Who will replace Warren Buffett? The Wall Street Journal has the scoop on the applicants.
Berkshire's new candidate won't be among Mr. Buffett's longtime associates. He will have little to judge them 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. Pointing to three crates of laminated folders, scrawled notes and colored envelopes bearing the hopes of hundreds of aspirants, he says, "There's one in there."
With Mr. Munger's help, Mr. Buffett will whittle down the current contenders to about 20 "real possibilities," he says, adding that he'll start reading the letters in earnest after Berkshire's annual shareholders' meeting next weekend. From those 20, he will ask for personal investment records going back at least 10 years. Then, after determining whether "the general attitude toward purchase and sale of securities is compatible" with Berkshire, he will fill the job with either one or two people. He plans to hand them up to $10 billion to manage until it is time for them to take over the entire portfolio.
Send in your 10 year investing history, and apply for the job of a lifetime.