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
This story is interesting. David Sokol was one of the people being groomed to succeed Warren Buffett as CEO of Berkshire Hathaway. He was forced to resign in an insider trading scandal.David Sokol bought a lot of shares of Lubirzol for his personal account. Then, he advised Warren Buffett to buyout Lubrizol, and Warren Buffett followed his advice. David Sokol made approximately $3M off his Lubrizol trade.
Warren Buffett pressed the case at Berkshire Hathaway Inc.’s annual meeting for why takeovers make more sense for the company than the stock picks that propelled growth for decades.
The billionaire told thousands of shareholders at the CenturyLink Center in Omaha, Nebraska on May 3 that he and business partner Charles Munger are focused on acquiring large companies to create “more enduring” value.
Billionaire investor Warren Buffett says Berkshire Hathaway's plan at some point to replace him hasn't really changed. Buffett said on CNBC Monday that the new language he used to describe the succession plan in his annual letter to Berkshire shareholders wasn't a sign of change.
Charles Lewis Sizemore submits:We’ve always admired Berkshire Hathaway Chairman Warren Buffett. He is, after all, the most successful investor in history and a legend in his own time. Mr. Buffett’s annual reports are fountains of investment wisdom that should be required reading in business schools and for everyone in the money management profession.