Warren Buffett and Secrets of Management - 43
At first glance, the idea that Buffett looks for businesses that don't take geniuses to run, and by extension, aren't run by geniuses, sounds almost like a derogatory cut on a manager. But that couldn't be further from the truth.
One of my favorite quotes from Buffett was when he was asked this question about higher math in reference to investing: "If higher math is unimportant in selecting stocks, why are academic and professional journals dense with quantitative analysis?"
Buffetts reply: "Every priesthood does it. How could you be on top if no one is on the bottom?"
The implication is telling. It's just not that complicated. That's why in reference to management he says that businesses don't need a genius to run them.
That's why throughout this Buffett series we've been talking in numerous different ways and angles, really about only several different things concerning management. Things like honesty, integrity, candor, simplicity, communication and knowing your business.
These are the easy to understand important things that are truly important in management. To be an alleged "genius' isn't one of the things that determines a successful manager.
Like Buffett says, "Every priesthood does it." For some reason, people like to make things look complicated for the purpose of making themselves look better than others. Resist that urge if it's part of your makeup. It adds nothing to the success of a company or yourself.
Other Buffett Resources:
Warren Buffett: The trouble with being a legend
Warren Buffett: 'I told you so'
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