← BackTranscript

Can Berkshire's culture endure for decades?

Buffett & Munger2016-04-30video1:52Open original ↗

1 chunks · 1,462 chars · 2 speaker-tagged segments

SpeakersQuestioner1Warren1
QuestionerYou've said before that your role will be divided into parts for your succession, one of which is the responsibility of maintaining culture by having Howard as non-executive chairman. What is the plan for how Berkshire will maintain his culture when Howard no longer fills the role and what should shareholders watch for to make sure that the culture is being properly maintained decades from now when I am your age?
WarrenBy far, the main factor in keeping Berkshire's culture is that you have a board and you'll have successor board members. You have managers and you'll have successor managers and you have shareholders that clearly recognize the special nature of the culture that have embraced the culture. When they sold their businesses to us, they wanted to join that culture. It's a, it thrusts out people that really aren't in tune with it, and there are very few of them, and it embraces those who enjoy and appreciate it. And I think to some extent, we don't have a lot of competition on it. So it becomes very identifiable, and it works. I really think the culture is going to lose. surprise everybody by how well it lasts and how well they do. They're going to wonder why they ever made any fuzzle over us in the first place. It's going to work very well. We've got so many good ingredients in place just in terms of the businesses and the people already here, you know, at the companies. That's what I'm saying. There's just so much much power in place.