After the old master steps down, the most appropriate question is: “How much is the ‘halo value’ worth?”
I saw a message: Berkshire’s octogenarian(?) leader, in his nineties, has stepped down as Chairman 👴
Everyone is talking about “an era has passed.” But I’d rather discuss another angle—over these decades, how much money in the market was paid for the business of this company, and how much was paid for “the person in charge”?
Once the founder steps back, that invisible premium in the valuation has to be repriced. This kind of thing has happened in many other industries too.
I want to ask: for an institution that has been supported by one person’s halo for decades, after the halo leaves the stage, will the market make up the gains, or will it first remove the premium?
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#巴菲特卸任伯克希尔董事长
I saw a message: Berkshire’s octogenarian(?) leader, in his nineties, has stepped down as Chairman 👴
Everyone is talking about “an era has passed.” But I’d rather discuss another angle—over these decades, how much money in the market was paid for the business of this company, and how much was paid for “the person in charge”?
Once the founder steps back, that invisible premium in the valuation has to be repriced. This kind of thing has happened in many other industries too.
I want to ask: for an institution that has been supported by one person’s halo for decades, after the halo leaves the stage, will the market make up the gains, or will it first remove the premium?
👉 关注我，点击进入聊天室，学习更多策略
#巴菲特卸任伯克希尔董事长
