--- title: "Meaning & Key Takeaway of: Buffett also reaffirmed that they like…" description: "\"“Buffett also reaffirmed that they like John Gutfreund, Chairman of Salomon Brothers, very much. Munger (whose favorite expression seemed to be, “It’s ..." image: "https://sms4smile.com/quotes/i/ae1/daniel-pecaut-18840_customer_buffett-also-reaffirmed-that-they-like-j_3009932.jpg" --- # Buffett also reaffirmed that they like John Gutfreund… ![“Buffett also reaffirmed that they like John Gutfreund, Chairman of Salomon Brothers, very much. Munger (whose favorite expression seemed to be, “It’s one tough business.”) made one of his only enthusiastic comments of the day: “Salomon is deep in talent—the ultimate meritocracy—and with that…” quote by Daniel Pecaut](https://sms4smile.com/quotes/i/ae1/daniel-pecaut-18840_customer_buffett-also-reaffirmed-that-they-like-j_3009932.jpg) [Download](https://sms4smile.com/quotes/i/ae1/daniel-pecaut-18840_customer_buffett-also-reaffirmed-that-they-like-j_3009932.jpg) [Open image](https://sms4smile.com/quotes/i/ae1/daniel-pecaut-18840_customer_buffett-also-reaffirmed-that-they-like-j_3009932.jpg) > ““Buffett also reaffirmed that they like John Gutfreund, Chairman of Salomon Brothers, very much. Munger (whose favorite expression seemed to be, “It’s one tough business.”) made one of his only enthusiastic comments of the day: “Salomon is deep in talent—the ultimate meritocracy—and with that talent may do very well over time.” It appears to me that Salomon Brothers, which is selling below book value, may be an excellent long-term core holding. On”” [Daniel Pecaut](https://sms4smile.com/quotes/author/daniel-pecaut/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Salomon Brothers, undervalued but talent‑rich, is seen as a meritocratic firm with strong long‑term potential despite market doubts. **In simple terms:** Undervalued firm with talent may succeed long term. Key Takeaway Consider investing in meritocratic, undervalued companies. Themes investment meritocracy long‑term value Mood analytical optimistic Type financial strategic When to use this quote - stock selection - portfolio diversification - business case studies - risk assessment Key Concepts finance organizational behavior market analysis Questions to Reflect On - What factors indicate a firm’s meritocratic culture? - How do you evaluate long‑term investment risk? A Different Perspective Market volatility can affect returns. ★ ★ ★ ★ ★ No ratings yet [Customer](https://sms4smile.com/quotes/about/customer/) ## Related quotes > [“What Gutfreund said has become a legend at Salomon Brothers and a visceral part of its corporate identity. He said: “One hand, one million…](https://sms4smile.com/quotes/michael-lewis/what-gutfreund-said-has-become-a-legend-at-salomon-brothers-and-a/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) > [“A man must be a Salomon before his magical ring will work. (Hafiz)”](https://sms4smile.com/quotes/idries-shah/a-man-must-be-a-salomon-before-his-magical-ring-will-work-hafiz/) [Idries Shah](https://sms4smile.com/quotes/author/idries-shah/) > [“A big bonus was about as well concealed on the Salomon Brothers trading floor as the results of a hot date in a high…](https://sms4smile.com/quotes/michael-lewis/a-big-bonus-was-about-as-well-concealed-on-the-salomon-brothers/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) > [“Donnie Green himself had been a trader at Salomon Brothers in the dark ages, when traders had more hair on their chests than on…](https://sms4smile.com/quotes/michael-lewis/donnie-green-himself-had-been-a-trader-at-salomon-brothers-in-the/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) > [Salomon Brothers, E. F. 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Think AS the market.](https://sms4smile.com/quotes/michael-fishman/don-t-think-of-the-market-think-as-the-market/) Michael Fishman > [The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.](https://sms4smile.com/quotes/benjamin-graham/the-purpose-of-this-book-is-to-supply-in-the-form-suitable-for-laymen/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [Many early-stage entrepreneurs make one simple mistake: Describing this 'big picture' in vague concepts and words.](https://sms4smile.com/quotes/sunil-nagaraj/many-early-stage-entrepreneurs-make-one-simple-mistake-describing/) [Sunil Nagaraj](https://sms4smile.com/quotes/author/sunil-nagaraj/) > [Amongst the financial Twitterati, the term 'muppets' has come to describe any client used and abused by some financial predator. 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The timing of these epidemics will be…](https://sms4smile.com/quotes/daniel-pecaut/occasional-outbreaks-of-those-two-super-contagious-diseases-fear-and/) [Daniel Pecaut](https://sms4smile.com/quotes/author/daniel-pecaut/) [Explore all 34 Daniel Pecaut quotes ](https://sms4smile.com/quotes/author/daniel-pecaut/) ## More Customer quotes > [“Start a business, not a startup”](https://sms4smile.com/quotes/anonymous/start-a-business-not-a-startup/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [Amongst the financial Twitterati, the term 'muppets' has come to describe any client used and abused by some financial predator. 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Not necessarily.](https://sms4smile.com/quotes/ben-bernanke/if-wall-street-crashes-does-main-street-follow-not-necessarily/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The exact details of how you practice value investing will vary investor to investor, but the fundamental principle of scouring the world, looking for…](https://sms4smile.com/quotes/whitney-tilson/the-exact-details-of-how-you-practice-value-investing-will-vary/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [The best way to hold customers is to constantly figure out how to give them more for less.](https://sms4smile.com/quotes/philip-kotler/the-best-way-to-hold-customers-is-to-constantly-figure-out-how-to/) [Philip Kotler](https://sms4smile.com/quotes/author/philip-kotler/) > [Perhaps the most important reason to be skeptical of government inflation numbers is that the government, like a fox campaigning to guard a hen…](https://sms4smile.com/quotes/peter-schiff/perhaps-the-most-important-reason-to-be-skeptical-of-government/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [When the dollar collapses, it's not doing it in a vacuum. 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I think an investor should believe him and invest accordingly.](https://sms4smile.com/quotes/bill-gross/damn-inflation-full-speed-ahead-greenspan-has-said-in-both-action-and/) [Bill Gross](https://sms4smile.com/quotes/author/bill-gross/) > [“When companies get big, they devote most of their care and feeding to the business that got them big. 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Munger (whose favorite expression seemed to be, “It’s one tough business.”) made one of his only enthusiastic comments of the day: “Salomon is deep in talent—the ultimate meritocracy—and with that talent may do very well over time.” It appears to me that Salomon Brothers, which is selling below book value, may be an excellent long-term core holding. 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