You should be fully aware of one
attitude Charlie and I share that hurts our financial performance: regardless
of price, we have no interest at all in selling any good businesses that
Berkshire owns, and are very reluctant to sell sub-pa businesses as long as we
expect then to generate at least some cash and as long as we feel good about
their managers and labor relations. We hope not to repeat the
capital-allocation mistakes that led us into such sub-par businesses. And we
react with great caution to suggestions that our poor businesses can be
restored to satisfactory profitability by major capital expenditures. (The
projections will be sizzling- the advocates will be sincere – but, in the end,
major additional investment in a terrible industry usually is about as
rewarding as struggling in quicksand.) Nevertheless, gin rummy managerial
behavior (discard your least promising business at each turn) is not our style.
We would rather have our overall results penalized a bit than engage in it.
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