Why do we look for the Good Housekeeping Seal of Approval? When Berkshire Hathaway takes a position in a company, why do we believe that this is a fundamentally good company, even if it is underperforming? It’s simple – Reputation, with a capital R.

Throughout the centuries, great thinkers and leaders have talked about it. Yet reputation remains an elusive, amorphous concept that called to mind that famous Supreme Court reference to pornography – it’s difficult to define but you know it when you see it.