Ben Gilbert: belief

Transcript context

…I would imagine too. The other thing I'll say on culture and this is borrowed from some great research that some listeners sent us, their culture, they talk about it like it's this virtuous thing. If it's truly this virtuous thing then it's something that you can codify and protect. I think that cultures are really independent inside each of these operating companies. I don't think if you're an employee of Borsheims, I don't really think you think about Lubrizol’s culture. They have nailed it on the decentralization thing. I think the only real shared cultural elements inside the hundreds of thousands of people that work inside or for Berkshire Hathaway are one, don't put Berkshire's reputation at risk. Two, bend over backwards to avoid paying tax which takes money out of the business. Don't take money out of business. Leave it all in. Keep compounding it. Differ it however you can. Three, funnel all cash back to Berkshire for reallocation. I mean that's the culture. Those are the things that are really important to the head office for managers at their subsidiaries to follow. Yup.…

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