A couple more gems copied from Buffett's Memo to Berkshire Hathaway Managers at the end of the letter:
"If you see anything whose propriety or legality causes you to hesitate, be sure to give me a call.However, it’s very likely that if a given course of action evokes such hesitation, it’s too close to the line and should be abandoned. There’s plenty of money to be made in the center of the court. If it’s questionable whether some action is close to the line, just assume it is outside and forget it.
As a corollary, let me know promptly if there’s any significant bad news. I can handle bad news
but I don’t like to deal with it after it has festered for awhile. A reluctance to face up immediately to bad
news is what turned a problem at Salomon from one that could have easily been disposed of into one that
almost caused the demise of a firm with 8,000 employees."
"If you see anything whose propriety or legality causes you to hesitate, be sure to give me a call.However, it’s very likely that if a given course of action evokes such hesitation, it’s too close to the line and should be abandoned. There’s plenty of money to be made in the center of the court. If it’s questionable whether some action is close to the line, just assume it is outside and forget it.
As a corollary, let me know promptly if there’s any significant bad news. I can handle bad news but I don’t like to deal with it after it has festered for awhile. A reluctance to face up immediately to bad news is what turned a problem at Salomon from one that could have easily been disposed of into one that almost caused the demise of a firm with 8,000 employees."