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Buffett 2012 Annual Letter

Ira Stoll has some questions:

Third, Mr. Buffett announces in a backhanded way that the Berkshire board has chosen his successor. But he doesn’t name the successor, only giving clues to trigger a kind of cutesy guessing game: “Your Board is equally enthusiastic about my successor as CEO, an individual to whom they have had a great deal of exposure and whose managerial and human qualities they admire. (We have two superb back-up candidates as well.)” Might the identity of this successor rise to the level of information sufficiently material to the business that it should be disclosed to shareholders?

Well, if the SEC is going to make illegal FCC policy a substantive matter, you would think Buffett’s successor would be at least equally so. ¬†Especially in light of the actual nature of stock ownership.

Posted in Culture.