The Oracle Of Omaha On China. Well, Not Exactly.
I feel almost compelled to pass on some of the gems Warren Buffet (an apparent hero to the Chinese as well) voiced at Berkshire Hathaway's annual meeting the other day. They are that good.
“Contemplating any business act, an employee should ask himself whether he would be willing to see it immediately described by an informed and critical reporter on the front page of his local paper – there to read by his spouse, children, and friends.”“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.” I particularly like this one because I am always saying that the older I get, the more convinced I become that the simple strategy is almost always the right strategy.
“Can you really explain to a fish what it’s like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value.”
“If I were to land on earth in a UFO and I went to the bank for $1 billion in currency, would I put all $1 billion in the U.S. dollar? No.”
“If past history is all there is to the game, the richest people would be the librarians.”
“The ability to say ‘no’ is a tremendous advantage for an investor.”
Regarding Coke: “A ‘brand’ is a promise. Ten years ago Richard Branson opened Virgin Cola… There have been hundreds of colas over the years… Who buys some substitute cola for a couple of cents less? Same goes for brand chocolate bars. We feel reasonably good about our products.”
Since I always claim that knowing business is more important to success in China than knowing China, these Buffett bon mots are right on point.
Comments
"...knowing business is more important to success in China than knowing China, these Buffett bon mots are right on point."
Of course, the Chinese don't share this perception vis-a-vis the West and have invested heavily in their own people to learn from the West. As a result, Chinese fluent speakers of English outnumber American fluent speakers of Chinese by 1,000 to 1. Americans are heavily dependent upon Chinese for intelligence about China. It's a form of dominance.
Posted by: Steven Blayney | May 7, 2008 3:26 AM
@ Warren B (or Warren A)
“Contemplating any business act, an employee should ask himself whether he would be willing to see it immediately described by an informed and critical reporter on the front page of his local paper – there to read by his spouse, children, and friends.” (and etc. etc.)
I can certainly understand how Warren feels. And I wouldn't want my kids either to know any more about some of the business acts contemplated by their Dad than a good inheritance lawyer could shake a stick at.
But apart from all of that, he's dead on that "simple behavior" is more effective than complex or arcane behavior, just so long as it doesn't morph into simpleton behavior. And it's also a true fact that the last time I tried to tell a fish how to fly he jumped off the hook and straight into his UFO. And Yes, DO just say NO but yes to Nancy Reagan.
And so may Warren and Bill and Melinda all continue to get along just fine and may their relationship stay off of the front pages and may Malaria and all other infectious and non-infectious diseases all disappear from Mali and Mauritania and Malawi and Mozambique and Missouri and Mississippi....
...from M&Ms, Mars Bars, and Malaria Madness
Posted by: Child welfare agent & Malaria M.D. | May 7, 2008 4:37 AM
I read an interview of Mr. Buffet recently in which he was asked his view of Hillary, Obama, McCain, and Bush, Jr., to which he basically replied: "They're all good."
Horkheimer in his book "Eclipse of Reason" says (in 1946) that he envisions a future society so organized such that "success" is survival, and the means to survival is conformity.
If one thinks about it, a requirement of conformity is actually not thinking, or not really knowing what's going on and limiting oneself to certain narrow ways of thinking.
In other words, I suppose that it's possible to envision a world where it may actually be a disadvantage to know what's going on. It's like in Woody Allen's movie "Sleeper", where everything goes splendidly for Woody after he's brain washed.
Posted by: Steven Blayney | May 7, 2008 7:26 PM
@ steven blayney, above
Yes, I for one certainly agree with you. And which is (what you have mentioned above) probably why good old well-meaning Warren wants to do his own small bit in whatever ways he can, to help brainwash (that is, duly properly inform and forewarn) (forewarned is forearmed) the rest of us. And he's also not too bad at hedging his bets as Obama, Hillary and John all undoubtedly will much appreciate or at least "understand".
But he's only doing all of this because he loves us all (little lambs) (almost as much as his own children) and in fact would like for each one of us to become just as rich as he is. (though maybe not quite THAT rich)
All we have to do is read (or not read) the Eclipse of Reason or better yet listen to Warren and fully Eclipse our own, and BTW another good book is The Closing of the American Mind (by Alan Bloom, published in 1987 but which you can now dowload straight to your Kindle if you live in the States) (and I do hope that Good Old Warren doesn't own Amazon too) which discusses how "relativistic philosophy"....that is, ....you see things your way, and I see things my way, but you're o.k. and I am just as o.k. too (even if you think the holocaust happened and I don't) a philosophy manifest at many levels and in many cherished institutions (the media, academia and etc.) that long since already duly corrupted and polluted (if not fully quite Eclipsed yet) the American mind.
....to the detriment of most Americans of course, but for the ever increasing and deepening benefit of all the really "Foxy types" who didn't give those books a miss and from whose hall of fame I therefore certainly wouldn't want to exclude "good old Warren".
And I am assuming (though I may have read you incorrectly) that you too now probably agree with me. Though if you don't please don't worry: ..."you're quite o.k. and I'm probably nearly as o.k. too"!
Posted by: Max jones | May 8, 2008 2:42 AM