University of Berkshire Hathaway – 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting : [PDF Download]

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“Buffett and Munger took their annual shot at executive stock options, the use of which has become epidemic. Buffett argued such options should have a step-up in exercise price.

Otherwise, they simply become a royalty on the corporation’s buildup of retained earnings. In addition, Buffett argued such options should reflect the business’ intrinsic value, not simply the market price.

Munger remarked that the accounting of options is weak, corrupt and contemptible. Buffett chimed, “Other than that, we’re undecided.” In Munger’s view, the payment of options has gone to wretched excess. Despite the excess, Buffett said the real sin is mediocre management. That is what costs the shareholders money. It is almost impossible to overpay for good management.

For example, Coca-Cola’s market value was $4 billion and stagnant when Roberto Goizueta took over in 1981. Today, the market value is $150 billion. The right manager can have an absolutely huge impact. Find people with brains, energy and integrity, and you can own the world.”

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