility for risk control. If he’s incapable of handling that job, he should look for other employment."
I'm kind of biased, because I weirdly enjoy reading SEC filings, but I really think anyone could have a good time leafing through Berkshire's annual earnings report. Warren Buffett writes it himself in a conversational tone, sprinkling in his investment philosophies and personal anecdotes with the required facts and figures. I wish more public companies would follow Buffett's lead in making shareholder updates as interesting as they are informative.
I particularly liked his assertion that a CEO should man up and accept full responsibility for the performance of his (or her) company.
"I believe that a CEO must not delegate risk control. It’s simply too important. ...If Berkshire ever gets in trouble, it will be my fault. It will not be because of misjudgments made by a Risk Committee or Chief Risk Officer.
In my view a board of directors of a huge financial institution is derelict if it does not insist that its CEO bear full responsibility for risk control. If he’s incapable of handling that job, he should look for other employment."
"I'd recommend they get off their computers."
Last night after dinner we caught up on a couple of episodes of the Colbert Report. I have to say, I scoffed when Peter Cove, a somewhat too nattily dressed man (bow tie, pocket square) with a huge handlebar moustache, was introduced as an "expert" on employment. I thought, "How could someone who looks so ridiculous have any practical advice on anything?"
As soon as he started talking, though, I realized I was wrong to have written him off so quickly. The guy had some great insights! Just another lesson to not judge a book by its cover.
His first piece of advice to people seeking work:
"I'd recommend they get off their computers, and go out and talk to people they know. Use their networks."
His advice to recent college graduates deciding between grad school and the workforce:
"I think it's a good idea to get out there and start working, even as an intern."
On how to work your acquaintances for job leads:
"Absolutely, you should nag friends! And ask their friends to nag other friends."
His top two interview tips:
"Ask the person about themselves. Second, give them eye contact."
On WASPiness, part 2
"My mother had a theory about Englishmen: They are permanently all two
gin and tonics under par. They need two gin and tonics to become human.
I’ve got a nasty feeling that’s absolutely true."
-- Hugh Grant in the January 2010 issue of Elle Magazine
-- Hugh Grant in the January 2010 issue of Elle Magazine
On Earnestness Part 2
"All I ask is one thing, and this is-- I’m asking this particularly of young people that watch.
Please do not be cynical. I hate cynicism; for the record, it's my least favorite quality. It doesn't lead anywhere.
Nobody in life gets exactly what they thought they were going to get. But if you work really hard, and you're kind, amazing things will happen.
I’m telling you. Amazing things will happen. I’m telling you. It’s just true."
-Conan O'Brian, during his final show
Refreshingly earnest real talk on network TV, of all places. I like the all-encompassing promise of "amazing" things happening. I think it's true that, at some time, and in some form, you will get back what you put in.
Please do not be cynical. I hate cynicism; for the record, it's my least favorite quality. It doesn't lead anywhere.
Nobody in life gets exactly what they thought they were going to get. But if you work really hard, and you're kind, amazing things will happen.
I’m telling you. Amazing things will happen. I’m telling you. It’s just true."
-Conan O'Brian, during his final show
Refreshingly earnest real talk on network TV, of all places. I like the all-encompassing promise of "amazing" things happening. I think it's true that, at some time, and in some form, you will get back what you put in.
