Warren Buffett on Business: Principles from the Sage of Omaha

Chapter 5. Communication

We will be candid in our reporting to you, emphasizing the pluses and minuses important in appraising business value. The guideline is to tell you the business facts that we would want to know if our positions were reversed. We give you no less. Moreover, as a company with a major communications business, it would be inexcusable for us to apply lesser standards of accuracy, balance and incisiveness when reporting on others. We also believe candor benefits us as managers. The CEO who misleads others in public may eventually mislead himself in private^[]

—Warren Buffett