“You can hold a rock concert, and that’s OK. You can hold a ballet, and that’s OK. Just don’t hold a rock concert and advertise it as a ballet.”
Who said it / Author:
Meaning / What does it mean:
Warren Buffett is trying to say that businesses/companies should say from the very beginning what their priorities/strategies are so that people including employees, investors etc know what they are getting. For example, Tesla’s mission is to accelerate the world’s transition to sustainable energy. On the other hand, Mercedes’ mission is incredibly simple with just one word – “perfection”. So these companies have made it very clear what they want to achieve. By doing so, people know what they are getting when they join or invest in these companies. In many ways, Buffett is trying to say the job of the public company is to be clear about whether you’re holding a ballet or a rock concert, and then people can opt into that.