Buffett Reminds His Top Managers: Reputation Is Everything – MoneyBeat – WSJ

Buffett Reminds His Top Managers: Reputation Is Everything – MoneyBeat – WSJ.

“As I’ve said in these memos for more than 25 years,” he writes in the latest one, “we can afford to lose money–even a lot of money. But we can’t afford to lose reputation–even a shred of reputation.”

The concern about reputation is a theme Mr. Buffett has hit on in other forums as well through the years. Most famously, it was central to testimony he delivered to Congress after he stepped in as chairman of a floundering Salomon Brothers in 1991. He told legislators that his message to employees then was: “Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless.”

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