Buffett cites Passion as top requirement for CEO job

Warren Buffett, of Berkshire Hathaway is eminently quotable. Janet Lowe even has a small book full of quotes from Buffett. His business partner, Charles Munger, is very perceptive too. Here are some snippets from this year’s annual meeting.

Buffett, speaking of investors with short time-horizons: “The only way you can leave your seat in burning financial markets is to find someone else to take your seat, and that is not always easy….”

And Charles Munger’s comment on short-term thinking is witty: “If you jump out the window at the 42nd floor and you’re still doing fine as you pass the 27th floor, that doesn’t mean you don’t have a serious problem.”

When asked what he looks for when choosing a CEO to run one of his companies, Buffett said that the first thing he looks for is passion for the job. This is followed by: intelligence, energy, and integrity. Then, with characteristic wit, he added: “If you’re dealing with someone who doesn’t have integrity, you’d better hope he’s dumb and lazy, too,…”

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