The cack-handed way in which the succession plan became public fits a bigger pattern at Berkshire Hathaway
The cack-handed way in which the succession plan became public fits a bigger pattern. Berkshire is a huge public company, with a stockmarket value of $645bn and an army of devoted retail investors. It is, though, structured and run in much the way it was when Mr Buffett took it over in the 1960s. He has never hidden his reluctance to retire. He once joked that he’ll step down five years after he dies.
However, cracks have started to appear. One is Berkshire’s financial performance, which has been mediocre over the past decade. Mr Buffett has made some costly mistakes, such as bad bets on airlines and Kraft Heinz, a consumer-goods giant. He has admitted to overpaying for acquisitions, including a big metal-parts-maker that later wrote off $11bn. Were it not for a valuable stake in Apple, the bottom line would have looked limper still.
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