The two presumably did not consult on timing their latest news. Still, it is
fitting that the resignation of David Sokol, widely considered the heir
apparent at Mr Buffett’s Berkshire Hathaway, came only hours after the
appointment of James Murdoch, Rupert’s son, as deputy chief operating
officer and heir apparent at News Corp. The two events reflect similar
struggles.
Mr Buffett and the elder Mr Murdoch each gained his wealth by being able to
see the world more clearly than rivals (and by using leverage to multiply
that advantage). Their specialities differ: Mr Buffett searches out
undervalued profitable franchises, while Mr Murdoch has a winning intuition
about popular taste and media technology. Both disdain conventional wisdom.
Neither is able to stop making big decisions.
It is hard to take over businesses built from the distinctive visions of
non-retiring corporate strongmen. Mr Buffett has either not really tried or
just not succeeded in finding the right person. But whether Mr Sokol quit or
was fired (both sides say the former), he deserves some sympathy. Mr Buffett
is a tough act to follow.
So is Rupert Murdoch. At least his son has grown up with the company and may
even have inherited some of his father’s business genius. In any case, News
Corp is now solid enough to thrive as a typical bureaucratic enterprise,
with or without a Murdoch at the top.
But unless a new Buffett-like figure can be found, complete with Buffett-like
investment performance, Berkshire Hathaway will have to work hard to justify
its existence.
Dit artikel is oorspronkelijk verschenen op z24.nl