Our managers have produced extraordinary results by doing rather ordinary things—but doing them exceptionally well. Our managers protect their franchises, they control costs, they search for new products and markets that build their existing strengths and they don’t get diverted. They work exceptionally hard at the details of their businesses, and it shows.1
We intend to continue our practice of working only with people whom we like and admire. This policy not only maximizes our chances for good results, it also ensures us an extraordinarily good time. On the other hand, working with people who cause your stomach to churn seems much like marrying for money—probably a bad idea under any circumstances, but absolute ...