Monday, December 3, 2001
The Warren Buffett CEO: Secrets for the Berkshire Hathaway Managers
Berkshire Hathaway is arguably the most successful investment company one can buy on Wall Street. Built on companies picked and bought by legendary financier Warren Buffett, the management company thrives on the earnings of its operating units.
How the various companies is the key to understanding their profits. To that end, Robert P. Miles, an unabashed fan and shareholder in Berkshire Hathaway, describes how Mr. Buffett picks his top managers.
The review of operations and management is extensive from
retail furniture, jet leasing, publishing, candy making, and jewelry. In
all, BH firms operate in 125 categories of business. From interviews with
the managers, Mr. Miles distilles the rules of BH management. Among 60
similarities, perhaps the most important are:
Management manuals tend to be books for times you run out of sleeping pills. This book is an exception. It is vivid and clear, the product of immense research and much thought. Its ideas are provocative for anyone interested in financial managment, human resources and corporate relations. And it will help BH stockholders and those who would like to buy into BH. The company's shares are not cheap, however. In the last 52 weeks, BH shares have traded between US$59,000 and US$75,300 with a recent price of US$60,000.