Let’s suppose that Warren Buffett were doing some succession planning. On Friday afternoon, he announced that if he were to die, a district manager for Borsheim’s Jewelry (one of his holdings) would take over as CEO.
If, as the weekend progressed, stories came out about questionable business practices and personal decisions by this district manager, what do you think would happen to Berkshire Hathaway’s $119,940/share stock price on Monday morning? How about at the shareholder meeting scheduled for the following Tuesday through Thursday? Would they revolt?