Warren Buffett's Tips for Tough Times
Warren Buffett spoke with Susie Gharib of PBS' National Business Report. Full transcript here (Word document).
While Buffett did not address technology or IT management specifically, I thought some of his larger principles were worth noting.
- Understand the extent of the problems you face.
- Take action swiftly.
- Don't expect even the best leaders to work magic.
- Don't lose focus on the current crisis out of fear of the next crisis.
- Regulate sensibly, but don't expect regulations to solve all problems.
- Understand your business and invest accordingly, not just to follow trends.
- Believe in the long-term strength of the economy, and invest for the long term.
One of his familiar maxims was invoked: "Be fearful when others are greedy and greedy when others are fearful." In terms of stocks, he's feeling some greed now.
Maybe there are opportunities to get greedy now where others are fearful in your business.