Every year, undergraduate students from 40 universities compete for a trip to Omaha to spend a day with Warren Buffett. The annual tradition always begins at Nebraska Furniture Mart (NFM), which Buffett acquired from the late Rose "Mrs. B" Blumkin in 1983 for his conglomerate Berkshire Hathaway.
By Sean Weston:7 out of the last 15 years, and 4 out of the last 5, have seen Berkshire Hathaway's (BRK.A, BRK.B) increase in per-share book value fall below that of the S&P 500's return, with dividends included.
Ravi Nagarajan submits:
“I think the top guy won’t be as smart as Warren. But it’s silly to complain: What kind of world is this that gives me Warren Buffett for 40 years and then some bastard comes along who’s worse?” — Charlie Munger, quoted at the 2004 Wesco Financial annual meeting
The Chairmen and CEO of Berkshire Hathaway Inc. (NYSE:BRK.A) Warren Buffett in a letter to the company’s shareholders on Saturday indicated that his company has found his successor. The Vice Chairman Charlie Munger indicated the potential candidates to be two executives of Berkshire, namely, Greg Abel – the head of Berkshire’s energy companies – and Ajit Jain – an insurance executive of the company, as possible candidates for the role.
Unaudited financial statements can be scary things. But that didn't stop Warren Buffett from buying one tiny furniture company in 1983. Buffett shared the sweet success story in his new annual letter to Berkshire Hathaway shareholders:
[AP] - Warren Buffett has offered Berkshire Hathaway shareholders a few new details about how the company will function once he is no longer running it, but he hasn't significantly altered the succession plan he's outlined before.