When Buffett talks to MBA students, about people who are full of themselves when they get into investment banking. He feels a great quality in a person is the sort of person who gives credit to another person. There are important qualities that he looks for when hiring people, which are intelligence, energy, and integrity. Managers have to have a passion for the business. Berkshire Hathaway has 25 people at headquarters and 360,0000 employees everywhere else. Berkshire’ has 70 businesses that choose their own people. Objectionable traits in a person can be untrained early such as claiming credit for things they didn’t do or showed up late.
Efficient qualities of character make an enormous difference in a person. Advice from Warren Buffett on taking a job: take a job that you would take if you didn’t need that job. Investment hasn’t changed much over the years, and this is why Buffett knows this field very well. He invests in simple businesses, not complicated businesses. Coca-Cola has been around for 110 years now, which is why he invests in this business because it sells around the world with 47% of the soft drink consumption around the world, and 41% of soft drink consumption inside the United States.
He looks for honest and competent management in a business that any idiot can run because sooner or later one will run it. Buy businesses you understand, where you like the people running them. Buy a lot of it and keep it. Don’t sell it very often. How do you know when to sell a business? Sometimes the answer is never. Technology companies are beyond Buffett because he feels that he doesn’t understand the tech industry as a whole. Buffett actually prefers humans to computers, because computers cannot replace things such as fear or greed.