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The Equitymaster Research Digest

Buffett's Big Four, An Un-Independent RBI, and More...
Mar 1, 2016

Like minded Buffett fans would have already laid their hands on Berkshire Hathaway's recently released 2015 annual report.

If you have been reading us for a while, you know that we take to Buffett's views like a fish to water. And this latest letter from the Oracle of Omaha provided the perfect antidote to the pre-budget madness in the financial media.

More on the budget in a while. First, let me tell you about our key takeaways from the Berkshire Annual Report.

Buffett defended at length his logic of buying lean, cost-efficient, and effectively managed businesses. The fact that he does not hope for bad businesses to turn around or great managers to work their magic on the company, is evident from this quote:

  • At Berkshire, we crave efficiency and detest bureaucracy. To achieve our goals, however, we follow an approach emphasizing avoidance of bloat, buying businesses such as PCC that have long been run by cost-conscious and efficient managers. After the purchase, our role is simply to create an environment in which these CEOs - and their eventual successors, who typically are like-minded - can maximize both their managerial effectiveness and the pleasure they derive from their jobs.
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