Speaking to MBA students about the importance of integrity in business.

Delivered during his legendary 1998 University of Florida speech, this line distills Buffett's view on character. He told students that if they had to choose between integrity, intelligence, and energy, integrity is non-negotiable. A person without integrity will eventually use their intelligence and energy against you. Berkshire's culture of trust-based delegation — where Buffett gives managers enormous autonomy — only works because he hires people with unshakeable integrity.

In an era of corporate scandals, data breaches, and social media cancellations, reputation has never been more fragile or more valuable. For investors, assessing management integrity is a critical but often overlooked part of due diligence. A single ethical lapse can destroy decades of shareholder value.

In business and investing, prioritize integrity over short-term gains. When evaluating companies, read annual letters for management candor, check historical accounting restatements, and avoid leaders with a pattern of overpromising. In your own career, protect your reputation fiercely — it's your most valuable intangible asset.