Warren Edward Buffett and Charlie Munger shared today how they navigate wild rides and uncertainty.

As they adapt, they focus on basics:

-Creating value for the long term.

-“What if thinking” about possibilities and risk, grounded in boring fundamentals.

-They step back and look at a macro view— and look down the road.

-They have a healthy respect for people’s tendency to act in their own interest — as a good thing – and evaluate how well businesses serve their customers.

– They clarify their assumptions and are prepared to make changes if those assumptions don’t prove true.

—They openly talk about their mistakes— and learn from them.

— They are clear on their values and build a management team that is committed to those values.

Not very sexy —but it helps them stay calm as they live with the decisions they make.

And it’s working pretty well for them:)

I find in my work with CEOs, boards, and leadership teams who are launching a new strategy – the same basics apply.

When you are frustrated that your strategy isn’t working, it’s easy to start acting from fear. And to try something new just because it’s new— not because it’s grounded in fundamentals.

There’s a calm that can come from the basics.

You don’t have to be smart.
Just sane…

Do you agree? I look forward to hearing your thoughts.

All the best – Susan

P.S. If you are leading a new strategy, or getting an initiative back on track, check out our De-Risk System for Impact. It’s a practical way to anticipate the risks of your strategy and put a plan in place to address them. Happy to discuss how they might apply to your situation.

Your mission is too important. Don’t let it get derailed.

Susan Schramm, Founder, Go to Market Impact susan.schramm@gotomarketimpact.com