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When Buffett got back to Salomon, he went after the details of the Sternlight letter; “he was livid,” according to board member Gedale Horowitz. “It compounded the felony.” Other than the Glauber meeting, the Sternlight letter was the most serious act of “information rationing.” Buffett’s and Munger’s attitudes toward prior management hardened. Now the real import of Munger’s term “thumb-sucking” became absolutely clear. “Thumb-sucking” meant ignoring the obvious until your diaper was full. As far as Gutfreund was concerned, “we had no option of forgiveness,”28 Buffett said.
The Snowball
Alice Schroeder
If the company's revenue growth is particularly strong, I might start to worry that not all of this growth is profitable. I ask myself whether or not the company's current strategy can actually be sustainably funded in the future. Excessive growth depletes financial resources, so at some point the company will be able to fund it only through increasing leverage or issuing new equity. Moreover, too much growth and shrinking margins might inform me that the company has given up on regular price increases and is chasing volumes and market share instead.
The Private Equity Toolkit
Tamara Sakovska
But proceed with caution. Even among brilliant people in the startup world, there is an expression: “If you want to make a small fortune, start with a large fortune and angel invest.”
Tools of Titans
Timothy Ferriss
...catch up on these, and many more highlights
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