He’s explained in interviews that he’ll buy things like a steel mill for less money than its scrap value, then install his own (competent) accountants and start

He’s explained in interviews that he’ll buy things like a steel mill for less money than its scrap value, then install his own (competent) accountants and start making an actual profit on top of that. Imagine this from the perspective of the employees: years of bad management, facing down the barrel of unemployment in a shrinking industry. Suddenly Buffett turns up, fires the bad managers and tells you profits are up so here’s a Christmas bonus. Capitalism at work.