Author Topic: Howard Buffett  (Read 9538 times)

VersaillesinNY

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Re: Howard Buffett
« Reply #20 on: January 12, 2019, 06:12:06 PM »
The article, in particular Part II is disturbing and not a good PR news for Howie Buffett, a current BRK board member and its designated future Chairman.

Kudos to Howie and his foundation for building hydroelectric plants in Africa, fighting hunger while helping farmers around the world; these are noble causes.

The fact that Howie advocates tighter security on U.S. borders, investing in Mexico and fighting drug trafficking is not shocking either, given his values and the challenges at the border.

A BRK board member who likes wearing the sheriff uniform in his county while playing cowboys, G.I. Joe, Vigilante or whatever you like to name it, can seem awkward, but it's is not even my business. Boys like playing cowboys and American patriots like carrying guns while taking pictures with their militia buddies. Although, militias shouldn't act or replace law enforcement officers; militias are part of the American culture dating back to the revolutionary war.

But, what is disturbing to me is Howie Buffett alleged association/financial support with far-right ranchers and the white-supremacist ideology, which is described in the newspaper.
Howie is supposed to guard Berkshire culture once Charlie and Warren are gone, but will shareholders support Howie Buffett in the future?

Following some scandals, Warren Buffett successfully extracted his son from the boards of ADM in 1995 & Coke in 2017 while preserving his reputation.

As a BRK shareholder, I would expect some clarification from Howie and the BRK board of directors regarding this negative article and the reputational damage that it can cause.

Quote
Do nothing that you would not be happy to have an unfriendly but intelligent reporter write about on the front page of a newspaper.

"Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless."
Warren Buffett


AdjustedEarnings

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Re: Howard Buffett
« Reply #21 on: January 12, 2019, 08:19:28 PM »
Regardless of whether Howard's hobbies are mainstream or not, it just would've been great if WEB's always-super-rational thought process didn't lead to his son being on the board. Even before this thing (which I'm not even sure is a "thing"), it felt odd that out of the entire corporate world, WEB found the most capable board member among his children. Not Dimon, not Gates, not Bob Hamman (kidding, but probably still better than Howard... but seriously look this guy up. He's a genius and Buffett looks up to him), but Howard Buffett. Just seems odd for someone who preaches AGAINST the ovarian lottery. Now, I know Howard is not actually get a ton of personal money from Buffett so the ovarian lottery reference is not super accurate, but still, I'm at a loss for understanding why Howard is the best candidate (regardless of the merits of this article). Any and everything out there about Howard indicates he's a fairly average businessperson. Should not be too difficult to find someone better for that job, like, say Marc Hamburg who has worked super hard for a (comparatively) low salary for MANY years. I mean, that ought to show dedication to Berkshire?

petec

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Re: Howard Buffett
« Reply #22 on: January 13, 2019, 05:25:49 AM »
Regardless of whether Howard's hobbies are mainstream or not, it just would've been great if WEB's always-super-rational thought process didn't lead to his son being on the board. Even before this thing (which I'm not even sure is a "thing"), it felt odd that out of the entire corporate world, WEB found the most capable board member among his children. Not Dimon, not Gates, not Bob Hamman (kidding, but probably still better than Howard... but seriously look this guy up. He's a genius and Buffett looks up to him), but Howard Buffett. Just seems odd for someone who preaches AGAINST the ovarian lottery. Now, I know Howard is not actually get a ton of personal money from Buffett so the ovarian lottery reference is not super accurate, but still, I'm at a loss for understanding why Howard is the best candidate (regardless of the merits of this article). Any and everything out there about Howard indicates he's a fairly average businessperson. Should not be too difficult to find someone better for that job, like, say Marc Hamburg who has worked super hard for a (comparatively) low salary for MANY years. I mean, that ought to show dedication to Berkshire?

I agree 200%.

gfp

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Re: Howard Buffett
« Reply #23 on: January 13, 2019, 06:54:32 AM »
I understand the criticisms, but I do believe Warren has a clear reason for making Howard non-executive Chairman (and Bill Gates Lead Independent Director) and I am sure that Warren considers his reason rational and based on specific experience on many corporate boards.  It is more about making sure a future CEO is not chairman.  He trusts Howard to remove a CEO if it is ever required to preserve the culture.  I'm pretty sure they've talked it over once or twice...

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=12&cad=rja&uact=8&ved=2ahUKEwjOnvDt_-rfAhVGQ6wKHRoABK8QwqsBMAt6BAgCEAc&url=https%3A%2F%2Fbuffett.cnbc.com%2Fvideo%2F2013%2F05%2F04%2Fis-buffetts-son-howard-buffett-qualified-to-be-berkshire-hathaway-non-executive-chairman.html&usg=AOvVaw0dEXOeMEf7VAo77HjnJVGi


- by the way, I have a shortened screen name, used to post as 'globalfinancepartners' - no skeletons in the closet that I know of

longinvestor

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Re: Howard Buffett
« Reply #24 on: January 13, 2019, 08:31:14 AM »
Running Berkshire Hathaway of the future should be independent of the directors' political leanings or worldview. We have had 50 years of WEB at the helm where this was unquestioned. I would argue that just the size of Berkshire in the future requires even more independence than the past 50..

All that said, I have added to my reading list Howard Buffet's book and writings on this and other subjects.

sleepydragon

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Re: Howard Buffett
« Reply #25 on: January 13, 2019, 09:28:58 AM »
This article is full of none sense.
Are they the New York Post of Arizona?

StubbleJumper

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Re: Howard Buffett
« Reply #26 on: January 13, 2019, 09:42:48 AM »
This article is full of none sense.
Are they the New York Post of Arizona?


Well, of course it's muck-raking.  Stories like these are usually more than 0% true, but less than 100% true.  But, what is the minimum percentage of truth that a muck-raker can use without getting sued back to the stone age for libel?  IMO, there's enough facts referenced in the article to protect the newspaper from getting sued, but they've supplemented those facts with more than just a little innuendo.

The real question is, "Do the referenced facts and the photos in the article provide you with new, additional comfort about Howie's board of director role, or do they cause you new, additional discomfort with his BoD role?

I know where I stand on that question.


SJ

LC

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Re: Howard Buffett
« Reply #27 on: January 13, 2019, 12:05:03 PM »
Even before this thing (which I'm not even sure is a "thing"), it felt odd that out of the entire corporate world, WEB found the most capable board member among his children. Not Dimon, not Gates, not Bob Hamman (kidding, but probably still better than Howard... but seriously look this guy up. He's a genius and Buffett looks up to him), but Howard Buffett. Just seems odd for someone who preaches AGAINST the ovarian lottery.

Exactly. You have to look at actions, not words. The reality is that HB is simply not qualified.

Someone should ask this question at the next Brk meeting (just kidding, it will never pass whatever question screening they have in place).
"Lethargy bordering on sloth remains the cornerstone of our investment style."
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gfp

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Re: Howard Buffett
« Reply #28 on: January 13, 2019, 12:26:30 PM »
Quote

Someone should ask this question at the next Brk meeting (just kidding, it will never pass whatever question screening they have in place).

I literally just posted a link to Doug Kass asking this exact same question during the annual meeting, with Warrens answer.  Hes pretty clear that Howie is there for one specific reason

*edit: I should add as well that there is a very good chance that Howard will also be the executor of an estate that will still hold a de facto controlling stock position for some time, unless Warren lives a whole lot longer.
« Last Edit: January 13, 2019, 12:30:32 PM by gfp »

LC

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Re: Howard Buffett
« Reply #29 on: January 13, 2019, 12:30:39 PM »
Really? I didn't see it in this thread. I will check your post history. Thanks\


Ah found it - must have scrolled by  ;D
« Last Edit: January 13, 2019, 12:36:12 PM by LC »
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