Warren Buffett: What I Tell Berkshire Managers

The transcript discusses ethical guidelines for managers at Berkshire, emphasizing the importance of considering public perception and avoiding actions that would be embarrassing if publicized. It advises against justifying actions based on peer behavior and stresses the importance of recognizing ethical boundaries. The speaker, an 80-year-old, shares personal insights on maintaining ethical standards and avoiding actions that cause discomfort or cross ethical lines.

What is the key advice given to managers regarding their actions?

• To follow the law strictly.

• To prioritize company profits.

• To ensure their actions are newspaper-worthy.

• To seek approval from their peers.

Why is 'everyone else is doing it' not a valid justification for actions?

• It indicates a lack of personal responsibility.

• It is a sign of strong leadership.

• It shows a lack of creativity.

• It is a common business practice.

What should managers consider when deciding whether to take an action?

• If it is popular among peers.

• If it is legal.

• If it is profitable.

• If it should be done, not just if it can be done.

What does the speaker suggest about actions that are close to ethical lines?

• They should be avoided.

• They are acceptable if legal.

• They should be discussed with peers.

• They are a sign of innovation.

What is the speaker's advice regarding actions that make others nervous?

• They should be reconsidered.

• They should be ignored.

• They should be reported to higher authorities.

• They should be pursued with caution.