NET JETS PARENT CO. BERKSHIRE HATHAWAY LOSES 7 *BILLION* TODAY ALONE? per ABC NEWS

[T-1GUY]

Was I suppose to be issued a peacock feather??? Damn, I miss all the good freebies...

 

[B +]

Thanks Ski...
Has it ever been discussed who will take the reins when Buffett is no longer around? It's scary to think that one idiot could have the potential to take a good thing and run it under after he is gone. How much say has/will Buffett have in his successor? Who makes the ultimate decision?
I've seen so many companies (time and time again as the industry cycles) that have seemed like "lifer" places (even with "infallible" backing) only to be taken down a completely different road by one greedy idiot who thinks he can cut corners and make it even more profitable, then the employeees subsequently pay the price. I know Buffett must have his favorites to take the reins, but where does the decision ultimately lie? I think it is a valid concern for anyone looking at the full spectrum of career possibilities...

Berkshire owns NetJets but Berkshire does not run NetJets. Berkshire buys well run businesses and retains current management. They certainly monitor closely but are hands off on managing their companies.
Berkshire actually has only a small office with a few dozen employees at most.
How often does a company drop 5% in one day from a negative Barron's article. The list would be extremely long and likely include most every big name quality stock.