It takes 20 years to build a reputation and 5 minutes to ruin it. - Warren Buffett

Our managers are totally in charge of their personal schedules. Second, we give each a simple mission: Just run your business as if: (1) you own 100% of it; (2) it is the only asset in the world that you and your family have or will ever have; and (3) you can't sell or merge it for at least a century.

Predicting the long-term economics of companies that operate in fast-changing industries is simply far beyond our perimeter.

an unvaryingly strong liquid position and avoidance of money-market borrowings;