Buffett thinks there are two main factors in assessing management:
How have their results been?
How do they treat the company's shareholders? Look also at how management treats themselves relative to the shareholder by reading the proxy circular.
Buffett said that he advocates "finding the 0.400 batters, and letting them swing".
Buffett later went on to say that one of the two or three most important things a Chief Executive Officer does is to allocate capital (i.e., invest money - either retained earnings or new outside capital). Yet few CEO's are trained for capital allocation because they rose through other streams in the business such as operations, sales or finance. Referring still to capital allocation, Buffett said most CEO's, when they get the top job, are "like a concert pianist arriving at Carnegie Hall - only to be handed a violin".
Often CEOs who are inexperienced in the field of capital allocation will rely on so called "experts" Buffett sees this as extremely dangerous.
Source: BRK Annual Meeting 1994
URL:
Time: 1994
巴菲特認為對于管理估值有兩個主要因素
他們的業績如何？他們怎么對待公司股東？也要通過閱讀代理權公告，看管理層相對于股東來說怎么對待他們自己。巴菲特說他倡導：“尋找0.400擊球員，讓他們去發揮”。巴菲特最近繼續說：一個CEO最重要的兩個或者三個事情之一是去分配資源（舉例：投資款-無論未分配利潤還是外部資本）.然而很少有CEO被訓練進行資源分配，因為他們的任命往往通過其他領域例如運營、銷售或者財務。提到資產分配，巴菲特說到大多數CEO當他們得到這份超級職務，是“像是一個到了卡內基音樂廳的音樂會鋼琴家，沒想到拿著一個小提琴”。進場有沒有在資源分配經驗的CEO們將會以來所謂專家。巴菲特認為這是極端危險的事情。
來源：伯克希爾年度會1994
