Sam Hinkie was an undisputed failure as General Manager of the Philadelphia 76ers. But today he went out with class as he penned a beautifully written letter, chock full of wisdom.
In May of 1969, a 38-year-old Warren Buffett sat down at a typewriter to inform his investors that he was closing his fund (then Buffett Partnership). His reason: market conditions were such that he no longer had the requisite confidence that he could make good decisions on behalf of the investors and deliver on his commitments to them. So he would stop investing on their behalf.
For me, that’s today. Given all the changes to our organization, I no longer have the confidence that I can make good decisions on behalf of investors in the Sixers—you. So I should step down. And I have
Go check out the whole thing, immediately.