Buffett thinks there are two main factors in assessing management:

How have their results been?

How do they treat the company's shareholders? Look also at how management treats themselves relative to the shareholder by reading the proxy circular.

Buffett said that he advocates "finding the 0.400 batters, and letting them swing".

Buffett later went on to say that one of the two or three most important things a Chief Executive Officer does is to allocate capital (i.e., invest money - either retained earnings or new outside capital). Yet few CEO's are trained for capital allocation because they rose through other streams in the business such as operations, sales or finance. Referring still to capital allocation, Buffett said most CEO's, when they get the top job, are "like a concert pianist arriving at Carnegie Hall - only to be handed a violin".

Often CEOs who are inexperienced in the field of capital allocation will rely on so called "experts" Buffett sees this as extremely dangerous.

Source: BRK Annual Meeting 1994

URL:

Time: 1994

巴菲特认为对于管理估值有两个主要因素

他们的业绩如何？他们怎么对待公司股东？也要通过阅读代理权公告，看管理层相对于股东来说怎么对待他们自己。巴菲特说他倡导：“寻找0.400击球员，让他们去发挥”。巴菲特最近继续说：一个CEO最重要的两个或者三个事情之一是去分配资源（举例：投资款-无论未分配利润还是外部资本）.然而很少有CEO被训练进行资源分配，因为他们的任命往往通过其他领域例如运营、销售或者财务。提到资产分配，巴菲特说到大多数CEO当他们得到这份超级职务，是“像是一个到了卡内基音乐厅的音乐会钢琴家，没想到拿着一个小提琴”。进场有没有在资源分配经验的CEO们将会以来所谓专家。巴菲特认为这是极端危险的事情。

来源：伯克希尔年度会1994