Howard Buffett: Farming and finance

Warren Buffett has chosen his son Howard to succeed him as chairman of his multibillion dollar holding company. But Howie, a farmer, is no chip off the old block.

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Warren: You got it.

Stahl: I got it. So here you have this son.

Warren: I know.

Stahl: He's a farmer, he's outdoors, he's down in the dirt. Are you sure he's your son?

Warren: Well I think that's worth checking out. You'll have a big exclusive.

Stahl: Well, he is really different. Explain that.

Warren: He likes doing big things. You know, moving dirt. And he just is happiest when he's working hard. I'm happiest when I'm just kind of sitting around watching football!

Howard's different in another way: He's an active hands-on philanthropist, who visits up to 20 countries a year. The Howard G. Buffett Foundation focuses on world hunger, spending $50 million a year on projects like feeding programs in Ethiopia and agriculture education in Afghanistan and he records it all through the lens of his own camera.

Howard: You all of a sudden begin to kinda look around. And you notice, "There's a lotta people around that don't look too good." And, you know, they're hungry. And they don't have great living quarters, they may not have access to water, they don't have good sanitation.

Stahl: You were seeing farmers who couldn't feed themselves?

Howard: Oh, absolutely. I looked at that and I thought, you know, this-- this is wrong. I understand agriculture. I should be able to do something about this.

In places like El Salvador he's funding a training program for 5,000 poor farmers like Carla and Edwin Trujillo. They learn new planting and fertilizing techniques to improve the quality of their corn and red bean crops.

[Howard: Carla, I'm Howard.

Carla: Hola. Mucho gusto.

Howard: Buenos dias.]

We tagged along as Howard inspected their six-acre plot in the tiny village of San Juan El Espino.

Howard: Oh, and she's got-- and she's got an irrigation system.

No big combines here and their irrigation? It consists of hoses connected to a barrel of water brought in by horse. Howard wanted to check on the quality of Carla's corn.

Howard: Does she mind? Tell her I won't destroy her corn crop...

And that meant doing his favorite thing.

Stahl: You're going to dig it up?

Howard: Yeah.

Stahl: Come on.

He didn't just dig up her corn; he was like a doctor doing an invasive exam, pulling up the roots, ripping it open.