L'histoire des Alpes n'est pas la seule bonne conseillère : l'histoire des entreprises est riche en enseignements. Écoutons ce qu'un entrepreneur de 95 ans peut nous dire de précieux.
This is a brilliant parallel that I hadn't considered before - the structural decline of Berkshire's textile business and Alpine ski resorts both facing an unchangeable reality. What strikes me most is the "parade" analogy: everyone standing on tiptoes simultaneously, investing more capital just to maintain the same relative postion.
Buffett's 20-year hesitation wasn't weakness, it was humanity. The commuity employment angle, the loyalt of workers, the local pride - these are exactly the forces that make rational capital reallocation so emotionally difficult. But waiting too long just shrinks the cushion you need to pivot. The "chronically-leaking boat" metaphor is perfect: patching holes feels productive, but changing vessels is what actually saves you. For Alpine communities, the question isn't whether to diversify into valley PMEs and industrial infrastructure - it's whether they'll move while they still have capital to deploy or wait until the options narrow to desperation.
This is a brilliant parallel that I hadn't considered before - the structural decline of Berkshire's textile business and Alpine ski resorts both facing an unchangeable reality. What strikes me most is the "parade" analogy: everyone standing on tiptoes simultaneously, investing more capital just to maintain the same relative postion.
Buffett's 20-year hesitation wasn't weakness, it was humanity. The commuity employment angle, the loyalt of workers, the local pride - these are exactly the forces that make rational capital reallocation so emotionally difficult. But waiting too long just shrinks the cushion you need to pivot. The "chronically-leaking boat" metaphor is perfect: patching holes feels productive, but changing vessels is what actually saves you. For Alpine communities, the question isn't whether to diversify into valley PMEs and industrial infrastructure - it's whether they'll move while they still have capital to deploy or wait until the options narrow to desperation.