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Margin of Trust: The Berkshire Business Model (Columbia Business School Publishing)
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About Margin Of Trust: The Berkshire Business Model
Product Description Warren Buffett and his company, Berkshire Hathaway, are legendary for their distinctive investing approach. Yet many equally unconventional but less well known aspects of Berkshire’s managerial practices and organizational structure are rich with lessons for those seeking to follow in Buffett’s footsteps. Margin of Trust is the first book to distill Buffett’s approach to management and corporate life. It provides a definitive analysis of the tenets of the Berkshire system, its costs and benefits, and how it can be adapted for other organizations. Lawrence A. Cunningham and Stephanie Cuba develop a new account of how Berkshire Hathaway works, showing that the key to its success is trust. Profiling partnership practices and business methods, they contend that Berkshire’s distinguishing feature is a culture in which autonomy and decentralization are core management principles. Cunningham and Cuba provide instructive examples of how this model has been successfully adapted by other companies that share a faith in trust as an organizing principle. They also offer candid commentary on the risks of a trust-based approach and how to mitigate them. Margin of Trust features illuminating analysis of Buffett’s take on the role trust plays in business agreements, what Buffett looks for in great corporate boards, and what lies ahead for Berkshire after its iconic leader leaves the scene. Review "The value of [Berkshire's corporate] culture is explored in Margin of Trust, a new book by Larry Cunningham and Stephanie Cuba that will be available at our annual meeting." -- Warren Buffett ***** "An important must-read." --Robert Hagstrom, author, The Warren Buffett Way ***** "Compelling." --Todd Henderson, professor, U. Chicago ***** "Every shareholder should read Margin of Trust." -- Robert Miles, executive in residence, U. Nebraska ***** "An in-depth look at the unique management philosophy that has made Berkshire so successful." -- The Rational Walk ***** "Cunningham is a perspicacious chronicler of Warren Buffett, America's cuddliest capitalist."-- Stephen Foley, The Financial Times ***** "The most important book Cunningham has written." -- Robert Morris, Vine Voice From the Author Q: What inspired you to write Margin of Trust? LC: About a year ago, while working on another book project, I pulled together everything I'd written about Buffett and Berkshire over the past five years since my last book on the subject--law review articles, magazine essays, op-eds, blog posts--and a single theme leapt out: trust. I saw that Berkshire has built a culture where supervisors trust workers by granting them wide autonomy and workers vindicate that trust by exercising their autonomy productively. As I reflected on this virtuous circle, I noticed how rare such a trust-based culture is in corporate America today. In fact, trust is a precious social good that seems to be in ever-shorter supply of late. Forces that impair trust come from many sides--abusers undermining it and reformers imposing controls that dilute it. Recounting the central role and value of trust is one way to help restore its standing and increase its supply. Q: You have expert knowledge of Warren Buffett and Berkshire Hathaway, having written numerous books on his business method. What is one thing you've learned from him? LC: Buffett is known among investors for advising only to buy stocks when the price you pay is way lower than the value you get--called the margin of safety. He deserves equal renown among the general public for this more profound advice: only do business with people when you trust them so much that you can grant them complete autonomy. This book mints the phrase margin of trust to capture that tenet. Of the hundreds of lessons Berkshire and Buffett offer, the most important one is the infinite value of trust in business and life. Q: In the book, you
