I’ve talked before about how much I admire Warren Buffett’s writing.

Warren Buffett, of course, is the absolutely legendary investor known for his remarkable success in the stock market and for his leadership of the multinational conglomerate holding company Berkshire Hathaway.

Buffett’s approach of buying undervalued companies with strong fundamentals and holding them long-term has made him one of the wealthiest people in the world.

What interests me about Warren Buffett, however, is his remarkable ability to communicate the values and strategies that underlie his decisions.

Every year, he writes his “Letters to Shareholders” to the shareholders of Berkshire Hathaway.

I know nothing about finance, and I don’t read those letters for investment advice, but because I so admire his ability to turn a phrase, use a metaphor from everyday life, or use a little joke or aside to make his point clearer and more persuasive.

I often find myself quoting many of Buffett’s best lines. For instance, I love something he wrote in his discussion of managers, when he observes, “Good jockeys will do well on good horses, but not on broken-down nags.”

Meaning, a good manager can succeed when leading a good business, but being a good manager doesn’t guarantee that someone can succeed under any conditions. (What Buffett didn’t say, but that I might add, is that sometimes a mediocre jockey will do well on an outstanding horse.)

A few weeks ago, I invoked this phrase at a conference, when I found myself in a discussion about the fates of various media outlets. I was arguing that many forces are making media businesses far more difficult than it is in the past, and so someone leading one of those organizations may not be able to succeed, not because they aren’t good leaders, but because systemic changes are crushing their industry.

I made a few points, then summarized myself by saying, “As Warren Buffett put it, ‘Good jockeys do well on good horses, but not on broken-down nags.’” Everyone nodded soberly. It’s memorable because it’s a succinct and memorable way to make an important point. Even very talented people won’t succeed if they’re working in very unfavorable conditions.

If you want to hear a funny story about Warren Buffett and his grandfather, you can listen to this episode of “A Little Happier.”