"At Berkshire's 2011 annual meeting, Charlie stressed to me how different Berkshire had become in the fifteen years since our symposium—and yet how much it remained the same. Back then, Berkshire looked more like a mutual fund, with 80 percent of its assets in minority common stock positions and 20 percent in wholly owned businesses; today, the ratio is reversed and Berkshire looks more like a conglomerate. **Yet then and now, the company and its constituents are united by a core set of common values, values defined by the tone Warren set at the top** and that animate The Essays." ([Location 166](https://readwise.io/to_kindle?action=open&asin=B01J2SLA5O&location=166)) *** **Tags** — [[quotes]], [[culture]], [[culture]], **See Also** -- [[Warren Buffett]], [[Charlie Munger]] **Source** — [[202308141129 — B — The Essays of Warren Buffett]]