Ben Graham’s View on the Future Time is Necessary to Evaluate Performance

Keeping the Circle of Trust Small

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It's wonderful to be trusted. Some think if we just had more compliance checks and process, virtue would be maximized. At Berkshire, we have subnormal process. We try to operate in a web of seamless trust – deserved trust – and try to be careful whom we let in.
Source: http://www.valueinvestorinsight.com/