Talented Managers And The Right Environment

In today's New York Times, Ruth Reichl, former Editor-In-Chief of Gourmet magazine and producer of "Gourmet's Adventures With Ruth," offers her advice for running an enterprise:

"How you be a good boss is you find really talented people and you give them the means to work."
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Mike Hale, Gourmet Brand Survives, On a New Platter for PBS, New York Times, October 17, 2009

Warren would agree.

"Charlie and I know that the right players will make almost any team manager look good. We subscribe to the philosophy of Ogilvy & Mather's founding genius, David Ogilvy: "If each of us hires people who are smaller than we are, we shall become a company of dwarfs. But, if each of us hires people who are bigger than we are, we shall become a company of giants."
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Warren Buffett, 2002 Letter to Berkshire Hathaway Shareholders

"Usually the manager came with the companies we bought, having demonstrated their talents throughout careers that spanned a wide variety of circumstances. They were managerial stars long before they knew us, and our main contribution has been to not get in their way. This approach seems elementary: if my job were to manage a golf team--and if Jack Nicklaus or Arnold Palmer were to play for me--neither would get a lot of directives from me about how to swing."
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Warren Buffett, 1987 Letter to Berkshire Hathaway Shareholders

"I believe the GEICO story demonstrates the benefits of Berkshire's approach. Charlie and I haven't taught Tony a thing--and never will--but we have created an environment that allows him to apply all of his talents to what's important. He does not have to devote his time or energy to board meetings, press interviews, presentations by investment bankers or talks with financial analysts. Furthermore, he need never spend a moment thinking about financing, credit ratings or "Street" expectations for earnings per share. Because of our ownership structure, he also knows that this operational framework will endure for decades to come. In this environment of freedom, both Tony and his company can convert their almost limitless potential into matching achievements.
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Warren Buffett, 1998 Letter to Berkshire Hathaway Shareholders