October 11, 2006
News & Opinion: "Oracle of Omaha"
Tuesday, October 10, 2006, Wall Street Journal had an article about a one-page memo that Warren Buffett sent to his super senior management group on September 27.
"The five most dangerous words in business may be Everybody else is doing it.
My guess is that a great many of the people involved would not have behaved in the manner they did except for the fact that they felt others were doing so as well.
So, at Berkshire, lets start with what is legal, but always go on to what we would feel comfortable about being printed on the front page of our local newspaper, and never precede forward simply on the basis of the fact that other people are doing it.