Warren Buffett is widely regarded as one of the greatest investors of all time. Under his stewardship, Berkshire Hathaway has grown from a small textiles manufacturer into one of the world's largest conglomerates.
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It's no secret that Berkshire's system of management has been essential to the group's success. Warren Buffett may be one of the world's best investors and capital allocators, but it is the managers of the businesses he rolls up into the Berkshire empire that really make the group tick.
Indeed, whenever Buffett makes an acquisition he gives the existing management absolute autonomy. No attempt is made to standardize the acquisition, and there's no excessive bureaucracy for managers to get to grips with. As Buffett explained in his 1998...
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