April 28, 2007
Looking for Another Bill Ruane
Want to Be Next Warren Buffett? by Karen Richardson (W$J, but link may work)
“[Buffett] will have little to judge [applicants] on but their words, personal and private investment records — and his gut reaction to them. Mr. Buffett says he is confident that he will find one, and maybe two successful candidates. Famous for buying companies after brief meetings with owners, Mr. Buffett prides himself on being able to read strangers quickly … [Buffett] plans to hand [the new managers] up to $10 billion to manage until it is time for them to take over the entire portfolio. Mr. Buffett explains that the purpose of the trial run is ‘to see if their decision-making apparatus works out, hopefully while I’m still alive.’”
I was reminded of this bit (paraphrased) from the Louis Simpson profile:
In 1979 Geico’s chairman, John J. Byrne, sent several candidates to see Mr. Buffett about the chief investment officer job. After a four-hour interview with Mr. Simpson, Mr. Buffett called Mr. Byrne. “Stop the search,” Mr. Bryne recalled him saying. “That’s the fellow.”
That was a good decision; let’s hope Buffett can find someone equally “unfancy.”
April 29th, 2007 at 3:37 am
I honestly thought when I read this years letter (and posted on my blog when I did) of the classic Gene Wilder flick “Willy Wonka.”
The article quotes Buffett has saying it may end up like an American Idol style contest…I see it more like what Willy Wonka did.
It would have been funny if Buffett had seeded several packages of See’s candies with a golden ticket to interview with him.
April 29th, 2007 at 10:13 am
Steven: Yes, in one of those application letters that the WSJ posted, the writer mentioned Willy Wonka. I can’t imagine anyone wanting to take Buffett’s place (the pressure would be insane), but let’s hope he finds some level-headed guy probably from the midwest who has a “timewarp” personality … frankly I think Buffett would do better to find an X’er in his 30’s than some Baby Boomer in his 50’s.
April 30th, 2007 at 11:00 pm
If you are using generation as a significant criteria (”… frankly I think Buffett would do better to find an X’er in his 30’s than some Baby Boomer in his 50’s”), you would not want to hire a gen Xer. My spouse says they are the least focused and least productive of all the generational groups at their company. As a conference speaker on the subject said, generation Y is going to save us.
April 30th, 2007 at 11:49 pm
That would be me. ;-)