Warren Buffett on Sunday said he will pay low salaries to candidates to succeed him as chief investment officer of Berkshire Hathaway Inc. but offer incentives for outperforming the market.
Buffett, 76, said he has received some 600 to 700 applicants to become CIO, and on Saturday said he might choose as many as four candidates.
Referring to the money manager William Ruane, a friend and Columbia University classmate who died in 2005, Buffett said he might "find three of what look like to me like young Bill Ruanes," and award each $2 billion to $3 billion to invest.
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Buffett, 76, said he has received some 600 to 700 applicants to become CIO, and on Saturday said he might choose as many as four candidates.
Referring to the money manager William Ruane, a friend and Columbia University classmate who died in 2005, Buffett said he might "find three of what look like to me like young Bill Ruanes," and award each $2 billion to $3 billion to invest.
Read the complete article
