Here is a note from one page that Warren Buffett was sent to his managers every two years for more than 25 years

Although it may seem like an old man who is easy to dig, he admits it command The style can sometimes be “harsh”. In fact, the billionaire sent a flagrant reminder to his manager every two years of others, which includes “Berkshire’s reputation guard with enthusiasm”, which is believed to be the basis of the entire institution.

“We can lose money-even a lot of money. But we cannot lose its reputation-even The current recycled social media publicationA few months before the company, which he led for more than 50 years, left.

Since the seizure of what was one day a tissue company struggling in 1965, the well -known investor is worth 152 billion dollars, Berkshire Hathaway turned one of the largest companies in the United States under his leadership, Berkshire Maximum 1 trillion dollars this year. But from January 2026Berkshire will not be under the leadership of Pavite; Instead, the memo will be a reminder that its future reputation lies in the hands of employees.

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The protection of the reputation was a continuous topic in the history of Buffett – in A. 2010 shareholders ’speechHe revealed that he had sent the same note reminding the same reputation to employees for more than 25 years and counting.

In 1991, in 1991, during the speech of the members of Congress as the head of the Investment Bank Salomon Brazerz, Buffett delivered this message to his employees: “Loss of money to the company, and I will understand. I lose the company’s reputation, and I will be mercy.”

This feeling was repeated by the leading billionaires in business such as Jeff Bezos, Who said, “Your brand is what others say about you when you are not in the room.”

The need to always plan for the future

In May, the legendary investor announced that he will step down as CEO by the end of the year, and pass the affairs to his successor, Greg AbelAfter seeing how much It can be done on a working day.

As a request to plan a caliphate, Pavite asks that his managers provide handwritten letter on any future recommendations to solve it, adding that he will not see anyone by anyone unless he is no longer the CEO.

“I need your help regarding the issue of the caliphate. I am not looking for any of you to retire, and I hope you all live to 100 (in the Charlie case, 110.)” Charlie MongerWho died in November 2023 at the age of 99, was a close friend of Pavite, his trusted partner, and the Possibility Council for more than 60 years.

“But only if you don’t do it, please send a note or email that provides your recommendation because who should take over tomorrow if you should become powerless overnight,” Buffett wrote.

To go forward, Pavit said to Wall Street Journal It will remain going to the office.

“I will not sit at home and watch soap opera. My interests are still the same.”

Read the full note – and – Half – page

To: Berkshire Hathaway managers (“All Stars”)
CC: Berkshire managers
From: Warren E. Pavite

Date: December 19, 2014

This is my message that dates back to the re -emphasis on Berkshire’s priority and get your help to plan the caliphate (not royal!).

The maximum priority – throwing everything else, including profits – is that we all continue to protect Berkshire’s reputation enthusiastically. We cannot be perfect but we can try to be. As I said in these notes for more than 25 years: “We can lose money – even a lot of money. But we cannot lose its reputation – even a set of reputation.” we He should Continue to measure every work against not only what is legal, but also what we are happy to complete on the first page of a national newspaper in an article written by a non -cordial but smart correspondent.

Sometimes your partners will say, “Everyone do it.” This logical basis is always bad if the main justification for commercial action. It is completely unacceptable when evaluating a moral decision. Whenever someone introduces this phrase as a logical basis, they actually say they cannot reach a good reason. If anyone introduces this interpretation, ask them to try to use it with a reporter or a judge and know what extent he gets.

If you see anything that causes you a suitability or legitimacy to hesitate, make sure to contact me. However, it is very likely that if a specific course of work raises such a frequency, it is very close to the line and must be abandoned. There is a lot of money that must be a pound in the middle of the court. If it is doubtful whether some procedures are close to the line, just assume that they are abroad and forget it.

As a natural result, let me know immediately if there is any big bad news. I can handle bad news, but I don’t like dealing with it after I faded for a while. The frequency in the face of bad news immediately is what about the problem of Salomon, who can be easily disposed of to one that caused the disappearance of the company, which includes 8,000 employees.

Someone is doing something today in Berkshire, and I will be unhappy if we are aware of that. This is inevitable: We are now employing more than 330,000 people and the chances of this number during the day without any bad behavior. But we can have a significant effect on reducing such activities by jumping on anything immediately when there is the slightest smell of uncommon. Your position on such matters, which are expressed by behavior and words, will be the most important factor in how your business culture develops. Culture, more than the books of rules, determines how the organization behaves.

In other words, talk to me about what is going on less or as much as you like. Each of you does the first degree to operate your process in your individual style and does not need me to help. The only elements that you need to wipe with me are any changes in post -retirement advantages, acquisitions, and any unusually large capital expenses. But I love reading, so I send anything you think you might find interesting.

I need your help regarding the issue of the caliphate. I am not looking for either of you to retire and I hope you all live to 100. (In the case of Charlie, 110.) But only if you do not, please send an email message or email to your recommendation because who must take over tomorrow if you should become powerless overnight. These messages will not be seen by anyone, but I am not no longer the CEO, and in this case my successor will need information. Please summarize the strengths and weaknesses of your basic candidacy as well as any potential alternative you may want to include. Most of you have participated in this exercise in the past, and others have offered your ideas orally. However, it is important for me to get a periodic update, and now that we have added a lot of companies, I need to have your ideas in writing rather than trying to carry them in my memory. Of course, there are some operations that are run by two or more of you – such as Blumkins, MERSCHMANS, the husband in applied insurance companies, etc. – and in these cases, just forget about this element. Your observation can be short, informal, handwritten, etc.

Thanks for helping you all this. And thanks for the way you manage your business. You make my job easy.