Warren Buffet’s Key To Success? Criticism

Buffet is an unusual man in many ways. One of the ways is that he insists on having people who vehemently disagree with him around to push back…and he is not just fine with, but actually welcomes such disagreement in public. He turns out to be one of the few CEOs who allows absolutely anyone to ask questions at his annual meeting and who doesn’t seem to have any worries about having to answer an odd or even disparaging question in front of thousands.

No preapproved questions and pre-written answers for him. Bring on those tough questions and push him.

Many of the biggest disasters in the corporate and political world have come about when the person at the top became insulated from those in disagreement with their ideas and policies. Not that those in opposition are always or even often correct, but when you refuse to hear opposing views the more closed you mind becomes. The more you think you’re the smartest person in the room, the more closed minded you tend to become. The more closed minded you become…the higher the likelihood you’ll miss something that leads to disaster.

Merely giving lip service to hearing is not enough. You need to open your mind to opposing views, encourage opposing views, revel in opposing views. Learning comes from the give and take of ongoing discourse with people who can question you, push you, suggest other ideas.

We’re talking about civil discourse, not what passes for discussion on the internet or most of talking head television and radio. Berating, screaming at, insulting, and refusing to hear the response are not civil discourse. Joe Scarborough’s show, Morning Joe, is popular for the reason that he gathers erudite people from differing views and allows, no, encourages them to share their ideas and discuss their differences. No screaming, just intelligent conversation about the facts and their implications.

Most importantly, people are willing to be convinced if presented with irrefutable evidence that their ideas are wrong. How unusual. People are willing to be convinced if presented with irrefutable evidence that their ideas are wrong.

As Daniel Patrick Moynihan said, “Everyone is entitled to his own opinion, but not his own facts.”

*****

For more information on Warren Buffet’s love of opposing views: Jason Zweig in the Wall Street Journal, “Lesson From Buffett: Doubt Yourself”