Warren Buffett explains the 3 main tasks for a board of directors
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- เผยแพร่เมื่อ 26 ก.ย. 2024
- Warren Buffett and Charlie Munger discuss their experience with boards. From the 2007 Berkshire Hathaway annual meeting.
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1) Pick the right CEO.
2) Keep that CEO in check (people w/ big jobs can often have big egos and like to make big deals w/ other people's money).
3) Solicit unbiased/independent judgement regarding acquisitions. "You better be getting at least as much as you're giving." Don't be flippant about dilution, it lasts forever.
2) yup...
Solicit who?
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Thank you for these wonderful videos. They may not be the best kind of content for monetization but they're very enlightening for those who are interested. :)
WOW I just discovered that Charlie Munger is 96 years old.
Was...😢
Sharp individual.
BUFFETT AND MUNGER THE TWO SMARTEST GUYS IN THE WORLD 🌎...👍
2:00 rg told me this too
3:03
4:50 M&A advice
6:12
8:20
8:46
9:07
9:12
Guts
The right CEO
90% of it takes care of it
■Bring independent judgement on major acquisitions
■Balanced discussion
■we have a sensational group board members at Berkshire 9.47
I agree most acquisitions are duds. Valuations are too high, cultures clash, and synergies almost never materialize.
We had a large regional hardware store in our city. Along came a company with an ambitious CEO of another chain who bought them out. Unfortunately, within two years, he had bought out 5 other companies. He never invested anything in making the stores more attractive to customers. He just wanted to be biggest. The company crashed, the local store collapsed with everything else, and we had one less place to buy hardware items.
I think another example is Elon Musk. He founded Tesla with the idea of making an impact on the environment. However, as time went by, it was not enough for him. He founded the Boring Company so he would not have to fight traffic, SpaceX because, hey space, and Twitter, because he was running into people who would still say no to him and did not like it. I think his lack of focus means that Tesla would be better off without him. Instead, the board of directors gave him whopping bonus which will enable to pursue his other ventures to the neglect of his most important contribution.
Boards are paid to be impressive and agree with management.
Awesome
The narrative of this content is rich with inspiration. A book with related themes profoundly influenced me. "The Hidden Empire: Inside the Private Worlds of Elite CEOs" by Adam Skylight
Crimes
" to where is Amish impossible to exercise independent"
Interesting... OXY management doesn’t seem to have passed these requirements. Very ironic indeed...
Huh you still think so?
I didn’t watch .. I listened .. one of the speaker’s voices has a caddy resemblance to that of John Goodman character in the big lewbowski… ahhh to be technologically manipulative… I’m listening to educated folks who are to paid to think with legit jobs .. people who pay taxes
Wokeness is a cancer on today’s boards.
Bawse