For any relationship to work, it has to be rooted in truth. Whether its with your employees or customers, be as transparent as possible. It’s more important than you know.
“A few years back, I spent about $2 billion buying several bond issues of Energy Future Holdings, an electric utility operation serving portions of Texas. That was a mistake – a big mistake --- However things turn out, I totally miscalculated the gain/loss probabilities when I purchased the bonds. In tennis parlance, this was a major unforced error by your chairman.” - Warren Buffet
Never be afraid to make mistakes, but even more important is to own up to them. Warren Buffet, the world’s greatest investor still publicly talks about his losses. It is one of the things that make him who he is.
Be honest. The ROI of some things are far too much to be calculated monetarily.
#CieraAdvisors #investmentbanking #venturecapital #corporatefinance #startups #gain #loss #bonds #honesty #truth