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. mgfist · 1789737038 · focus · HN ↗
    > but to oversee their family's share in the enterprise
    Not exactly, he's there to oversee the culture of Berkshire and ensure it's continuity. Buffett is donating all of his wealth (and has already donated $66B), so there isn't a fortune to protect.
    Berkshire is an institution of sorts at this point, and requires strong stewardship to prevent enshittification (for lack of a better word).
    almostarockstar · 1789737874 · focus · HN ↗
    Some better words just off the top of my head:
    - to prevent institutional degradation.
    - to avoid cultural shift for the worse.
    - to keep hold of and nurture that culture.
    idiotsecant · 1789746552 · focus · HN ↗
    no, enshittification is accurate.

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