Justin Fox, Columnist

What Warren Buffett Is Leaving His Successors

The Berkshire shareholder letter describes an investment vehicle that doesn’t take exceptional genius to steer successfully.

February 23, 2019 at 5:37 PM UTC

By Justin Fox

Justin Fox is a Bloomberg Opinion columnist covering business, economics and other topics involving charts. A former editorial director of the Harvard Business Review, he is author of “The Myth of the Rational Market.”

Warren is the young one.
Photographer: Daniel Acker/Bloomberg

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I’m starting to suspect that Warren Buffett doesn’t think he’s immortal. This is from the new Berkshire Hathaway Inc. shareholder letter:1

Charlie is, of course, Charlie Munger, Berkshire’s vice chairman and Buffett’s longtime partner in investing. Maybe it’s too much to read that as “just let us do one more big deal before we go,” but I can’t help it given how the rest of the letter seemed to make the case that Berkshire is built to last regardless of whether any elephants are acquired soon.