Warren Buffett and Secrets of Management - 31
The long-term outlook on things is maybe the most important aspect of management there is. Now having said that, there's another side to it we need to look at.
With Buffett, the key thing he looks for in a business is that the business has a "a sustainable competitive advantage."
In other words, you can have a long-term outlook for a company that have 
products and services that don't have that advantage. The result will be that you will have a long-term strategy that will gradually shrink the business.
Long-term has to be sustainable. Sustainable is connected to the differentation between your products or services and your competitors in the minds of your customers.
How do you know if your products or services are included in that category? If you are able to reasonably project what your business or division will be doing in the next 20-25 years, you probably have sustainable business.
What's the major problem in doing this though? You absolutely have to be honest with yourself. You've got to know without a doubt what the competitive edge you have is. You must honestly assess the long-term prospects of them.
So long-term without sustainability is meaningless. It's the two working together that brings so much power to a business. We must have a competitive advantage to make any business predictable and sustainable. Great managers have both.
Other Buffett Resources:
Warren Buffett: The trouble with being a legend
Warren Buffett: 'I told you so'
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