诚信一票否决。聪明人也会被「机构强制力」推向愚蠢模仿。
英文为原文摘录；中文标「译文」。点击年份打开本站 letters/ 中的官方文件。
“In business school, I was given no hint of the imperative's existence and I did not intuitively understand it when I entered the business world. I thought then that decent, intelligent, and experienced managers would automatically make rational business decisions. But I learned over time that isn't so.”译文 商学院从未提示这种强制力的存在。我曾以为正派、聪明且经验丰富的经理人会自动做出理性决策。后来明白：并非如此。
“the tendency of executives to mindlessly imitate the behavior of their peers, no matter how foolish it may be to do so.”译文 高管们会不加思索地模仿同行行为，哪怕那样做有多愚蠢。
flowchart TD
M[管理层] --> I{诚信?}
I -->|否| X[否决]
I -->|是| C[资本配置]
C --> O[所有者心态]
O --> P{机构强制力强?}
P -->|是| R[警惕扩张]
P -->|否| OK[可信任]
示意图是阅读辅助，不是巴菲特原图。