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Berkshire has about 70 CEOs that he has to manage. How does he keep them motivated and in sync with his interests? The best thing to do is to work with people who are already 95% of the way there. He makes the sole compensation decision. In his career, he has never had anyone leave him to go work for a competitor. He doesn’t believe in making earnings projections. If you do that, then people will tend to cheat. There are businesses that are capital intensive, and there are businesses in which capital doesn’t matter. There are different compensation packages based on the different economics involved with the different businesses. One thing that Buffett never does is to move the target around year by year.