The Daily Populous Monday November 25th, 2024 evening edition
Authored by cnbc.com and submitted by No-Lifeguard-8173

Warren Buffett, who has amassed a $150 billion personal fortune, made a case against creating "dynastic" wealth as he named three independent trustees to oversee his philanthropy following his children and donated an additional $1.1 billion in Berkshire Hathaway stock to his family's four foundations.

Instead of leaving his three children an enormous inheritance, the 94-year-old legendary investor has long pledged to give away 99% of the fortune he built at Berkshire, the Omaha, Nebraska-based conglomerate he has been running since 1965.

Buffett believes family wealth dynasties could have negative consequences such as eroding personal growth and complicating relationships. Meanwhile, they also create societal uncertainties as it's unforeseeable how future generations choose to distribute such wealth.

"I've never wished to create a dynasty or pursue any plan that extended beyond the children," Buffett wrote in a lengthy letter Monday. "I know the three well and trust them completely. Future generations are another matter. Who can foresee the priorities, intelligence and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape?"

The "Oracle of Omaha," who owns about 37.6% of Berkshire Class A shares, said the assets he's collected may take longer to deploy than his children live. He has appointed three trustees of his charitable trust to potentially succeed his children in disbursing his wealth. Buffett's children are now 71, 69 and 66.

"Three potential successor trustees have been designated. Each is well known to my children and makes sense to all of us. They are also somewhat younger than my children," Buffett wrote. "But these successors are on the wait list. I hope Susie, Howie and Peter themselves disburse all of my assets."

The identity of the trustees was not revealed.

Buffett has been making annual donations to the four family foundations since 2006. He said he's built strong trust in his children's managerial ability and philanthropic ambition through years of observation.

"The 2006-2024 period gave me the chance to observe each of my children in action and they have learned much about large-scale philanthropy and human behavior," he said. "They enjoy being comfortable financially, but they are not preoccupied with wealth. Their mother, from whom they learned these values, would be very proud of them. As am I."

On Monday, Buffett converted 1,600 A shares into 2,400,000 B shares to donate to the four family foundations: 1,500,000 shares to The Susan Thompson Buffett Foundation and 300,000 shares to each of The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation.

Buffett's Berkshire, which pierced a $1 trillion market cap this year, owns a vast array of well-established businesses, ranging from its crown jewel Geico insurance to BNSF Railway to consumer brands like Dairy Queen and See's Candies.

Sedaku on November 25th, 2024 at 14:41 UTC »

After reading the Snow Ball book, I wouldn't really listen to Warren Buffet on family relationship matter tbh.

AngryUpvotesOnly on November 25th, 2024 at 14:33 UTC »

Maybe buy some senators or an election or two. Be the George Soros we were promised!

afrothunder7 on November 25th, 2024 at 14:30 UTC »

Can I have $50 Warren?