Ann: Steve Promnitz Appointed Managing Director, page-85

Applying the wisdom of Warren Buffett & Charlie Munger to today's events two comments come to mind.

1) When asked when evaluating an investment what's more important - the business or management?
WB responded that it is the business you need to focus on and the best one is when it's simple to understand so even an idiot could run it because sooner or later one will.
- I will let the readers decide if QXR and Steve pass this test.

2) Another Q&A related to what makes a good company exec?
WB replied that he is looking for three attributes: integrity, intelligence and speed, and the most important is integrity because if an employee lacks integrity you want them slow and stupid.
- I will let the readers decide the outcome of this test.