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Home Business

Who will become the successor of Warren Buffet?Here is what awaits his successor

by Dayana Antony
February 24, 2019
in Business, World
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Who will become the successor of Warren Buffet?Here is what awaits his successor
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It is still in hues that who is going to posses the wealth of the legendary investor,although Warren Buffet’s latest annual letter didn’t offer many clues to the timing or identity of his successor.

The legendary investor on Saturday made an impassioned case for keeping the biggest US conglomerate together, and laid out a precedent on share buybacks that will offer some flexibility.

Over more than five decades, Buffett has taken Berkshire Hathaway from a struggling textile company to a sprawling business empire across the insurance, railway, manufacturing, and energy industries. He painted a simpler picture of the company’s structure on Saturday, calling it a forest with five different groves.

“Those letters, in aggregate over the last 10, 20 years, have a lot of value to guide the board and guide the successors,” said James Armstrong, who manages about $750 million including Berkshire shares as president of Henry H. Armstrong Associates. “If they receive pressure from outside sources, they can quote chapter and verse from Buffett’s letters.Buffett was able to strike lucrative deals with companies such as Bank of America Corp. and Goldman Sachs Group Inc.

“Warren Buffett with his patience and his capital is going to make us a lot more money if he holds tight and lets the market come to him like he has done so well over time,” Thomas Russo, who oversees about $10 billion at Gardner Russo & Gardner, including Berkshire shares, said in an interview.

 

Tags: MoneySuccessorWarren Buffet
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