Warren Buffett sent his biennial memo to staff members, outlining the “succession planning” for Berkshire Hathaway and other items of importance. The top priority on the list “trumping everything else, including profits — is that all of us zealously guard Berkshire’s reputation.”
Buffett makes it clear in the memo that while money will come and go, the company’s reputation can slip away and never recover.
“We can afford to lose money — even a lot of money. But we can’t afford to lose reputation — not a shred of reputation,” the memo reads.