Molson Hart

1. It's rare. David Sokol was Buffett's "Mr Fix-It" and heir apparent. He took over NetJets and Johns Manville when they were struggling and turned them around. 2. I don't think there's great data on manager pay. But I recall contracts are simple and managers can be paid a lot.

1. Thanks. 2. Any idea as to what the equity/salary splits were? No stock-options outside of the right to purchase BRK.A on the public market right?

No equity as far as I can recall. It's just cash. Buffett is notoriously tight with Berkshire equity.

Fake it until you make it. Copy Berkshire until you understand why they do what they do the way they do it.

I think most of what they do is pretty simple to understand. Their unconventionality is often a function of the fact that they think from first principles instead of copying others mindlessly.

They do a lot of interesting stuff. I'd be hard pressed to explain all the ins and outs of the following: 1. No dividends 2. Public not a private company 3. Cash compensation based on Kpis only 4. No negotiation, take it or leave it offers 5. Insurance company float

6. Never selling 7. Buffett makes no decisions but capital allocation and pricing (?) 8. Munger and Buffett partnership (how many partnerships have lasted as long as theirs?) And I'm sure there are many more...

6. Re: never selling. Buffett hates criticism and wants to keep businesses operational when he can. Was traumatized by when he took a slash and burn approach with Berkshire early on. Two, wants to signal to business owners that business will be kept intact. Three, taxes.