HOWE Q. WALLACE BLOG

INTEGRITY IN LEADERSHIP

Charlie Munger is Vice-Chairman of Berkshire Hathaway and shared the stage with Warren Buffett at the annual shareholders meeting I attended in Omaha.

Munger, who is 92 years old, let Buffett do most of the talking, but Warren always asked him if he had anything to add. Frequently he did. His quotes during the event were often noteworthy.

At one point, the two engaged in a discussion about moral failure. Buffett referred to a deceitful business with a “badly flawed plan.” Munger called it a “sewer.”

Buffett emphasized the importance of integrity in leadership. He said this about identifying leaders:

“If you’re looking for a manager, you want someone who is intelligent, energetic, and moral,” said Buffett. “But if they don’t have the last one, you don’t want them to have the first two.”

They went on to talk about the idea that you can win while playing the game the right way too.

Our COO speaks about a culture of doing it the right way. He says our culture is about getting the facts on the table, working together to solve problems, working together to execute opportunities, and doing it all with a positive flare.

That kind of culture wins. It builds reputation. It inspires confidence. It creates trust.

Munger summed it up this way: “No one envied the success that was fairly won and wisely used.”

We are committed to doing it the right way. We intend to win fair. We will use our gains wisely. That’s the company we are.