Devoted to Managers and those that seek to improve their management skills

A successful executive must always recognize that crucial matters may be beyond vision today, notwithstanding the acumen and savvy of the executive officer.

This is a tough saying to embrace. It may sound like it can create excuses for underperforming or long-term failure.

It doesn't imply that at all. As Buffett has commented on in the past, he's not interested in what managers and executives don't have control over, he's interested in what they do have control over. That's the point he's making in the above statement.

All we can do is make sure we have up-to-date information that we can make the best decisions with. No one knows what the future will hold until it's right upon us.

While we must be sure to not have too small of a vision, as far as taking in as much as we can in the market we serve, at the same time, we can't be overly concerned about that which is unreadable in the future.

The reason this is important is it can paralyze us into inactivity in the present because of this potential fear.

When it comes down to it, we can only operate with the data at our disposal. The key is to make sure that there is a free flowing informational business culture that gets the information and makes it available to whoever needs it.

That's one of the reasons when Buffett does make mistakes with Berkshire Hathaway (BRK-A); it's not on being caught off guard, but sometimes being too conservative when he knows it's the right way to go.

I'd rather lose by maybe not being aggressive enough, although still in the game, than lose by missing the game altogether. Buffett doesn't miss the game altogether, neither should we have to.

In a perfect world we would win at both, but this isn't a perfect world - that's the point being made. Even Warren Buffett doesn't know the future.

Other Buffett Resources:

Company growth

“Everybody Else is Doing it”

MSU students have special visit with billionaire Warren Buffett

WARREN BUFFETT PHILOSOPHY II

Sticking to what you know  Core businesses

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