"The first is the importance of **forthrightness and candor in communications by managers to shareholders**. Buffett tells it like it is, or at least as he sees it, and laments that he is in the minority. Berkshire's annual report is not glossy; Buffett prepares its contents using words and numbers people of average intelligence can understand; and **all investors get the same information at the same time**. Buffett and Berkshire avoid making predictions, a bad managerial habit that too often leads other managers to fudge their financial reports." ([Location 220](https://readwise.io/to_kindle?action=open&asin=B01J2SLA5O&location=220)) *** **Tags** — [[quotes]], [[investor-relations]], [[financial-reporting]], [[culture]] **See Also** -- [[Warren Buffett]], [[Charlie Munger]] **Source** — [[202308141129 — B — The Essays of Warren Buffett]]