Buffett is widely recognized as an organizational genius, partly because he can run a company with 340,000 employees from a headquarters that has a staff of 25. More important, however, is that he leaves his 80 or so operating managers alone “to the point of abdication.” He can do this because Berkshire Hathaway has purchased only very successful businesses. “Buy into a business that’s doing so well an idiot can run it,” Buffett has said, “because sooner or later, one will.”

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A ham sandwich could run Coca-Cola."

Believe it or not, that's a compliment to Coke. It speaks to why it's Berkshire Hathaway's biggest stock holding. As Peter Lynch put it, "Go for a business that any idiot can run -- because sooner or later, any idiot probably is going to run it.