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Buffett admits he's "slow to make personnel changes"

Buffett & Munger2014-05-03videoOpen original ↗

1 chunks · 1,205 chars · 3 speaker-tagged segments

SpeakersWarren2Charlie1
WarrenA clear weak point of mind would be, I'm slow to make personnel changes. I mean, I like the managers we have. You and I participated in taking one man directly from an executive chair into Alzheimer's home. There was no. You're hitting a sense of the subject here, Charlie. We'd arranged that he could do no harm, and we loved him well enough so that we just made it easy for him. I've never regretted it, have you?
CharlieNo, not at all. Not at all.
WarrenI don't know. I want to be pretty careful. We will be slow. And we, there will be times when what you might call our lack of supervision over subsidiaries and, you know, we'll miss something. Now we think that giving our managers the degree of freedom that they enjoy will all also accomplish a lot. So someone will come along someday and say if you'd had many more checks and oversight and all of that sort of thing, you know, something will happen at Berkshire and they'll say that wouldn't have happened if you'd follow the procedure that some other company followed. And they'll be right. But what they won't be able to measure is how much on the positive side we have achieved with dozens and dozens of people because we gave them that same sort of leeway.