Mediocre CEOs hurt "all of America" · Transcript · BuffettMungerGPT

WarrenIf you take the Fortune 500, we do not have the 500 best quarterbacks at each one of those teams. And in the end, part of the success of our economy will depend on having the right managers running the right businesses. And any time a business is run by someone that's a six, when you could have a nine in there, not only the business suffers, the whole economy suffers. I mean, you need able people, and to the extent you can, the very best people, running businesses. I mean, they deploy these 150 million workers we have and determine how efficient they are. So I've been a director of companies where we've had the wrong person running them. We've owned companies where we've had the wrong person running them. And I do not believe that in dilly-dalling around about making changes on them. Sometimes I've been too slow myself, and I've seen the problems in widely held corporations. I've seen the problems of getting rid of somebody who's a perfectly nice person, probably helped select you to become a director, you know, treats his family well, treats his directors well, but he's just not doing as good a job as someone else can do. And that hurts not only that company, it actually hurts all of America.