Enduring Leadership: Lessons From The Mayo Clinic

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In a recent Berkshire Hathaway shareholder letter, Warren Buffett wrote, "If a business requires a superstar to produce great results, the business itself cannot be deemed great. A medical partnership led by your area's premier brain surgeon may enjoy outsized and growing earnings, but that tells little about its future. The partnership's moat will go when the surgeon goes. You can count, though, on the moat of the Mayo Clinic to endure, even though you can't name its CEO."