You almost sound like you think Buffett micromanages the businesses that he owns or those that he invests in. I believe that you are mistaken. Everything that

You almost sound like you think Buffett micromanages the businesses that he owns or those that he invests in. I believe that you are mistaken. Everything that I have ever read indicates that he buys companies that are already well-managed with good long-term prospects and then he lets those proven managers operate without interfering. I could be wrong. As far as BNSF goes, I know that when Matt Rose was running it after BH bought BNSF that he was highly regarded at BH. I think he was rumored to be in line to replace Buffett if Buffett decided to hand off his position to someone else. I don't think that happened but I know that Rose was a good person who was available to speak with anyone on the railroad if they wanted to talk directly to him. Like I said, I believe that Buffett looks to make his money by owning profitable companies with strong leadership in markets where they can remain competitive for a long time. Perhaps to you that means that quarterly reports, though required by the SEC, are not important to Buffett or BH since they obviously take a long view before buying the company in the first place. I don't think it means that BH controls the day-to-day operations of any of the companies that they own or invest in.