The Warren Buffett Way: Investment Strategies of the World's Greatest Investor
Submitted by WorkCreatively on Fri, 07/24/2009 - 06:53
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Printer-friendly version| Title | The Warren Buffett Way: Investment Strategies of the World's Greatest Investor |
| Publication Type | Book |
| Pub Year | 1994 |
| Authors | Hagstrom, R. G. |
| Publisher | Wiley |
| Keywords | rationality |
| Notes | rationalityThe Institutional Imperative "...an unseen force he calls 'the institutional imperative'--the lemminglike tendency of corporate management to imitate the behavior of other managers, no matter how silly or irrational it may be. It was, Buffett confesses, the most surprising discovery of his business career. At school he was taught that experienced managers of companies were honest, intelligent, and automatically made rational business decisions. Once out in the business world, he learned instead that 'rationality frequently wilts when the institutional imperative comes into play.' " (p. 84) Compare with "group narcissism" (Fromm) or "institutional narcissism" (Duncan). Also Howard Schwartz, et. al. |