{"id":17607,"date":"2023-10-18T23:56:00","date_gmt":"2023-10-18T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=17607"},"modified":"2025-04-08T10:32:14","modified_gmt":"2025-04-08T02:32:14","slug":"buffett-manage-berkshire","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/","title":{"rendered":"How does Buffett manage Berkshire?"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#Berkshire_is_no_ordinary_company\" >Berkshire is no ordinary company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#What_does_Buffett_usually_pay_attention_to\" >What does Buffett usually pay attention to?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#Buffetts_two_managing_principles\" >Buffett&#8217;s two managing principles<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#Attract_and_keep_outstanding_managers\" >Attract and keep outstanding managers<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#The_basic_principle\" >The basic principle<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#Unlimited_number_of_people_a_manager_can_manage\" >Unlimited number of people a manager can manage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#Against_a_retirement_age_for_managers\" >Against a retirement age for managers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#No_corporate_meetings_budgets_or_performance_reviews\" >No corporate meetings, budgets, or performance reviews<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#Management_as_prerequisite_of_acquisitions\" >Management as prerequisite of acquisitions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#Capital_allocation\" >Capital allocation<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#Buffetts_demands_on_himself\" >Buffett&#8217;s demands on himself<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#What_Buffett_asks_of_his_CEOs\" >What Buffett asks of his CEOs<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#Closing_words\" >Closing words<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Berkshire_is_no_ordinary_company\"><\/span>Berkshire is no ordinary company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Investors must be very curious: Berkshire (ticker: BRK.A and BRK.B), the top five market capitalization constituents of the US stock market in 2021, as I listed in my post of &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/01\/08\/2022-sp-500-constitutent-stock-performance\/\">2022 S&amp;P 500 Constitutent Stocks Performance<\/a>&#8220;. Berkshire includes a large number of subgroups and subsidiaries, employing more than 372,000 employees (according to Fortune magazine in 2021 survey rankings, ranked ninth in the United States), and the scale continues to increase. Buffett is 92 years old, so how does he manage such a huge corporate empire?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_does_Buffett_usually_pay_attention_to\"><\/span>What does Buffett usually pay attention to?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the <a href=\"https:\/\/berkshirehathaway.com\/letters\/2008ltr.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">2008 shareholder letter<\/a>, Buffett talked about the important matters that he usually pays attention to Berkshire.<\/p>\n\n\n\n<p><em>In good years and bad, Charlie and I simply focus on four goals:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>(1) maintaining Berkshire\u2019s Gibraltar-like financial position, which features huge amounts of excess liquidity, near-term obligations that are modest, and dozens of sources of earnings and cash;<\/em><\/li>\n\n\n\n<li><em>(2) widening the \u201cmoats\u201d around our operating businesses that give them durable competitive advantages;<\/em><\/li>\n\n\n\n<li><em>(3) acquiring and developing new and varied streams of earnings;<\/em><\/li>\n\n\n\n<li><em>(4) expanding and nurturing the cadre of outstanding operating managers who, over the years, have delivered Berkshire exceptional results.<\/em><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buffetts_two_managing_principles\"><\/span>Buffett&#8217;s two managing principles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In his <a href=\"https:\/\/berkshirehathaway.com\/letters\/1986.html\" target=\"_blank\" rel=\"noreferrer noopener\">1986 shareholder letter<\/a>, Buffett disclosed in detail that he was only responsible for two tasks in Berkshire:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Attract and keep outstanding managers to run our various operations<\/li>\n\n\n\n<li>Allocation of capital<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"98\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/07\/b-1.jpg\" alt=\"Buffett's Acquisition Criteria\" class=\"wp-image-11814\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Attract_and_keep_outstanding_managers\"><\/span>Attract and keep outstanding managers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_basic_principle\"><\/span>The basic principle<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>This hasn\u2019t been all that difficult. Usually the managers came with the companies we bought, having demonstrated their talents throughout careers that spanned a wide variety of business circumstances. They were managerial stars long before they knew us, and our main contribution has been to not get in their way. This approach seems elementary: if my job were to manage a golf team &#8211; and if Jack Nicklaus or Arnold Palmer were willing to play for me &#8211; neither would get a lot of directives from me about how to swing.<\/em><\/p>\n\n\n\n<p><em>Some of our key managers are independently wealthy (we hope they all become so), but that poses no threat to their continued interest: they work because they love what they do and relish the thrill of outstanding performance. They unfailingly think like owners (the highest compliment we can pay a manager) and find all aspects of their business absorbing.<\/em><\/p>\n\n\n\n<p><em>We subscribe to the philosophy of Ogilvy &amp; Mather\u2019s founding genius, David Ogilvy: &#8220;If each of us hires people who are smaller than we are, we shall become a company of dwarfs. But, if each of us hires people who are bigger than we are, we shall become a company of giants.<\/em>&#8220;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Unlimited_number_of_people_a_manager_can_manage\"><\/span>Unlimited number of people a manager can manage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>A by-product of our managerial style is the ability it gives us to easily expand Berkshire\u2019s activities. We\u2019ve read management treatises that specify exactly how many people should report to any one executive, but they make little sense to us. When you have able managers of high character running businesses about which they are passionate, you can have a dozen or more reporting to you and still have time for an afternoon nap.<\/em><\/p>\n\n\n\n<p><em>Conversely, if you have even one person reporting to you who is deceitful, inept or uninterested, you will find yourself with more than you can handle. Charlie and I could work with double the number of managers we now have, so long as they had the rare qualities of the present ones.<\/em><\/p>\n\n\n\n<p><em>We intend to continue our practice of working only with people whom we like and admire. This policy not only maximizes our chances for good results, it also ensures us an extraordinarily good time. On the other hand, working with people who cause your stomach to churn seems much like marrying for money &#8211; probably a bad idea under any circumstances, but absolute madness if you are already rich.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Against_a_retirement_age_for_managers\"><\/span>Against a retirement age for managers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In an interview with the media after the shareholders meeting in April 2022, he emphasized that his health was &#8220;too good to be good&#8221;, so he had no plans to remove the CEO of Berkshire.<\/p>\n\n\n\n<p>In his<a href=\"https:\/\/berkshirehathaway.com\/letters\/1990.html\" target=\"_blank\" rel=\"noreferrer noopener\"> letter to shareholders in 1990<\/a>, Buffett stated: &#8220;We have no mandatory retirement age for directors at Berkshire (and won&#8217;t!)&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"No_corporate_meetings_budgets_or_performance_reviews\"><\/span>No corporate meetings, budgets, or performance reviews<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In his<a href=\"https:\/\/berkshirehathaway.com\/letters\/1990.html\" target=\"_blank\" rel=\"noreferrer noopener\"> letter to shareholders in 1987<\/a>, Buffett wrote:<em>With managers like ours, my partner, Charlie Munger, and I have little to do with operations. in fact, it is probably fair to say that if we did more, less would be accomplished. We have no corporate meetings, no corporate budgets, and no performance reviews (though our managers, of course, oftentimes find such<br>procedures useful at their operating units). After all, what can we tell the Blumkins about home furnishings, or the Heldmans about uniforms?<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Management_as_prerequisite_of_acquisitions\"><\/span>Management as prerequisite of acquisitions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In Buffett&#8217;s 1982 shareholder letter, he listed &#8220;management in place (we can\u2019t supply it)&#8221; as one of the six criteria for Berkshire to acquire any company (see my other blog post &#8220;Buffett&#8217;s Acquisition Criteria&#8221;). In particular, excellent management is listed as a condition for acquisitions. Therefore, the companies acquired by Berkshire have already been equipped with excellent and qualified management. This can also save Berkshire a lot of trouble and ensure that the company can continue to deliver excellent performance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Capital_allocation\"><\/span>Capital allocation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buffetts_demands_on_himself\"><\/span>Buffett&#8217;s demands on himself<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>At Berkshire (capital allocation) is a considerably more important challenge than at most companies. Three factors make that so: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>We earn more money than average; <\/li>\n\n\n\n<li>We retain all that we earn; and, <\/li>\n\n\n\n<li>We are fortunate to have operations that, for the most part, require little incremental capital to remain competitive and to grow.<\/li>\n<\/ul>\n\n\n\n<p><em>Obviously, the future results of a business earning 23% annually and retaining it all are far more affected by today\u2019s capital allocations than are the results of a business earning 10% and distributing half of that to shareholders. If our retained earnings &#8211; and those of our major investees, GEICO and Capital Cities\/ABC, Inc. &#8211; are employed in an unproductive manner, the economics of Berkshire will deteriorate very quickly. In a company adding only, say, 5% to net worth annually, capital-allocation decisions, though still important, will change the company\u2019s economics far more slowly.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Buffett_asks_of_his_CEOs\"><\/span>What Buffett asks of his CEOs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In section 2-2 of my book &#8220;The Rules of Super Growth Stocks Investing&#8221;, on page 87, there is the following paragraph:<\/p>\n\n\n\n<p>Buffett once told the media that he only gave the CEOs of the Berkshire family two tasks:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Continue to do what they have been doing for many years and continue to widen the company&#8217;s moat. It is not necessary for the company to be more profitable every year, because sometimes it cannot be done; however, if the company&#8217;s moat continues to widen every year , the business will do well.<\/li>\n\n\n\n<li>Send the cash earned by the company to Omaha (the city where Berkshire&#8217;s headquarters is located), and he will allocate it uniformly for investment.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Closing_words\"><\/span>Closing words<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Buffett: &#8220;The really good business manager doesn&#8217;t wake up in the morning and say, `This is the day that I am going to cut costs,&#8217; any more than he wakes up and decides to practice breathing.&#8221;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"206\" height=\"86\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2023\/02\/berkshire-hathaway-1600x1200-1.jpeg\" alt=\"Berkshire \" class=\"wp-image-17643\"\/><figcaption class=\"wp-element-caption\">credit: insurtechinsights.com<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-9d402b81-75c9-41fa-9a2d-6be1252e074e\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/18\/buffett-manage-berkshire\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Buffett manage Berkshire?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-admin\/post.php?post=16354&amp;action=edit\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/31\/ceo-return\/\">The pros and cons of CEO returning, Boomerang CEO<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/06\/04\/shares-ceo-owns\/\">The more shares CEO owns, the higher stock return<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/03\/06\/founder-ceo-firms\/\">Founder-CEO firms stock shown better performance<\/a>&#8220;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/04\/underperforming-ceo\/\">&#8220;Why Can Underperforming CEOs Keep Their Jobs?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/04\/07\/how-buffett-decide-on-ceos\/\">How Buffett decide on CEOs?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/27\/buffett-portfolio\/\" target=\"_blank\" rel=\"noreferrer noopener\">The commonalities of Buffett portfolio \u2013 cheap, fixed income, repurchase<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/08\/17\/possibility-of-long-term\/\">Possibility of long-term holdings, Deep dive on Buffett&#8217;s case<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/27\/survivorship-bias\/\" target=\"_blank\" rel=\"noreferrer noopener\">People believe successful investors are survivorship bias cannot succeed<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/07\/buffett-deserves-study\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why Buffett deserves further study?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/07\/buffett-investment-idea\/\">What helps Buffett to get his investment idea?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/\">Wells Fargo, a major holding once praised by Buffett and Munger<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/01\/08\/2022-sp-500-constitutent-stock-performance\/\">2022 S&amp;P 500 Constitutent Stocks Performance<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/17\/dear-shareholder\/\">Dear Shareholder<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/27\/survivorship-bias\/\">People believe successful investors are survivorship bias cannot succeed<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/04\/09\/buffetts-acquisition-criteria\/\">Buffett&#8217;s Acquisition Criteria<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Buffett&#8217;s two managing principles for Berkshire<\/p>\n","protected":false},"author":1,"featured_media":17643,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,1470,206,80,34],"tags":[],"class_list":["post-17607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buffett","category-company-management","category-management-team","category-portfolio-management","category-wealth-management"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/17607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=17607"}],"version-history":[{"count":40,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/17607\/revisions"}],"predecessor-version":[{"id":35746,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/17607\/revisions\/35746"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/17643"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=17607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=17607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=17607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}