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parts, with one executive becoming responsible for investments
and another for operations.
If
the acquisition of new businesses is
in prospect, the two will cooperate in making the decisions needed.
Both executives will report to a board of directors that will be re-
sponsive to the controlling shareholder, whose interests will in turn
be aligned with yours.
Were we to need the management structure I have just de-
scribed on an immediate basis, my family and a few key individuals
know who I would pick to fill both posts. Both currently work for
Berkshire and are people in whom I have total confidence.
I will continue to keep my family posted on the succession is-
sue. Since Berkshire stock will make up virtually my entire estate
and will account for a similar portion of the assets of either my wife
or the foundation for a considerable period after my death, you can
be sure that I have thought through the succession question care-
fully. You can be equally sure that the principles we have em-
ployed to date in running Berkshire will continue to guide the
managers who succeed me.
1997]
THE ESSAYS OF WARREN BUFFETT
211
Lest we end on a morbid note, I also want to assure you that I
have never felt better.
I
love running Berkshire, and if enjoying
life promotes longevity, Methuselah's record is in jeopardy.62
62
[According to the Bible, Methuselah lived 969 years.
Genesis 5:27.]
AFTERWORD AND ACKNOWLEDGMENTS
In preparing this compendium and organizing the symposium
featuring it, many friends and colleagues generously gave me indis-
pensable help. lowe an enormous debt of gratitude to Warren
Buffett for his generosity of spirit, time, and intellect; for allowing
me to undertake the project; and for his direct participation in
making it a success. I am equally indebted to Charlie Munger, not
only for his service as a panel-master and participant throughout
the symposium, but also for allowing me to reprint in this collec-
tion portions of his Chairman's letters to the shareholders of Berk-
shire's Wesco Financial Corporation. Thanks also go to Bob
Denham for making the connection, to Susan Buffett and Howard
Buffett for joining us throughout the conference weekend, to Ajit
Jain, Carol Loomis, Bob Mundheim, and Lou Simpson, and to
Debbie Bosanek.
Sam and Ronnie Heyman generously furnished financial sup-
port for the symposium through their endowment of the Samuel
and Ronnie Heyman Center on Corporate Governance at Cardozo
School of Law. All concerned are grateful to the Heymans for
that, as well as for their gracious hospitality to many guests during
the conference weekend. We at Cardozo are further indebted to
the Heymans for making possible many other significant events at
our school.
My colleagues at Cardozo also provided unfailing support for
this project, especially Arthur Jacobson who must share credit for
inspiring the idea of the conference, and Monroe Price who made
it all possible. My Cardozo colleague Chuck Yablon also deserves
my special thanks, as do my former Cardozo colleagues and prede-
cessors as Directors of the Heyman Center, Bill Bratton and Elliott
Weiss. All three participated in the conference as well.
The indefatigable efforts of two editors of the
Cardozo Law
Review during 1996-97 were essential to the planning and coordina-
tion of the symposium-Stacy Goldschmidt and Jennifer Newcomb
held the fort down at Cardozo while I was visiting at George Wash-
ington Law School during the 1996-97 academic year. The
Car-
dozo Law Review editors and staff during 1997-98 helped pull the
symposium volume together and are due thanks as well, especially
Ken Dursht, Yulan Li, Mark Oh, and Steve Sparling. My col-
leagues at GW Law School were also super-supportive, especially
Larry Mitchell, who also participated in the symposium, and Dean
Jack Friedenthal.
213
214
CARDOZO LAW REVIEW
[Vol. 19:1
I also wish to acknowledge David Rudenstine, who served as
interim Dean of Cardozo during 1996-97, and Paul Verkuil, who
has been the Dean of Cardozo since. Other major assets at Car-
dozo who contributed to this project include Associate Dean
Michael Herz, as well as Cynthia Church, Susan Davis, and
Paulette Crowther. My secretaries, Lillian Castanon at Cardozo
and Stephanie Boyd at GW, also performed great services.
All the members of my family deserve thanks too, especially
my nephew Justin Cunningham, as do many other friends who gave
encouragement, including Dana Auslander, Robin Grant, Bill
Placke, Michelle Roth, and Deb Skulnik, and old friends and col-
leagues from Cravath, Swaine & Moore: Joe Adams, Sam Butler,
Jeff Hass, Dave Jacquin, Tad O'Connor, Debbie Paul, and Todd
Roberts.
My special thanks to all those who joined us at the symposium,
especially the wonderful group of panelists whose contributions to
the symposium are reflected in part by their provocative papers
being published by the Cardozo Law Review as part of the sympo-
sium. My colleague and co-author at GW Law School, Lew Solo-
mon, chided after the conference that, with the success of this one
behind me, I should now retire from organizing conferences.
While organizing the conference did entail some effort and a lot of
host anxiety, its success was really due to the spontaneous coordi-
nation and industry of all the participants. I would be happy to
have them all on board for the next one.
Lawrence A. Cunningham
Benjamin
N.
Cardozo School of Law
55 Fifth Avenue
New York, New York 10003
cunning@ymail.yu.edu
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