How do experts make their business strategies stronger?

Men Shaking HandsI read in the LA Times about Warren Buffet at his recent annual meeting for Berkshire Hathaway inviting Doug Kass to be part of a handful of analysts posing impromptu questions to Warren and his second in command, Charlie Munger.  What is interesting is not that a group of panelists will ask questions, but that the questions are not “pre-rehearsed” and that Doug Kass is a hedge fund manager who is a total skeptic of Buffet’s plan for Berkshire Hathaway, and has put his money against Berkshire Hathaway’s stock.  The article describes that Warren Buffet is a big fan of truly listening to smart people who have a differing opinion from his own.  “A deliberate, lifelong effort to find people to tell him why he might be wrong is one of the keys to Mr. Buffet’s success” – Buffet’s rule was to write down the thoughts of others within a half hour of hearing it so that his mind would not reject the idea before thinking it through.  There is a lot to learn from Mr. Buffett. Creating a culture of healthy discourse, encouraging your team to provide a differing opinion and listening to their ideas can be a big point of learning.

Ann Banning - Wright