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gregtx81

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  1. A classic and commonly tested Property Law concept for first year law students is the Rule Against Perpetuities--"No interest is good unless it must vest, if at all, not later than twenty-one years after the death of some life in being at the creation of the interest.” The basis for the rule is that dead hand control of assets is uneconomic and not in society's best interest. In any event, looks like ol' Wellington maxed-out all that the law would allow him to!
  2. While this is a rather shocking happening, I had really cooled to the idea that Sokol was the front runner to succeed Buffett. Particularly after the WSJ profile of him that ran around the time of the 2009 Shareholders Letter release which was replete with Attila the Hun references in regard to his management philosophy as well as his fondness for ruminating over whom of his subordinates he would fire first. That was not exactly, to put it mildly, the type of thinking that's within the mold of the Berkshire culture. Additional yellow flags, imo, were his heavy handed-dealings at NetJets (as extensively chronicled on Alice Schroeder's blog) and the fact that he was, as far as I can ascertain (could be wrong), quietly demoted at MidAmerican (given a ceremonial title) and replaced by Greg Abel.
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