Thread

Warren Buffett Steps Down as Berkshire Chairman, Names Son to Replace Him

323 points · 221 comments · saimiam

dugmartin · 1789732295 · focus · HN ↗
I guess Warren’s quote only applies to other people, not him. "It’s like choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics." (<a href="https://www.nytimes.com/2001/02/14/us/dozens-of-rich-americans-join-in-fight-to-retain-the-estate-tax.html" rel="nofollow">https://www.nytimes.com/2001/02/14/us/dozens-of-rich-america...)
1. nlitened · 1789734152 · focus · HN ↗
  As I understand, the son is there not to lead the company (Greg Abel is the CEO), but to oversee their family's share in the enterprise.
  1. yuuu · 1789734967 · focus · HN ↗
    I thought he was giving away 99% of his wealth?
    mrlonglong · 1789735636 · focus · HN ↗
    Can he give me a few million then?
    andrewstuart · 1789736377 · focus · HN ↗
    And me please. 2 mill.
    ozim · 1789739614 · focus · HN ↗
    Few million?
    I would be set for the rest of my life if I got half a mill falling from sky today, I guess I could even make it work with 250k.
    Currently I am pondering how absurd amount of money a billion of dollars is. When loads of people can only -earn and eat through/spend not save- $1 million; working their asses off for something like 20 years.
    david-gpu · 1789740068 · focus · HN ↗
    For what it is worth, if you want your withdrawals to last for decades, then you are limited to around a yearly inflation-adjusted cap of around 3% of the original principal per year, gross of taxes, if you invest in low-cost passive index funds. That is a budget of $30K/year for every million you have invested in the market.
    If you are interested, the /r/fire and /r/financialindependence subreddits are useful.
    quickthrowman · 1789761241 · focus · HN ↗
    > I would be set for the rest of my life if I got half a mill falling from sky today, I guess I could even make it work with 250k.
    Maybe you only have a few years left to live? If not, I’m not sure where one can live on $10,000 to $15,000 a year and pay for shelter, food, clothing, and healthcare. It costs more than that per year for health insurance for one adult over 40 in the US.
    That is what $500k grants you, chop those in half for $250k.
    mrlonglong · 1789826880 · focus · HN ↗
    This is the biggest argument for socialism, you pay the taxes, get free health care and free education, every one gets the same irrespective of their status. Why do Americans get scared every time they hear "socialism"? Is it because billionaires have told them it's like "communism"? Are they so brainwashed they can't vote for policies to enable this sort of thing? No wonder the life expectancy in the US is lower than in Europe.
    stockresearcher · 1789831817 · focus · HN ↗
    > pondering how absurd amount of money…
    You may enjoy reading Brewster’s Millions, or watching one of the many movie adaptations made over the years.
    <a href="https://en.wikipedia.org/wiki/Brewster's_Millions" rel="nofollow">https://en.wikipedia.org/wiki/Brewster's_Millions

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