"I Don't Consider Management"

 This new story is as good example as I have ever seen of why Buffett has been wise to use the same tightly scripted ways of explaining his investing style for decades. Here, Buffett is trying to make a point he has repeated for years (a wonderful business can survive a bad manager; the best manager in the world can't save a doomed industry). For once, he uses slightly different words than usual. And *poof* a pseudo-controversy is drummed up -- all of a sudden it's as if he's taken back everything he's said over the years about the importance of having shareholder-oriented management, of having management that uses capital wisely, of how the right manager can make the difference between a stellar business and an also-ran (the Tom Murphy stories). Must be a slow news day.