Warren Buffett emphasizes that maintaining reputation and future planning is more important than profit. He sends a memo every two years to managers reflecting this priority. Buffett, known for his leadership at Berkshire Hathaway, believes losing reputation is unacceptable even if profit declines. He underscores that actions should be measured not only legally but also regarding public perception. This principle has guided Berkshire Hathaway's transformation into a trillion-dollar enterprise under his leadership for decades, and serves as a foundation for future staff responsibilities post-Buffett.
"We can afford to lose money-even a lot of money. But we can't afford to lose reputation-even a shred of reputation."
"We must continue to measure every act against not only what is legal but also what we would be happy to have written about on the front page of a national newspaper in an article written by an unfriendly, but intelligent, reporter."
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