When people hear the name Warren Buffett, they think about a prolific investor who found success and prosperity in the business world. But this book isn't about the ins and outs of investing; it's about basic principles of management.
This one-of-a-kind book takes the sage advice he wrote to his shareholders and maps out 25 management strategies that will turn an average manager into a successful business person. There is a part of me that felt uncomfortable reading his personal letters, which share insights into how to communicate and treat employees and shareholders, how to behave ethically in the business world, how to thrive with patience and perseverance, and how to admit mistakes.
Carefully selecting Berkshire
Hathaway letters to shareholders that span three decades (from 1977 to 2008), Richard Connors presents Buffett's beliefs on corporate culture, communication, risk management, executive compensation, capital allocation and management, and how to manage in a crisis.
You get a sense of how Buffett viewed his position at Berkshire and the role that stakeholders played in his success when you read the first paragraph of his letter in Chapter 1: "Although our form is corporate, our attitude is partnership. Charlie Munger and I think of our shareholders as owners-partners, and ourselves as managing partners"
Buffett's letters are absent of the ego that surrounds corporate America today. His letter about executive behavior, however, carried a strong message to the CEOs of the big corporations. "The job of the CEOs is now to regain America's trust - and for the country's sake it's important that they do so. They will not succeed in this endeavor, however, by way of fatuous ads, meaningless policy statements, or structural changes of boards and committees. Instead, CEOs must embrace stewardship as a way of life and treat owners as partners, not patsies. It's time for CEOs to walk the walk."
This book puts Buffett's business beliefs in perspective and gives invaluable strategies that will help anyone succeed in business.
I give it three grande lattes.