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

323 points · 221 comments · saimiam

  1. dugmartin · · focus · HN ↗
    I guess Warren’s quote only applies to other people, not him. &quot;It’s like choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics.&quot; (<a href="https:&#x2F;&#x2F;www.nytimes.com&#x2F;2001&#x2F;02&#x2F;14&#x2F;us&#x2F;dozens-of-rich-americans-join-in-fight-to-retain-the-estate-tax.html" rel="nofollow">https:&#x2F;&#x2F;www.nytimes.com&#x2F;2001&#x2F;02&#x2F;14&#x2F;us&#x2F;dozens-of-rich-america...)
    1. nlitened · · focus · HN ↗
      As I understand, the son is there not to lead the company (Greg Abel is the CEO), but to oversee their family&#x27;s share in the enterprise.
      1. yuuu · · focus · HN ↗
        I thought he was giving away 99% of his wealth?
        1. sarjann · · focus · HN ↗
          Probably in a charitable trust that will be managed by the family. With the trust owning the shares.
          1. nostrademons · · focus · HN ↗
            He was giving it to the Gates Foundation for Bill &amp; Melinda Gates to manage, but that deal went into limbo when Bill showed up in the Epstein files and Melinda divorced him.
            1. csdreamer7 · · focus · HN ↗
              The money he is giving away is going to foundations managed by his children (last I read).
              1. bluGill · · focus · HN ↗
                Though unlikely the case here, family foundations should always be looked at as a likely source of corruption.

                You cannot bribe me directly - that would be caught. However you can donate money to my family foundation and my kids (or spouse) will draw a large salary from it while doing almost nothing and they do some good for the world so it looks like a charity. Of course the kids&#x2F;spouse will support me in various ways that all rich kids will.

                Again, probably not what is happening here, but every time you hear of a family foundation you should ask who they are using it to corruption in some form. Even when it doesn&#x27;t seem to be you should still look.

                1. mcdonje · · focus · HN ↗
                  Even if that kind of corruption isn&#x27;t there, these charities are still a net negative for society. Why do the super rich rail against taxes but then donate all of their money to family foundations? There are multiple reasons. Pull on that thread.
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