"America's business problem is that it is entering the twenty-first century with companies designed during the nineteenth century to work well in the twentieth."

Previous Quote

After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them. To the extent we have been successful, it is because we have concentrated on identifying one-foot hurdles that we could step over rather than because we acquired any ability to clear seven-footers.

— Warren Buffett