I think a lot of the signal comes from what exactly they’re quoting of Buffett. In this case, something as general as “build a snowball” (and even disregarding Lowenstein’s superior book!) is a red flag. Whereas if a manager explained why they count stock-based comp as real expense by quoting one of Buffett’s letters, I’d be impressed.
I think a lot of the signal comes from what exactly they’re quoting of Buffett. In this case, something as general as “build a snowball” (and even disregarding Lowenstein’s superior book!) is a red flag. Whereas if a manager explained why they count stock-based comp as real expense by quoting one of Buffett’s letters, I’d be impressed.
I think a lot of the signal comes from what exactly they’re quoting of Buffett. In this case, something as general as “build a snowball” (and even disregarding Lowenstein’s superior book!) is a red flag. Whereas if a manager explained why they count stock-based comp as real expense by quoting one of Buffett’s letters, I’d be impressed.