Octogenarian billionaire Warren Buffett assured shareholders on Saturday that his Berkshire Hathaway empire, with holdings in major American firms, is ready for him and his longtime partner Charlie Munger, 96, to go.
But he did not name a successor.
Dubbed the “Oracle of Omaha,” Buffett is known for his track record of brilliant investing but also for his folksy and humble persona, as well as his philanthropy.
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“Charlie and I long ago entered the urgent zone,” Buffett, 89, quipped in his annual letter to shareholders.
“That’s not exactly great news for us. But Berkshire shareholders need not worry: Your company is 100 percent prepared for our departure.”
Buffett, one of the world’s richest men, cited several factors for his optimism.
“We possess skilled and devoted top managers for whom running Berkshire is far more than simply having a high-paying and/or prestigious job,” he said, adding that its assets are deployed in “an extraordinary variety” of businesses.
At an annual shareholders’ meeting last May, Buffett gave a clue as to who might follow him, when he said that Gregory Able and Ajit Jain would in the near future join him and Munger on the stage to answer questions.
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Able, 57, and Jain, 67, had been promoted to the board of directors the previous year.
“Charlie and I have very pragmatic reasons for wanting to assure Berkshire’s prosperity in the years following our exit,” Buffett said in the letter published Saturday.
“The Mungers have Berkshire holdings that dwarf any of the family’s other investments, and I have a full 99 percent of my net worth lodged in Berkshire stock.”
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Buffett added that he has never sold any shares — and has no plans to do so.
Berkshire Hathaway has holdings in companies including American Express, JPMorgan Chase, Goldman Sachs, Apple and Coca-Cola. It is also active in sectors like insurance, through Geico; rail, with BNSF; and energy, via PacifiCorp.
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It also has a stake in Amazon.
Along with Microsoft co-founder Bill Gates and his wife Melinda Gates, Buffett in 2010 launched the “Giving Pledge,” in which billionaires promise to give at least half their wealth to philanthropic causes.
Last year Buffett announced that he had donated $3.6 billion worth of Berkshire Hathaway stock to the Bill & Melinda Gates Foundation and four other charities, meaning that he had given a total of about $34 billion to the five foundations.
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He and Gates have expressed concern about America’s severe wealth inequality.
Forbes said in its rankings last year that Buffett was worth $82.5 billion.
He continues to live in a relatively modest house about 10 minutes outside downtown Omaha, Nebraska that he bought in 1958.
In the letter, Buffett underlined that his will directs executors and trustees “not to sell any Berkshire shares.”
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The will orders that each year a portion of his Class A shares be converted to Class B shares that would then be distributed “to various foundations,” Buffett said.
“I estimate that it will take 12 to 15 years for the entirety of the Berkshire shares I hold at my death to move into the market.”
Buffet reported that Berkshire Hathaway’s operating earnings were largely unchanged in 2019.
Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.
In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.
Your level of interest in the company and the role.
Contributing to your employer’s success is essential.
You desire a cultural fit.
Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:
“What are the key responsibilities of this position?”
Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”
“What does a typical day look like?”
Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.
“How would you describe the company culture?”
Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”
Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.
“What opportunities are there for professional development?”
When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.
Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.
Here are my four go-to questions—I have many more—to accomplish this:
“Describe your management style. How will you manage me?”
This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.
“What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”
This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”
“When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”
Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.
“If I wanted to sell you on an idea or suggestion, what do you need to know?”
Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.
Other questions I’ve asked:
“What keeps you up at night?”
“If you were to leave this company, who would follow?”
“How do you handle an employee making a mistake?”
“If you were to give a Ted Talk, what topic would you talk about?”
“What are three highly valued skills at [company] that I should master to advance?”
“What are the informal expectations of the role?”
“What is one misconception people have about you [or the company]?”
Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.
The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.
Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.
Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.
On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.
The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 31, 2024.
CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.
The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.
Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.
Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.
Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.
On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.
This report by The Canadian Press was first published Oct. 31, 2024.