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March 6, 2014

Even Buffett learned the hard way

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Canada Goose sale The books are wildly different in tone and subject. But both show the huge advantage that long term thinking offers over canada goose uk “what have you done for me in the last five minutes?” thinking. Canada Goose sale

canadian goose jacket So let’s look at those books. And in the process, let’s also look at Warren Buffett, revered by many as a long term builder but whose Berkshire Hathaway has canada goose outlet uk sale become a huge financial backer of a slash canada goose outlet mall and burn crew called 3G that fires people en masse canada goose outlet store uk at the companies it takes over. canadian goose jacket

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Canada Goose Coats On Sale Covington’s book, “Lending Power: How Self Help Credit Union Turned Small Time Loans into Big Time Change” (Duke University Press, 2017, $27.95) is the tale of someone who’s not exactly a household name: Martin canada goose outlet website legit Eakes. Since then, Eakes’s various not for profit ventures have helped tens of thousands of lower income people in North canada goose outlet niagara falls Carolina and elsewhere get reasonable mortgage rates and decent returns on their modest savings accounts and also protected them from predatory lenders. Canada Goose Coats On Sale

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canada goose Dumaine’s book, canada goose outlet online uk “Go Long: Why Long Term Thinking is Your Best Short Term Strategy” (Wharton Digital Press, 2018, $18.99) is a more conventional work than Covington’s. It’s also shorter: a bit under 100 pages of text. canada goose

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Canada Goose Parka My favorite part of the book is the four chapters showing how long term thinking helped Ford, CVS, Verizon and Unilever through difficult times. (Unfortunately, problems have since returned to Ford.) Canada Goose Parka

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buy canada goose jacket For reasons that escape me, Buffett, the smiling, folksy avatar who made his reputation by preaching long term good, seems enamored of 3G. Berkshire (whose shareholders include me) helped fund Kraft’s brutal takeover of Heinz to form what is now Kraft Heinz, and was the major backer of the Unilever bid. buy canada goose jacket

Canada Goose Outlet After Unilever turned down 3G, Buffett said he wouldn’t back a hostile takeover bid “hostile” meaning “opposed by the target company’s board of directors.” Canada Goose Outlet

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