In The Office,
Steve Carrell's Michael Scott, a manager at dying paper company Dunder Mifflin,
hosts the "Dundies," an annual award ceremony put on to recognize the
staff's accomplishments. In that same
spirit, this writer will award a "Friendly" to acknowledge behavior that
is beneficial to shareholders, whether it comes from managers, investors,
members of the media, or elsewhere.
These prestigious awards will be handed out from time to time, rather
than annually, and without the accompanying evening at Chili's, where the
not-so-grateful employees of Dunder Mifflin met to receive their awards.
And the award goes
to...Warren Buffett
It's fitting that
the first "Friendly" has been earned by Warren Buffett, history's
most thoughtful, convincing and prominent advocate of shareholder-friendly
behavior. In a remarkable move - and a
first, to my knowledge - Buffett has invited a "bear" to join the
cast of analysts that will pose questions to himself and Vice-Chairman Charlie
Munger at the upcoming annual meeting.
The person must be an investment professional with a negative outlook on
Berkshire, preferably holding a short position.
Most CEO's would sooner invite an actual bear to the AGM than face the
paw-swipe or bite of a short-seller, but Buffett's commitment to openness,
transparency and the free expression of ideas is authentic. A range of perspectives are necessary to an efficiently
functioning market, and Buffett is helping ensure that Berkshire Hathaway
shareholders are alert to the challenges facing the company, not just the
opportunities. Bravo, Mr. Buffett.
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