Buffett's Prescription for Managers

With wonderful simplicity, Warren Buffett outlined his approach to his managers in the BRK 1998 annual report. He tells them to 1) act as if the division is 100% theirs, 2) view it as the only asset that they or their family have or will ever have, and 3) view that it will not be sold for at least a century or so. This long term thinking can be applied profitably to almost every area of our lives and seems especially productive for investing.