Warren Buffett：The Institutional Imperative
Warren Buffett《1989 Chairman's Letter》· Mistakes of the First Twenty-five Years (A Condensed Version) · Decision · Cognition · Leadership · Human nature · Learning
Institutional dynamics, not venality or stupidity, set businesses on these courses, which are too often misguided.
Source：
https://www.berkshirehathaway.com/letters/1989.html
Locator：1989 Chairman's Letter, Mistakes of the First Twenty-five Years · Verified：2026-10-19 · Verification：Short excerpt
Reading
Businesses go astray less from greed or stupidity than from the inertia of institutional dynamics.
Context
From the 'Mistakes of the First Twenty-five Years' section of the 1989 Berkshire letter. Buffett argues that rationality wilts under the institutional imperative: the pressure to imitate, expand, and conform.
Today's question
Which recent decision in your team was made because 'everyone does it' rather than because it was the most rational?
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