Howard Buffett: Farming and finance

Stahl: Exactly.

HOWARD: No, I-- you know what? Bill Gates is the smartest guy in the world next to my dad maybe. I better say that if I'm on tape.

Stahl: How old are you?

Warren: I'm 81, but I feel good.

Stahl: Yeah, you look great!

Warren Buffett says if the Berkshire Hathaway board approves his son as chairman after he dies, Howard would not be paid and would not run the company day to day. Howard would be what Warren calls the guardian of the culture.

Stahl: What were you worried about?

Warren: Well you worry that somebody will be in charge of Berkshire that uses it as their own sandbox in some way. That changes the way that decisions are made in reference to the shareholders, or some, you know, the odds of that happening are very, very, very low. But having Howie there adds just one extra layer of protection.

Stahl: I guess someone whose on the outside looking in would say, 'But what does he know about this business?'

Warren: Oh he knows plenty about the business.

Stahl: Does he?

Warren: In the sense of the values of the business, sure. Sure. I mean, he doesn't know what insurance policy we're writing today, you know, or how many carloads of the-- the B.N.S.F. carried last week or something. But he knows the values of it.

Besides, Howard is the only one of Buffett's children who has been a corporate executive - in agribusiness - and the only one who has ever served on the Berkshire board.

Stahl: Let me just make sure I understand you. You will not be picking investments.

Howard: Absolutely not. And I shouldn't. I mean, you know.

Stahl: Do you have concerns about taking over this big role?

Howard: Well, as long as I can keep farming, I'm okay.

And as long as he can keep funding projects in remote regions of the world where, as we found, he is still working on becoming a household name.

Stahl: What did you know about Howard Buffett before? Had you ever heard of him?

Carla: No.

Stahl: Never heard of him?

Carla: No, no.

Stahl: Had you ever heard of his father? He has a very famous father, Warren Buffett. Had you ever heard of him?

Carla: Si.

Howard: Oh. I'm impressed.

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[Rock0671]

I'm happy that the Buffetts spend there money in other countries but why don't they do more for the middle class and poor that are in the United States where they made their fortunes and where they live.

[rosequeenlatina]

Good story...glad to know there is there`s good people out there who care about people in need. Hook me up with his e-mail I definetely need to share a story with him. Thank you