Warren Buffett and Secrets of Management - 30
Everything that Warren Buffett and Berkshire Hathaway (BRK-A) do is connected to a long-term outlook. Everything that is done is built from that point.
Not only does he use it as a building point though, but also as a way of eliminating certain types of people that he prefers not to have as shareholders ... or as managers.
One example is that in the required quarterly reports, Buffett won't put in any commentary. Only in the annual reports will he include this as a reflection of the 
priority he holds on not making decisions to shore up short-term results.
For managers, he eliminates those that have this type of mentality built into them from the market. Public companies are notorious for doing stupid things to make the quarterly results look better. It causes a lot of the temptations and foolish - and sometimes illegal - decisions that managers make to make themselves and the numbers look good.
Looking at things over the long-term also help to strengthen managements resolve to operate within the parameters of the strength and purpose of the company. Short-term outlooks always tend to move a leader away from that to looking techniques, strategies or the accountants to get things right - even if they aren't.
Buffett wants these pressures off his managers and that way of doing things. He wants managers that will manage in that light, and look out years ahead to see where they want the company to be. When you stay on purpose, it's not that difficult to do. This is why his companies and managers can bring forth such predictable results year-after-year.
Other Buffett Resources:
Warren Buffett: The trouble with being a legend
Warren Buffett: 'I told you so'
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