Berkshire Hathaway

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#41
Meet the sheriff Howard Buffett, Warren Buffett’s heir to Berkshire Hathaway

ANUPREETA DAS THE WALL STREET JOURNAL MAY 04, 2014 11:03AM

Berkshire's Heir Apparent: Warren's Eldest Son 3:58
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Howard Buffett is a farmer, philanthropist and volunteer sheriff. He is now also tapped to take over Berkshire Hathaway when his father, Warren Buffett, passes away. WSJ's Anupreeta Das discusses her interview with the next head of Berkshire. Photo: Bob Stefko for The Wall Street Journal

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Howard Buffett, Berkshire Hathaway's heir apparent, pictured in his role as Macon County,Howard Buffett, Berkshire Hathaway's heir apparent, pictured in his role as Macon County, Illinois, auxiliary local sheriff. Picture: Bob Stefko for The Wall Street Journal Source: The Wall Street Journal <>
Berkshire's Heir Apparent: Warren's Elde...Howard Buffett, Berkshire Hathaway's hei...
HOWARD Buffett’s mobile phone rang one recent afternoon to the tune of a Rolling Stones hit. “Start me up,” he answered. The sheriff of Macon County, Illinois, was on the line.

Hours later, the eldest son of investor Warren Buffett was patrolling the streets here in his hometown in a bulletproof vest with a Glock 22 .40-calibre pistol strapped to his hip, fulfilling his duties as an auxiliary deputy sheriff. Already this year, he has logged more than 225 hours as an unpaid volunteer deputy in two counties in central Illinois and one in Arizona.

“People say, ‘Oh, Howard Buffett, the billionaire’s son.’ But he’s just one of us,” says Macon County sheriff Tom Schneider, a friend. “He’s got a youthful enthusiasm … He’s the first one digging the ditch.”

For most of his life, the younger Mr Buffett has indulged many interests far outside his father’s sphere of influence. A college dropout, Mr Buffett, 59, is a corn and soybean farmer, a conservationist, a philanthropist, a globetrotting photographer and an author.

But the day may not be far off when Mr Buffett will be presiding over the $300 billion conglomerate that his father built into one of the world’s most admired corporate entities. “Howie,” as Warren Buffett calls him, is his father’s choice to be the next chairman of Berkshire Hathaway.

The title is a nonexecutive one, meaning Howard Buffett won’t be in charge of making investments or overseeing day-to-day operations of the huge company and its 70-odd subsidiaries. His role, as laid out by his father, will be to keep watch over Berkshire’s culture and values. It won’t begin until his 83-year-old father is no longer alive or running the company, and the board approves his ascension.

Given Warren Buffett’s age and brush with prostate cancer in 2012, succession issues already are on the minds of shareholders, who gather in Omaha, Nebraska, this weekend for Berkshire’s annual meeting. Interviews with shareholders suggest that many know little about Howard Buffett beyond that he is a farmer who has been heavily involved in giving away his father’s money.

At last year’s annual meeting, hedge-fund manager Doug Kass asked, “Away from the accident of birth, how is Howard the most qualified person to take on this job?” Mr Kass, whose fund has bet against Berkshire Hathaway’s stock, had been invited by Warren Buffett to join a panel posing questions to him.

The elder Buffett responded that his son, having grown up at his side, was ideally suited to the role of watching over Berkshire’s culture and values. Those include a relentless focus on shareholders and giving managers of its far-flung operations great latitude to make decisions.

Howard Buffett says he is unfazed by the increased attention. “Most people don’t know my business background,” he says, referring to one-time executive positions at two companies and service on several corporate boards. “They think I’m a farmer and now I have the foundation” — his philanthropic organisation, funded by his father.

People who have worked with Howard Buffett over the years say he shares many traits with his father: plain-spoken, confident in his judgments and sceptical of those who value expertise over common sense. Both men also enjoy their sodas — Cherry Coke for father, Mr Pibb Zero for son — and their wisecracks.

But unlike the elder Buffett, who hunts for useful minutiae in books and balance sheets, Howard Buffett says he prefers to learn by doing.

“I’m mellowing, but still kind of wild,” he says. “Why else are we going out with the sheriff for the afternoon, putting on a bulletproof vest and a gun? People ask, ‘Why are you doing that?’ But for me, it’s a whole new learning experience.”

Being chairman of Berkshire won’t be “rocket science,” he says. “I understand exactly what my dad wants me to do conceptually, and I can certainly do it.” That includes making sure top executives don’t misuse their power, he says, while simultaneously staying “out of the CEO’s way.”

Howard Graham Buffett got his middle name from Benjamin Graham, an investor who influenced his father. He grew up in Omaha, where his father built a conglomerate of businesses around a struggling New Bedford, Massachusetts, textile mill called Berkshire Hathaway. He attended several colleges without graduating and held a number of jobs through his 20s, including a two-year stint at Berkshire-owned See’s Candies.

In 1986, his father bought a 400-acre farm north of Omaha and rented it to his son. That kindled his self-confessed “love affair” with planting and harvesting and indulged his passion for big machines. Today Mr Buffett jokes that he is “overcapitalised” with tractors and that his local John Deere distributor calls him his “best customer per acre.” He owns seven John Deere tractors.

Mr. Buffett moved to Decatur, in central Illinois, in 1992 to take a job with Archer Daniels Midland, the grain-processing giant based whose board he had joined the previous year. For four years, he held several senior positions, including head of investor relations, and helped develop business in Mexico and Central America.

During that time, in 1993, he joined the boards of his father’s company and of bottling company Coca-Cola Enterprises, before Coca-Cola Co., in which Berkshire Hathaway has long held a major stake, bought its North American bottling operations. Later, he served for several years on the board of consumer-foods giant ConAgra Foods Inc.

Mr Buffett says he left Archer Daniels in 1995 because he didn’t trust how the company was going to handle a federal investigation into price fixing. The following year, the company pleaded guilty to fixing prices and paid a $100 million fine. “That was 20 years ago,” says an ADM spokeswoman. “We are a different company today.”

He continued to live in Decatur with his wife, Devon. They have a 30-year-old son, Howard Warren, and four daughters from Ms Buffett’s previous marriage. He became a partner and investor at GSI Group Inc., a large maker of steel grain bins, staying for six years. He sold his 5 per cent stake in 2001.

In 1999, his father gave each of his three children a chunk of Berkshire stock to use for charitable purposes, incorporating three foundations. The Howard G. Buffett Foundation began disbursing money globally in 2000 to causes such as conservation and food security.

As Howard Buffett was trying different things, his father was building Berkshire into a diversified behemoth. It owns stocks and bonds as well as insurance, energy, industrial and other businesses. Between 1965 and 2013, Berkshire delivered a compounded annual gain of nearly 20 per cent for shareholders, compared with a 9.8 per cent for the S & P 500 stock index.

Lately, some shareholders have clamoured for a dividend, which the company has never paid. Others worry that the sprawling entity is held together only by the presence of the elder Mr Buffett and his partner Charlie Munger, vice chairman, who is 90. The concern is that without their stewardship, top Berkshire managers could leave or a successor could split the company into smaller units.

The senior Mr Buffett, who was successfully treated for cancer, has spent the past few years planning for succession. He has said his job will be divided into three once he is gone — a CEO, a nonexecutive chairman and investment managers. In 2012, he said the board had picked a CEO candidate and two backup candidates, but didn’t disclose names. Mr Buffett has hired two investment managers, Ted Weschler and Todd Combs, to eventually oversee Berkshire’s $107 billion stock portfolio.

In naming his son as the future nonexecutive chairman, Mr. Buffett has said he is mainly concerned with trying to prevent a future CEO from turning Berkshire into a “personal sandbox” at the expense of shareholders. He says he also wants to uphold a culture of candour and autonomy among managers.

“I don’t see him as being like Paul Revere, yelling ‘the British are coming,’” he says of his son. “But I do see [his role] as when directors get uneasy with the CEO, they can have a meeting” with the chairman and facilitate changes where necessary.

Warren Buffett says he believes the odds of such problems are remote. Tensions have arisen at other companies. A decade ago, Roy Disney, a nephew of Walt Disney Co.’s eponymous founder, mounted a campaign against then-CEO and Chairman Michael Eisner. Mr Disney felt Mr Eisner wasn’t true to the company’s creative spirit and values. Mr Eisner was ousted as chairman in a coup led by Mr Disney and eventually stepped down as CEO. Mr Eisner has said his departure had nothing to do with Disney’s crises. Mr Disney died in 2009.

As a Berkshire director, Howard Buffett is one of the few people who knows who will succeed his father as CEO. When he becomes nonexecutive chairman, he says, he doesn’t expect to be involved with acquisitions or operations beyond regular board meetings.

Mr Buffett says he won’t try to force Berkshire to remain the way it is for sentimental reasons, but will keep an open mind about the best way to deliver shareholder value. “Whether that means paying a dividend or something else, the board will always look” to do the right thing, he says.

One thing he is sentimental about is Omaha. Mr Buffett says he never would allow Berkshire’s headquarters to leave the Nebraska city.

In recent years, Howard and his two siblings, Susan and Peter, have devoted considerable time to giving away a chunk of his father’s fortune. In 2006, Warren Buffett said he would direct the bulk of it to a foundation run by Microsoft chairman Bill Gates and his wife Melinda, but he also pledged large sums to his children’s foundations. In 2012, he doubled his original pledges to his children.

The hedge-fund manager who questioned Howard Buffett’s qualifications says he isn’t yet satisfied that the son is up to the chairman’s job. “Berkshire is an increasingly complex entity,” Mr Kass says. “Doesn’t that mean that the chairman [should have] had experience in the management of companies, trading large sums of securities, and is more than just a supporter of Berkshire culture?”

Howard Buffett says he is accustomed to sceptics taking him lightly. When he was a Nebraska county commissioner between 1989 and 1992, Mr Buffett says, they jokingly called him an S.O.B. — son of a billionaire.

People who have worked with him say he is direct but easygoing, with an open mind and little patience for by-the-book thinking.

Fellow philanthropist Shannon Sedgwick Davis recalls travelling with Mr Buffett in a car, teary-eyed after a harrowing visit to eastern Congo, when she felt something land on her lap. It was a pack of cherry Twizzlers, which she says cheered her up. “I remember thinking, ‘Who brings Twizzlers to the middle of a jungle?’ You can’t be fooled by Howard’s sense of joy and fun.”

The Howard G. Buffett Foundation already has disbursed around $530 million. It has estimated that by 2045, when the last of his father’s wealth will be distributed, it will have received more than $7 billion.

“Howie’s an Indiana Jones all the way,” his father says of his philanthropy. “He’s always been on the go. He’s got boundless energy and curiosity, and a good heart.”

His board activity isn’t as well known. Currently, besides serving on Berkshire’s board, he is a director at Coca-Cola and at irrigation-infrastructure company Lindsay Corp.

Mr. Buffett says he has come a long way from his first stint as a director, which felt like an “Accounting 101” lesson. He says he is wary of activist investors and believes that informal conversations with fellow directors outside the boardroom often can resolve disagreements. He says he believes executive pay should have a reasonable base, with higher amounts tied to performance.

Coca-Cola executives say they have found Mr Buffett’s connections helpful in dealing with government officials and other leaders in emerging markets. Coke Chief Executive Muhtar Kent said in an email Mr Buffett’s knowledge of such markets had helped “guide my thinking.”

Berkshire’s longtime reinsurance business chief, Ajit Jain, whom analysts consider a potential CEO successor, says he values Mr Buffett’s understanding of business enough that he has tried to coax him, over lunches in New York, to get more involved in Berkshire. But Mr Buffett has been more interested in other pursuits, he says. Mr Jain says he believes Mr Buffett is the right choice for the chairman’s role.

Howard Buffett says his father never made a concerted effort to teach his children about business or investing, but instilled in him the value of money early on by tying pocket money to household chores. He and his siblings would hear snippets of conversation on the phone or at the dinner table, absorbing them by “osmosis.” His business education, he says, is “not something you can buy or read about. It’s something that came with life.”

Some shareholders say that if Warren Buffett thinks his son is the best choice, that is good enough for them. “[Warren] Buffett is totally unemotional, which is one of the reasons he’s a phenomenal investor,” says Paul Lountzis, whose firm Lountzis Asset Management owns Berkshire shares. “Why would anyone think he would do anything to jeopardise a lifetime of work?”

This story originally appeared in The Wall Street Journal
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#42
2014年巴菲特股东大会
http://finance.ifeng.com/stock/special/buffett2014/

http://investideas.net/forum/viewtopic.p...&start=130
You can find more of my postings in http://investideas.net/forum/
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#43
http://blogs.marketwatch.com/thetell/201...live-blog/
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#44
http://www.cnbc.com/id/101914667

Buffett's Berkshire hits $200,000 milestone
Alex Crippen | @alexcrippen
56 Mins Ago
CNBC.com
12
COMMENTSJoin the Discussion
For the first time ever, a Class A share of Berkshire Hathaway will cost you more than $200,000. That's just one share for the price of a nice 6-bedroom, 4-bath house in Omaha.

The stock hit the milestone about 45 minutes after the start of trading today.

While many companies use stock splits to keep their per-share price under $1000, or even below $100, Warren Buffett isn't a fan of that manuever because he thinks it encourages short-term trading rather than long-term ownership.

Read More10 top brands Buffett's Berkshire Hathaway owns

As a result, Berkshire's Class A has, by far, the largest dollar price per share for any stock trading in the U.S.

(Number two on the list: agribusiness and transportation company Seaboard at just under $2,900 per share.)


Berkshire first closed above $1,000 per share almost 31 years ago on August 26, 1983, a few days before Buffett celebrated his 53rd birthday.

It took almost another 9 years to reach $10,000 on October 16, 1992.

The stock closed at $100,000 a share just over 14 years after that on October 23, 2006.

Read MoreHow should Buffett spend all that cash?

After closing as high as $149,200 on December 10, 2007, Berkshire dropped along with the rest of the stock market during the credit crisis, closing as low as $72,400 on March 5, 2009. That was a drop of 51.5 percent.

Since then, Berkshire has soared around 176 percent, compared to the benchmark S&P's 183 percent surge.

(Berkshire's Class B shares have been split and were added to the S&P in early 2010. They're now trading around $133 each.)

The Class A stock price has remained in six-digit territory since January, 2010.
With Berkshire's stock at the $200,000 level, the company has a market value of more than $167 billion.

Buffett has been giving away big chunks of his Berkshire stock to charity over the past 8 years, but he still owned 321,000 Class A shares as of mid-July. That stock is now worth $64.2 billion.

—By CNBC's Alex Crippen. Follow him on Twitter: @alexcrippen
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#45
Berkshire to enter auto market
DOW JONES NEWSWIRES OCTOBER 03, 2014 12:00AM

Legendary investor Warren Buffett has set his sights on the auto market.

His firm Berkshire Hathaway Inc unveiled plans Thursday to buy Van Tuyl Group, the largest privately owned auto dealership group in the US

Mr Buffett, who declined to disclose the deal's value during an interview with CNBC, said he sees long-term value in auto dealerships -- a highly fragmented market that he could help to consolidate.

"I fully expect we'll buy a lot more dealerships over time" he said. "We will hear, I predict, from hundreds of dealerships in the next year."

He said the fundamental demand for cars hasn't decreased, despite a shrinking number of auto dealers. He added the average dealership does more business now than 30 to 40 years ago.

"We're buying this business for 100 years," he said.

Shares of auto dealers climbed Thursday in response to Mr Buffett's comments. AutoNation Inc., Sonic Automotive Inc. and Lithia Motors Inc. were among the top gainers.

After becoming part of the company, Van Tuyl will be known as Berkshire Hathaway Automotive and will continue to be led by Larry Van Tuyl, who will become chairman, and Jeff Rachor, who will assume the role of chief executive.

Van Tuyl has $8 billion in revenue and 78 independently operated dealerships with more than 100 franchises in 10 states.

"It would be on the Fortune 500 all by itself," Mr Buffett said on CNBC.

The deal is the latest example of a family-owned business turning to Mr Buffett and Berkshire Hathaway. Mr Buffett touts his desire to hold his acquisitions "forever" as a reason for closely held companies to seek out Berkshire for deals instead of turning to private-equity firms. Both Mr Buffett and Mr Van Tuyl, the firm's chief executive, said it was a major factor for the latest deal.

The acquisition is expected to close in the first quarter of next year and is subject to approval from the major auto manufacturers as well as various regulatory agencies.

Berkshire is a conglomerate with more than 70 operating subsidiaries including insurance, manufacturing, construction and retail businesses. At its core is an insurance business, which includes Geico Corp. and reinsurer General Re, that brings in billions of dollars from premiums paid by customers.

A serial acquirer, Berkshire also owns railroad Burlington Northern Santa Fe, chemical company Lubrizol Corp., paint company Benjamin Moore, Fruit of the Loom and See's Candies.

Meanwhile, during Thursday's interview on CNBC, Mr Buffett praised Coca-Cola Co.'s recently revamped executive compensation plan, which scales back stock options and shifts to more cash-based performance awards. Mr Buffett, who is Coke's largest shareholder with a 9 per cent stake, and other investors had called Coke's equity plan excessive.

"I think the new plan makes great, great sense," said Mr Buffett, who said he had two conversations with Coke Chief Executive Muhtar Kent about the plan. "I feel as good about my Coke investment as I've ever felt."

In August, Berkshire posted a record quarterly profit, a 41 per cent jump tied to gains at its railroad, energy and other businesses as the US economy continued its recovery.
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#46
Auto sector seems attracting big boys attention. Bitauto Holding, Chinese car listing website, is also getting hedge fund manager attention...

(02-10-2014, 11:32 PM)greengiraffe Wrote: Berkshire to enter auto market
DOW JONES NEWSWIRES OCTOBER 03, 2014 12:00AM

Legendary investor Warren Buffett has set his sights on the auto market.

His firm Berkshire Hathaway Inc unveiled plans Thursday to buy Van Tuyl Group, the largest privately owned auto dealership group in the US
...
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#47
Buffett cuts Tesco stake
DOW JONES NEWSWIRES WITH A STAFF REPORTER OCTOBER 16, 2014 10:00PM

Warren Buffett's Berkshire Hathaway Inc on Monday reduced its stake in Tesco PLC to less than 3 per cent, meaning Mr Buffett's "huge mistake" on the embattled UK supermarket chain just got smaller.

Berkshire held 3.98 per cent of Tesco, which announced the deal Thursday, as of September 24, according to Tesco's website, meaning it has since sold shares worth at least $US232 million at Monday's midmarket price.

Tesco, whose shares have lost almost half their value this year amid steady market-share declines, is investigating a £250 million ($US399.9 million) overstatement of its forecast first-half profit. The UK Financial Conduct Authority is also probing the error.

"I made a mistake on Tesco," Mr Buffett said in a television interview this month, after the company revealed the overstatement. "That was a huge mistake by me."

Tesco shares were down a penny, or 0.5 per cent, at 174 pence in morning London trading, valuing the company at £14.13 billion.
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#48
You can copy the portfolio, but not the temperament of Mr. Buffett. Big Grin

Buffett copycats risk a pounding as Berkshire portfolio suffers

NEW YORK - It's not been a good time for Warren Buffett wannabes.

Sharp drops in many of the stocks owned by Buffett's Berkshire Hathaway in recent weeks hit the sprawling conglomerate's equity portfolio hard. The loss on seven of those holdings alone totals more than $5 billion provided Berkshire's stakes have remained the same since June 30, the last date for which they were disclosed.

In particular, Berkshire's been stung by large holdings in IBM and long-time Buffett favorite Coca-Cola, both of which tumbled after disappointing third-quarter results. His penchant for energy stocks hasn't helped either, given the damage done to the prices of energy assets by the slumping global oil price.

For the world's third richest man, unrealized losses of a few billion dollars aren't necessarily anything to cry about.

Buffett's ability to sit tight and ride out short-term market gyrations has been one of the keys to his success as a long-term investor. And unlike, say, mutual fund managers, he doesn't have to worry about redemptions forcing him to sell stock.

But for others - fund managers, smaller institutions, even retail investors - who often try to follow in Buffett's footsteps, the losses could be harder to get over.

Berkshire Hathaway did not respond to requests for comment
...
http://www.todayonline.com/business/buff...io-suffers
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#49
Berkshire Hathaway to Acquire the Duracell Battery Business from Procter & Gamble

OMAHA, Neb.--(BUSINESS WIRE)-- Berkshire Hathaway Inc. (BRK.B) announced today that it has entered into a definitive agreement with Procter and Gamble (P&amp;G) whereby it will acquire the Duracell battery business from Procter &amp; Gamble (P&amp;G). Pursuant to the agreement, in exchange for a recapitalized Duracell Company, which will include approximately $1.7 billion in cash at closing, P&G will receive shares of P&Gs common stock currently held by Berkshire Hathaway (BRK.A) having a current value of approximately $4.7 billion. The transaction is expected to close in the second half of 2015 and is subject to obtaining various regulatory approvals as well as certain other customary closing conditions.

I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette, commented Warren E. Buffett, Berkshire Hathaway chief executive officer. Duracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway.

We thank the Duracell employees for their many contributions to the business. Theyve made Duracell the global market leader in the battery category, said A.G. Lafley, P&G chief executive officer. Im confident this new ownership structure will provide strong support for Duracells future growth plans.

http://seekingalpha.com/pr/11682095-berk...and-gamble

After accounting for the swap of shares and cash consideration, the sale of the battery business went off at 9X adjusted EBITDA.

We can infer that Buffett feels PG shares has reached a fair valuation and he is realising his gains in PG in a very tax-efficient manner! Big Grin
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#50
Warren Buffett shares the secret of his success: it's culture

John Kehoe AFR correspondent
633 words
5 May 2015
The Australian Financial Review
AFNR
English
Copyright 2015. Fairfax Media Management Pty Limited.
Investing Unrelenting emphasis on doing the right thing.

Omaha | "Culture", says business doyen Warren Buffett, is "everything at Berkshire".

"Culture has to come from the top. It has to be consistent. It has to be part of written communications and rewarded when followed and punished when not," Buffet told about 40,000 shareholders at the Berkshire Hathaway annual meeting on Saturday.

If there is prevailing wisdom the dozens of Australian pilgrims are taking home from Buffett's sermon in Omaha, it is that the billionaire investor's secret to success may be less about being a good stock picker than many assume. The remarkable investment track record of Buffett and his business partner Charlie Munger over half a century is perhaps better attributed to their unrelenting emphasis on instilling the right culture into the DNA of Berkshire and its investments. Buffett and Munger, two of the world's most consummate profit making capitalists, deliver enviable shareholder returns by living and breathing the culture ethos in their corporate and personal lives.

Senior executives, including in Australia, talk a big game on setting culture. Far fewer constantly reinforce it and devote the adequate resources to turning the cheap talk into reality.

One experienced Australian fund manager, who visits hundreds of management teams each year and attended the Buffett fireside chat, says virtually all senior managers preach the importance of culture to investors.

Yet he estimates that only about 5 per cent of companies consistently practice it and fundamentally embed the intangible quality into the everyday workings of the firm. Too often lip service is being paid by executives about doing the right thing, looking after customers and attracting quality human beings.

The key to instilling excellent culture, Buffett believes, is selecting team members with the best characters.

The Oracle of Omaha's mooted investing successors, Ted Weschler and Todd Combs, boasted outstanding stock picking records before being recruited and anointed out of a field of dozens of investment managers. Yet in Buffett's and Munger's minds, this factor was only part of their calculation. Berkshire ran extensive background checks on the pair's business and life history, before declaring they are "characters of quality".

"Every aspect of their personalities makes you want to be around them and hand responsibility over," Buffett says. "Most of the investment managers on Wall Street don't fit that bill in our view."

Succession planning is a huge point of interest surrounding Berkshire, with Buffett turning 85 this year and Munger already 90. Naturally, they want to reassure any nervous investors that the intellectual firepower is in place to take over. Yet there is sincerity and truth to Buffett's message.

The business magnate who began the Berkshire empire via the purchase of a struggling textile mill in Massachusetts in 1965 and has built it into a $US364 billion ($465 billion) conglomerate, is refreshingly candid.

He frankly admits to mistakes and bad calls by himself and the broader Berkshire business.

Buffett said on the weekend he had been "very wrong" about his 2008 warnings that massive money printing by the US Federal Reserve and the blowout in the federal budget deficit at the peak of the financial crisis would spur an "onslaught of inflation". He spoke openly of his worst-ever business decision, blowing up more than $US400 million on buying the struggling Dexter shoe company in 1993.

Nor are Buffett and Munger afraid to admit they don't know everything.

"I know very little about that," Buffett said in response to a shareholder seeking their view on the Asian Infrastructure Investment Bank.

"I know even less than Warren," Munger chimed in on cue.

We rarely see such humble gestures from chief executives.


Fairfax Media Management Pty Limited

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