Nicole Friedman
speaker
798 appearances
16 recordings
1 series
first heard Aug 2017
last heard Dec 2024
Nicole Friedman’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Berkshire Hathaway: Collaboration and the Post-Buffett Era · 5 Apr 2019
podcast
And so the business units in the insurance industry report to Ajit Jain, and the business units in the non-insurance industries report to Greg Abel.
And so the many Berkshire CEOs now report to Ajit
either Jane or Greg Abel, and those two lieutenants also set the pay for all of the CEOs, which historically was something that Warren Buffett did.
Right, and that's still the case, that Berkshire doesn't look to kind of find synergies among its units.
It doesn't buy a company with the expectation that, oh, by bringing this company into the conglomerate, we can lower the costs and make it more efficient.
It buys the company because it likes the way the company is run, and then it lets it continue to run the way it has.
And so some of these units are finding ways to collaborate with each other, but that's still their own decision.
From the top down, there's no requirement that they work together.
Yeah, so there are definitely companies that overlap in common industries.
For example, there's four different Berkshire companies that sell furniture.
There's multiple jewelry companies.
There's a lot of companies that are somehow involved in construction, housing, the building industries.
And so sometimes they buy or sell to or from each other.
They're each other's suppliers or customers.
And sometimes they're actually competing for the same customers.
And that's all part of the vision that each company kind of runs itself independently and has its own strategy.
And so if they if they end up competing, you know, may the best company win.
Yeah, so Berkshire Hathaway has teamed up with JP Morgan and Amazon to start a company called Haven, which is in its very, very early stages.
So we don't totally know what Haven's going to do yet.
But the plan is that it will help lower health care costs for the employees of the three companies, including Berkshire's employees, which there are almost 390,000 of them around the world.
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