Notes and Interview from "Billionaire Next Door" - Part Five
This part of the interview deals with last things, as they talk about Buffett and his commitment of $31 billion to the Bill and Melinda Gates foundation and the Berkshire (BRK-A) succession plan.
Buffett said after thoroughly examining their foundation, he felt that they could give the money away much better than he could.
Bill Gates said that the gift made him feel all the more responsible to be wise with spending the money. They both said that their friendship with Buffett has been a life-changing experience.
For the succession plan Buffett said that there are three candidates they see as being able to fill his shoes, and one that is specifically picked if he were to die today. He added that every time the board meets they talk about it and decide if their decision on a successor is the same. Buffett said it could be subject to change.
Others felt that the challenge for Buffett's successor will be whether they will be able to preserve the disipline of Buffett and whether shareholders will remain as patient with them as they have been with Buffett.
Asked what his definition of success was, again he said that to him it was to love what you do and to do it well. According to him he's met a lot of people that are wealthy but miserable because they don't love what they do, while he's met others that have both and consider themselves completely successful.
IThe interview finished up with the comments that in the end, Buffett simply enjoys life and doesn't take himself too seriously. A good legacy to leave us all.
Five Part Video Series:
Notes From Interview "The Billionaire Next Door" - Part One
Notes From Interview "The Billionaire Next Door" - Part Two
Notes From Interview "The Billionaire Next Door" - Part Three
Notes From Interview "The Billionaire Next Door" - Part Four
Notes From Interview "The Billionaire Next Door" - Part Five
Other Buffett Sources:
10 Secrets Hidden in Warren Buffett's Wallet
The Warren Buffett You Don't Know
Warren Buffet-Strategic Planning
Some practical advice from investment guru Warren Buffett
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» Warren Buffett and Secrets of Management - 106 from ManagersRealm
Notes and Interview from "The Billionaire Next Door" - Part OneWarren Buffett invited CNBC to do an interview with him on his life story and insights into what has made him so successful with Berkshire Hathaway (BRK-A).He... [Read More]
Tracked on: April 16, 2007 11:20 PM | Permalink to Trackback