The Warren Buffet CEO

The Warren Buffet CEO

Robert MilesJohn Wiley PublishingISBN 0 47144 2593£17.95

This book suggests that Warren Buffet is a rare talent spotter. Buffet's empire stretches across a whole range of companies and this book profiles nearly two dozen of them. The author was allowed access to the empire and has interviewed these CEOs to arrive at these profiles.

So, what makes someone able enough to run a Buffet company? Well, there is no great secret. Although these individuals are talented, it is clear that they work very hard and are totally committed to what they do.

There is a range of industries represented – from insurance through executive jets and furniture to jewellery. In most cases, Buffet bought the company because he liked and approved of it – and then he let the existing management team continue to run it. He is thus investing in that management team as much as in the company; and Buffet selects enthusiastic, hard-working people who love their job and are good communicators and people managers.

Buffet particularly likes owner-managers who are so well off that they do not need to work but continue to do so well past retirement age because they love what they do – and are running "their baby". Buffet himself has said that: "In our search for new companies in which to invest, we adopt the same attitude one might find appropriate in looking for a spouse: it pays to be active, interested and open minded, but it does not pay to be in a hurry."

The admiration of Buffet for his CEOs is mirrored by their admiration for him as a mentor and guide. They invariably praise the way in which they were approached and the transfer was handled. Buffet, it seems, is up-front, open and honest. When the deal is done, Buffet shows his admiration and trust by letting them get on with it – running the company they know in the way that has proved successful.

When the "dot.com" revolution took hold, some thought that Buffet was behind the times, that he had missed out on great opportunities. Now, his caution looks like wisdom. He has continues to tell his investors that he will stick to what he knows about. "Try to contain your excitement" was his most appropriate quote.

Buffett's simple approach, his virtues and values have stood the test of time, and so have these CEOs. This is a testament to them – and to him.