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. Iolaum · 1789734174 · focus · HN ↗
  While I liked your comment enough to upvote, I then realized that Chairman isn't an operational position. It's more a position where the person can exercise ownership of a company (to put it in layman terms). In your analogy he wouldn't be the athlete, more like the person who gets the winning money (assuming his son also has shares) and chooses the trainer/coach of the athletes (which still needs skill btw).
  1. mcculley · 1789736191 · focus · HN ↗
    But we have been told for a long time that Buffett was a very active Chairman.
    kristianc · 1789736956 · focus · HN ↗
    Whose strategy is explicitly to hold good stocks for a very long time.
    [deleted] · 1789750797 · focus · HN ↗
    [deleted]
    mgfist · 1789737147 · focus · HN ↗
    Warren was CEO until 9 months ago. While yes, he's been chairman for 50 years, he's been an exclusive chairman for only 9 months. The role is ambiguous anyways and it's pretty obvious that someone else won't have the authority Warren has. And his son has been a director for 30 years so it's not like he's a new hire
    mcculley · 1789824311 · focus · HN ↗
    I appreciate this correction as I had misremembered his dual roles.
    jjallen · 1789739010 · focus · HN ↗
    He was chairman and CEO for a long time. Since he has only been a chairman for not that long I don't think it's fair to say that he's been a very active chairman for a long time.
    mcculley · 1789824320 · focus · HN ↗
    I appreciate this correction as I had misremembered his dual roles.

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