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巴菲特致股东的信原文精读Day305：
原文：Institutional dynamics, not venality or stupidity, set businesses on these courses, which are too often misguided. After making some expensive mistakes because I ignored the power of the imperative, I have tried to organize and manag...
更通俗讲，就是行业或企业惯性惯性通病，各家企业内部官僚横行，唯领导命令行事，盲目追求创新；行业内企业之间疯狂加杠杆或无谓兼并。