GoingGlobal 191gence will dilute rather than enhance any managerial mandate to
run U.S. corporations mainly for the benefit of shareholders. De-
tecting an owner orientation in this global marketplace thus becomes
more important than ever.
Buffett tells us that the most valuable lesson he learned in in-
vesting was realizing the importance of owner-oriented managers.
The value of this timeless lesson will increase geometrically in a
globalized world. Of course, Buffett emphasizes that while manage-
ment quality can dramatically affect returns on equity, it is never a
substitute for a good business within one’s circle of competence,
saying that “a good managerial record (measured by economic re-
turns) is far more a function of what business boat you get into than
it is of how effectively you row (though intelligence and effort help
considerably, of course, in any business, good or bad).”^7 The re-
maining chapters focus on identifying winning managers.