Tin, page-195

I wish I had listened to the advice of first rattle, then crash and banaman and lastly blister.

But hey, no point in me selling now, have a tax loss lined up to offset my PNV profits, and maybe just maybe Charlie is right that this is just all conspiracy theory stuff for DGR to get more cheap shares.

Management certainly do appear to be crap and I have posted it before and I will post it again.

Warren Buffett Quotes on Management

Who manages the businesses in which you invest is important. Managements change over time. While management is important, investing in excellent businesses is the top priority.

“I try to buy stock in businesses that are so wonderful that an idiot can run them because sooner or later, one will.”

Wonderful businesses can sustain poor management for a short period of time. The same is not true in reverse.

“I try to buy stock in businesses that are so wonderful that an idiot can run them because sooner or later, one will.”

“When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.”

“Loss of focus is what most worries Charlie and me when we contemplate investing in businesses that in general look outstanding. All too often, we’ve seen value stagnate in the presence of hubris or of boredom that caused the attention of managers to wander.”

Managements wander when they get bored. Acquisitions and large business deals typically raise management’s collective pulse – even if the deal is not particularly attractive.

“Talking to Time Magazine a few years back, Peter Drucker got to the heart of things: ‘I will tell you a secret: Dealmaking beats working. Dealmaking is exciting and fun, and working is grubby. Running anything is primarily an enormous amount of grubby detail work . . . dealmaking is romantic, sexy. That’s why you have deals that make no sense.’”

“Talking to Time Magazine a few years back, Peter Drucker got to the heart of things: ‘I will tell you a secret: Dealmaking beats working. Dealmaking is exciting and fun, and working is grubby. Running anything is primarily an enormous amount of grubby detail work . . . dealmaking is romantic, sexy. That’s why you have deals that make no sense.’”