ISCAR
“The culture of ISCAR was set by my father,” said Mr Wertheimer. “Starting with the basics: respect people, ask real questions and know what you want. Over time the business grew and became more complex. We wanted family members to have an option to join rather than feeling an obligation, whilst also maintaining our commitment to employees and customers. We heard of Berkshire Hathaway, investigated the company and knew we had found a match. I told Mr Buffett that I would either sell to him or to no-one.”
Tuesday, May 27, 2008
The People Who Run Berkshire Hathaway
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4 comments:
As of March 31, 2008, UBS increased the number of its personnel at its' Corporate Center to 7,179 from 6,913.
Berkshire Hathaway which has a much larger Market Capitalization relative to UBS AG has about 19 persons working in its head office.
It shows that for this measure, less is more.
That's good to know, snowball. Now that I have a one-person investment firm, that means I have a chance of becoming richer than Warren Buffett, don't I? To improve my chance even more, I am going to work part time on the investments. I am now looking at Bugati brochures.....
Well, not necessarily :) But you may be on the right track.
More importantly, the lower number of staff highlights that the most important factor required for a superior investment record is a superior investment manager or capital allocator. If an operation lacks that, it doesn't matter if you have 100 to 7,000 people watching screens and reading reports.
A WEB statement:
"I just don't want to put it up to a vote. As you get larger and larger groups of people making decisions they become more and more homogenized.
I don't think you will ever get brilliant investment decision out of a large committee."
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