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Strategies & Market Trends : Buffettology
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To: Glenn Petersen who wrote (4411)5/15/2014 4:18:42 AM
From: Shane M2 Recommendations

Recommended By
bruwin
Jurgis Bekepuris

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Glenn, thanks for posting.

I liked this part:
Charlie Munger sets the stage on this point simply:

“A lot of people think if you just had more process and more compliance—checks and double- checks and so forth—you could create a better result in the world. Well, Berkshire has had practically no process. We had hardly any internal auditing until they forced it on us. We just try to operate in a seamless web of deserved trust and be careful whom we trust.”… “Good character is very efficient. If you can trust people, your system can be way simpler. There’s enormous efficiency in good character and dis-efficiency in bad character.”

I'm semi-retired now, but this comment resonates with me from my experience in the corporate world. So much process is tied up in watching and controlling what people are doing, that it can become difficult as an employee to get things done. Alot of process seems focused on preventing things from happening. So much effort can be expended in trying to get everybody pulling in the same direction that nobody ends up pulling in any direction because motivation gets smashed.

I was lucky to a large degree because I was given a long leash, so I could just do things and ask for forgiveness later - but toward the end before I left it felt more like a lack of trust in individual decision making at all levels was infecting the organization. Talk about demovitators - that'll do it.
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