The Institutional Imperative:
(1) As if governed by Newton's First Law of Motion, an institution will resist and change in its current...

The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.

It has become fashionable at public companies to describe almost every compensation plan as aligning the interests of management with those of...

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

We find it meaningful when an owner cares about whom he sells to. We like to do business with someone who loves his company, not just the money that a...

Risk comes from not knowing what you're doing.

In contemplating business mergers and acquisitions, many managers tend to focus on whether the transaction is immediately dilutive or anti-dilutive to...

Good jockeys will do well on good horses, but not on broken-down nags. Both Berkshire's textile business and Hochschild Kohn had able and honest...

The primary test of managerial economic performance is the achievement of a high earnings rate on equity capital employed (without undue leverage,...

Options should be structured carefully. Absent special factors, they should have built into them a retained-earnings or carrying cost factor. Equally...