“Most companies are saddled with institutional constraints. A company's history, for example, may commit it to an industry that now offers limited opportunity. A more common problem is a shareholder constituency that pressures its manager to dance to Wall Street's tune. Many CEOs resist, but others give in and adopt operating and capital-allocation policies far different from those they would choose if left to themselves.”

—  Warren Buffett

2003 Chairman&#x27;s Letter http://www.berkshirehathaway.com/letters/2003ltr.pdf <br class="br">Letters to Shareholders (1957 - 2012)

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Warren Buffett146
American business magnate, investor, and philanthropist 1930

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