Winding up another earnings season that’s been a little rough for many, it may help to remember what’s important in the long run. This quarter, too, shall pass. A few years ago Warren Buffett, legendary CEO of the Berkshire Hathaway portfolio of companies, reminded his senior managers:
We can afford to lose money – even a lot of money. We cannot afford to lose reputation – even a shred of reputation.
– Warren Buffett, August 2, 2000, memo to CEOs
of portfolio companies, quoted in Warren Buffett CEO:
Lessons from the Berkshire Hathaway Managers
by Robert P. Miles (New York: John Wiley & Sons, 2002)