Wednesday, May 09, 2007
The most coveted job in the world
The most coveted job in the world
No job is as prestigious, as big, nor as important as the person who will ultimately take over the reigns of Berkshire Hathaway, which Warren Buffett has taken from $20 a share to $108,000. An investment of just $20 in the 1960s nets you an average home in the Midwest. Not a bad investment eh?
All investors, from those who just got out of “for dummies” university or the top of the top fund managers know who Warren Buffett is. His fundamentalist investment approach has led him to become the second richest man in the world, second only to Bill Gates who happens to be one of Buffett’s good friends.
Buffett essentially pilots one of the largest investment funds the world has seen. After ending his partnership back in the 60s, Buffett took controlling stake in Berkshire company which at the time produced textiles. He leveraged the abundant cash flow and onhand cash into an insurance empire. His investments have been predominantly in the United States but as of late Buffett has sparked an interest in foreign companies.
Now, after 76 years of smart business decisions, Buffett has decided to step down as CEO and 30% owner of Berkshire Hathaway. Unlike most CEOs on the street though, Buffett made is money through corporate ownership rather than freebie stock options. He makes just $100,000 per year as the CEO of Berkshire Hathaway, a salary that hardly puts him in the highest paid list. The fact is, with 30% ownership, he doesn’t need much enticement other than his own capital gain when his investments do well.
Theres still time to apply though, just 700 have applied. More info to come soon, I expect an announcement to be made regarding his choices.