Скачать с ютуб THE 15 LEADERSHIP PRINCIPLES OF BERKSHIRE HATHAWAY VIA Warren Buffett в хорошем качестве

THE 15 LEADERSHIP PRINCIPLES OF BERKSHIRE HATHAWAY VIA Warren Buffett

Coaching and Training: https://bestofmany.com/ Are you looking for a job? If you're watching this video, you're part of a small percentage of people that care about the values and principles of their employer; this is a well known success factor in employee performance and tenure. However, you're competing with many others that apply in bulk for the same position; so how do you capitalize on your time investment? Be proactive! when applying And during interviews, be sure to let recruiters and hiring managers know that you watched this! --- The Shareholders Own the Business We (Warren Buffett & Charlie Munger) do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own the assets. Managers Own Stake In Business Most of our directors have a major portion of their net worth invested in the company. We eat our own cooking. 5:15 Goal Is to Maximize Long-Term Growth In Intrinsic Value Per Share We do not measure the economic significance or performance of Berkshire by its size; we measure by per-share progress Maximize Intrinsic Value, Not Accounting Value Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable 8:37 Own Cash Generating Businesses with Above Average Returns on Capital Our preference would be to reach our goal by directly owning a diversified group of businesses that generate cash and consistently earn above-average returns on capital. 11:17 Never Sell Good A Good Business Regardless of price, we have no interest at all in selling any good businesses that Berkshire owns. We are also very reluctant to sell sub-par businesses as long as we expect them to generate at least some cash and as long as we feel good about their managers and labor relations Give Investors Data That Matters We believe in telling you how we think so that you can evaluate not only Berkshire’s businesses but also assess our approach to management and capital allocation 14:57 Use Debt Conservatively The financial calculus that Charlie and I employ would never permit our trading a good night’s sleep for a shot at a few extra percentage points of return Don’t Grow The Business To Satisfy Your Own Ego A managerial ‘wish list’ will not be filled at shareholder expense. We will not diversify by purchasing entire businesses at control prices that ignore long-term economic consequences to our shareholders 22:08 Only Retain Earnings When You Can Generate Positive Returns We test the wisdom of retaining earnings by assessing whether retention, over time, delivers shareholders at least $1 of market value for each $1 retained Inform Your Shareholders, Don’t Mislead Them We will be candid in our reporting to you, emphasizing the pluses and minuses important in appraising business value. Our guideline is to tell you the business facts that we would want to know if our positions were reversed 24:12 Don’t Give Competitors Your Best Ideas Good investment ideas are rare, valuable and subject to competitive appropriation just as good product or business acquisition ideas are. Therefore we normally will not talk about our investment ideas 25:30 Long-Term Value Growth Should Outpace the S&P500 We regularly compare the gain in Berkshire’s per-share book value to the performance of the S&P 500. Over time, we hope to outpace this yardstick. Otherwise, why do our investors need us? 27:54 It’s As Bad For Your Stock To Be Overvalued As It Is To Be Undervalued Our it’s-as-bad-to-be-overvalued-as-to-be-undervalued approach may disappoint some shareholders. We believe, however, that it affords Berkshire the best prospect of attracting long-term investors who seek to profit from the progress of the company rather than from the investment mistakes of their partners Only Issue New Shares if they Are Fairly Valued Or Overvalued We will issue common stock only when we receive as much in business value as we give