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(rèn)為對(duì)于管理估值有兩個(gè)主要因素
他們的業(yè)績(jī)?nèi)绾危克麄冊(cè)趺磳?duì)待公司股東棒坏？也要通過(guò)閱讀代理權(quán)公告，看管理層相對(duì)于股東來(lái)說(shuō)怎么對(duì)待他們自己荡澎。巴菲特說(shuō)他倡導(dǎo)：“尋找0.400擊球員矾睦，讓他們?nèi)グl(fā)揮”。巴菲特最近繼續(xù)說(shuō)：一個(gè)CEO最重要的兩個(gè)或者三個(gè)事情之一是去分配資源（舉例：投資款-無(wú)論未分配利潤(rùn)還是外部資本）.然而很少有CEO被訓(xùn)練進(jìn)行資源分配，因?yàn)樗麄兊娜蚊ㄟ^(guò)其他領(lǐng)域例如運(yùn)營(yíng)狰晚、銷售或者財(cái)務(wù)。提到資產(chǎn)分配缴啡，巴菲特說(shuō)到大多數(shù)CEO當(dāng)他們得到這份超級(jí)職務(wù)壁晒，是“像是一個(gè)到了卡內(nèi)基音樂(lè)廳的音樂(lè)會(huì)鋼琴家，沒想到拿著一個(gè)小提琴”业栅。進(jìn)場(chǎng)有沒有在資源分配經(jīng)驗(yàn)的CEO們將會(huì)以來(lái)所謂專家秒咐。巴菲特認(rèn)為這是極端危險(xiǎn)的事情。
來(lái)源：伯克希爾年度會(huì)1994
