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?
    Waterluvian · 1789739929 · focus · HN ↗
    Most of them seemingly have control problems where even if they do, it is in the form of a giant money pile still under their control that they give away the returns of, usually also completely under their control.
    toomuchtodo · 1789740361 · focus · HN ↗
    What's interesting is they cannot, but their ex partners go much further in their giving (Melinda French, MacKenzie Scott, for example).
    graemep · 1789754827 · focus · HN ↗
    That is because the exes were not people who had the same drive for money and power. They did not need to cling on to more than they would ever spend.

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