QuestionerWarren, there seems to be fewer mentions by name of top-performing Berkshire managers in this year's annual letter. Does this mean you're changing your message regarding the succession plan for Berkshire's next CEO?
WarrenWell, the answer to that's no. And I didn't realize that we're fewer mentions by name. I write that thing out and send it to Carol and she tells me to go back to work. I don't actually think that much about how many personally get named. I would say this, and this is absolutely true. We have never had more good managers now. It's because we've got more good companies, but we have never had more good managers than we have now. But it has nothing to do with succession. Charlie?
CharlieWell, I certainly agree with that. We don't seem to have a whole lot of 20-year-olds. Certainly not at the front table. Now we've got an extraordinary group of good managers, which is why we can manage by abdication. It wouldn't work if we had a whole bunch of people who were, uh, had come with the idea of getting my job. I mean, if we had, if we had 50 people out there, all of who wanted to be running Berkshire Hathaway, it would not work very well. And, but they, uh, they have, the jobs they want in life. Tony Nicely loves running Daico. And you go down the line. They have jobs they love. And that's a lot better, in my view, than having a whole bunch of them out there that are kind of doing their job there, kind of hoping the guy that's competing with them will fail, so that when I'm not around, they'll get the nod. It's a much different system than they exist at most large American corporations.