Notes 255(this is one of Berkshire Hathaway’s famous “Owner Related Business Prin-
ciples”).
3.This discussion draws on the annual letters of John F. (Jack) Welch to General
Electric Co. shareholders from 1985 through 2000. Some of them were coau-
thored with other GE executives.
4.This discussion draws on the annual letters of Michael D. (Mike) Eisner to
Walt Disney Co. shareholders from 1988 through 2000.
5.This discussion draws on the annual letters of Roberto C. Goizueta to Coca-
Cola Co. shareholders from 1985 through 1996, plus an article enclosed with
one of them by Mr. Goizveta called “The Emerging Post-Conglomerate Era:
Changing the Shape of Corporate America,”Leaders, April–June 1989.