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He argues that temperament is more important than IQ. A manager must remain rational when others are panicking or being greedy.

He famously told his managers: "We can afford to lose money—even a lot of money. But we can't afford to lose reputation—even a shred of reputation". He argues that temperament is more important than IQ

Rationality is most critical when deciding what to do with company earnings. He expects managers to reinvest money only if it can generate a return higher than the cost of capital; otherwise, it should be returned to shareholders. But we can't afford to lose reputation—even a

He rarely interferes in daily operations, trusting CEOs to manage their businesses as if they owned them. ⚖️ Ethics and Reputation He rarely interferes in daily operations, trusting CEOs

If you are looking for these specific lectures, you can find them in:

Should I focus more on or his philosophical background ?

Warren Buffett’s approach to management, ethics, and rationality is centered on long-term sustainability, unwavering integrity, and logical capital allocation. The book you are referring to—often titled in Russian as —is a collection of his classic lectures and shareholder letters that distill these core principles. 💡 Core Management Principles