“Invert, always invert.” Turn a situation or problem upside down. Look at it backward. What’s in it for the other guy? What happens if all our plans go wrong?
Where don’t we want to go, and how do you get there? Instead of looking for success, make a list of how to fail instead — through sloth, envy, resentment, self-pity, entitlement, and the mental habits of self-defeat. Avoid these qualities and you will have success.
Tell me where I’m going to die, that is, so I don’t go there.
Charlie Munger quoted in Warren Buffett, The snowball, p. 770.
the only place people ride in a Rolls-Royce to get advice from people who take the subway.
Warren Buffett, The snowball, p. 543.
“A study released earlier this year by the Corporate Library — and titled “Pay for Failure” — singled out some of the corner suite’s worst offenders. Among them: Pfizer CEO Henry McKinnell; Merck former CEO Raymond Gilmartin; and AT&T’s Edward Whitacre.” (via DCSBN)
Some well-known managers weigh in on the issue:
Continue reading “CEO Pay for failure” →
Here is a good short introduction to the Oracle of Omaha. Folksy and brainy has earned him a tangible net worth of over $40 billion, most of which he has just given away to charity.
Buffett’s annual letters to shareholders are priceless.