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Berkshire Hathaway "100% ready" from Buffett and Munger (letter to shareholders)

2020-02-22T16:08:58.401Z



Warren Buffett said his Berkshire Hathaway holding company was " 100% prepared " for his departure and that of his business partner Charlie Munger, in his annual letter to shareholders published on Saturday.

Read also: Warren Buffett sells all his newspapers

Without giving further details or naming his successor, Warren Buffet, 89, says that " Berkshire shareholders don't have to worry: your business is 100% prepared for our departure ", while his estate and that of Charlie Munger, 96, raises many questions. " Charlie and I have been in the emergency area for a long time ," he said, referring to their age, " that is not really good news for us ."

In May 2019, at the general meeting of shareholders, he did not give a name, but said that Gregory Abel and Ajit Jain, both promoted in January 2018 members of the board of directors, would, no doubt, in the near future join them on stage to face shareholders' questions.

" Charlie and I have very pragmatic reasons for ensuring the prosperity of Berkshire Hathaway in the years following our departure: the Mungers' holdings in Berkshire trump all other family investments, and I have 99% of my fortune in Berkshire stocks , "said the world's third largest fortune. " I have never sold shares and do not plan to do so, " he said.

Warren Buffett, one of the most famous and celebrated investors in the world, points out that his will requires " not to sell any Berkshire shares " and to " annually convert a share of my A shares into B shares and distribute (shares ) B to different associations ”. The billionaire is known for his large donations to charitable organizations. In July, it sold the equivalent of $ 3.6 billion of Berkshire Hathaway shares to five charitable foundations and has, since 2006, sold 45% of its stakes in its holding company through annual donations.

He launched in 2010 with Bill Gates the initiative of " Giving Pledge ", or " Promise of donation ", which encourages rich people around the world to donate more than half of their fortune to charitable organizations, during their lifetime or upon their death.

Source: lefigaro

All business articles on 2020-02-22

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