Warren Buffett, who has vowed to not leave his fortune to his children, has chosen his farmer son Howard to succeed him as Chairman of Berkshire Hathaway. It will be Howard's job to watch over the culture of the company, but not the investment strategy. That will most definitely be left to someone with investing experience and a college degree, both of which Howard cannot claim.
But what Howard does have going for him is the fact the he is the only one of Warren's three children to ever serve on the board of Berkshire Hathaway. Plus, he's a savvy business man in his own right, having done fairly well for himself in the agribusiness industry.
"You worry that somebody will be in charge of Berkshire that uses it as their own sandbox in some way," Warren Buffett told Leslie Stahl on Sunday's edition of 60 Minutes. "The odds of that happening are very, very, very low, but having Howard there adds just one extra layer of protection."
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