Berkshire Weekend: Buffett, Munger on Berkshire's Unique Business Model
Liz Claman of Fox Business Channel quotes or paraphrases the Berkshire chairman and vice chairman:
Question: Berkshire doesn’t have simple, easy to grasp business model. If the 2 of you were outside investors - would you still invest in Berkshire today?
Buffett: We have a business that’s owned by people. We have a different shareholder base. We have people that understand their business differently. I don’t see anybody else in the U.S. that could adopt that model. It is a deeply embedded culture which any CEOs that follow will be well-versed in when they come into the job. I think if anyone wanted to copy Berkshire they would have a very hard time.
Munger: A lot of corporations in America are run stupidly from headquarters. Warren and Charlie will still be gone - not too soon in my case - but I’m a little worried about Warren. The stupidity of management practice and the rest of the corporate world will remain ample enough to give this company a competitive advantage into the future.