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This reminds me of my favorite Warren Buffet line: "When a management team with a reputation for brilliance tackles a business with a reputation for bad economi
by jcampbell1 14y ago
This reminds me of my favorite Warren Buffet line: "When a management team with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact."
- smacktoward 14y agoI'm also reminded of a line from Neil Sheehan's classic "A Bright Shining Lie" that has stuck with me since reading it: Men who succeed at an enterprise of great moment often tie a snare for themselves by assuming that they have discovered some universal truth.
- michael_michael 14y agoNice and pithy, and good advice for investors. What's the strategy for the management team themselves, though? Give up on the business with a reputation for bad economics? Let it run itself into the ground? I have to imagine there are turnaround stories, though perhaps fewer and farther between.