As for Warren Buffet's successor, still unidentified (though Munger’s letter hints that insurance chief Ajit Jain and utilities leader Greg Abel are frontrunners), Buffett says the executive must be able to avoid the “ABCs of business decay…arrogance, bureaucracy and complacency,” pointing to the glory days and subsequent downfall of giants like GM, IBM IBM -0.27%, Sears Roebuck and US Steel X -1.01%. “Their one-time financial strength and their historical earning power proved no defense.”
source: http://www.forbes.com/sites/steveschaefer/2015/02/28/warren-buffett-chronicles-2014-and-50-years-of-berkshire-hathaway-in-annual-letter/#5d712abc6f44
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ReplyDeleteWho is the successor?
As for Warren Buffet's successor, still unidentified (though Munger’s letter hints that insurance chief Ajit Jain and utilities leader Greg Abel are frontrunners), Buffett says the executive must be able to avoid the “ABCs of business decay…arrogance, bureaucracy and complacency,” pointing to the glory days and subsequent downfall of giants like GM, IBM IBM -0.27%, Sears Roebuck and US Steel X -1.01%. “Their one-time financial strength and their historical earning power proved no defense.”
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