Warren Buffett: Best mechanism you can have

“What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact…. That is a talent everyone seems to have mastered. And how do we guard ourselves against it? Well, we don’t achieve it perfectly. I mean, Charlie and I have made big mistakes because, in effect, we have been unwilling to look afresh at something…. That happens. [But] I think that reporting on yourself, and giving the report honestly, whether you do it through an annual report or do it through some other mechanism, is very useful….[And] I would say a partner, who is not subservient, and who himself is extremely logical…is probably the best mechanism you can have.”

—Warren Buffett.