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The Oracle Of Omaha On China. Well, Not Exactly.

By Dan Harris and Steve Dickinson

I feel almost compelled to pass on some of the gems Warren Buffet (an apparent hero to the Chinese as well) voiced at Berkshire Hathaway's annual meeting the other day. They are that good.

?Contemplating any business act, an employee should ask himself whether he would be willing to see it immediately described by an informed and critical reporter on the front page of his local paper ? there to read by his spouse, children, and friends.? ?The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.? I particularly like this one because I am always saying that the older I get, the more convinced I become that the simple strategy is almost always the right strategy. ?Can you really explain to a fish what it?s like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value.? ?If I were to land on earth in a UFO and I went to the bank for $1 billion in currency, would I put all $1 billion in the U.S. dollar? No.? ?If past history is all there is to the game, the richest people would be the librarians.? ?The ability to say ?no? is a tremendous advantage for an investor.? Regarding Coke: ?A ?brand? is a promise. Ten years ago Richard Branson opened Virgin Cola? There have been hundreds of colas over the years? Who buys some substitute cola for a couple of cents less? Same goes for brand chocolate bars. We feel reasonably good about our products.?

Since I always claim that knowing business is more important to success in China than knowing China, these Buffett bon mots are right on point.

Full post as published by China Law Blog on May 07, 2008 (boomark / email).