But what is BRK's culture and values? Is it doing things the way Buffett did in terms of working with his managers? Or investing like Buffett? Are they like one definition of pornography - you'll know it when you see it? Will Howard see it like Greg? Will the non-family members of the board? Will the latter matter as long as the Buffett family controls the voting power?

Tex, you’ve outlined astute observations on Berkshire’s opportunities, challenges and capital structure. With respect to Howie, my recollection of Warren’s thoughts on this issue MANY years ago provides an answer to your question that I’m certain still applies today. I don’t think there’s been any change in Warren’s thinking.

Long before Greg Abel was even on the radar as a potential successor, Warren said the plan was for Howie to assume the role of non-executive Chairman. I recall Warren describing the Chairman’s responsibility in very general terms around protecting Berkshire’s “values.” Importantly, he said Howie was there as absolute insurance against something extremely unlikely—but remotely possible—like a new CEO acting irresponsibly. Warren was very clear on the extremely limited scope of Howie’s job.

That’s the answer to your question, and it’s simple and boring. I always interpreted “irresponsibly” to mean something very different from “he’s favoring growth stocks over value stocks” or “he’s buying too much U.S. stock.” More like: the guy is acting recklessly with leverage, he’s stacked the board with yes-men, he’s taking risks wildly outside any reasonable Berkshire norm, etc. THOSE ARE NOT OUR VALUES.

Warren is ALWAYS consumed with the extremely unlikely-but-possible. Low probability does not mean low importance or impact when the consequence is enormous. That’s why Berkshire maintains massive insurance reserves. That’s why Howie is Chairman. It’s that simple.

And this is where I think we may be overthinking the whole “What exactly are Berkshire’s values?” question in THIS instance. Does Howie need a precise definition of Berkshire culture? Does he have to agree with Greg on every investment decision or management philosophy? I don’t think so. Actually, I know he does not, and I suspect he won’t even be consulted on most investment moves. I infer that Howie will have no say on investment philosophy or management style unless either goes way, way off the rails. As Warren said, “highly, highly unlikely—but not impossible.” That’s how we think at Berkshire.

Let me be brutally honest: neither most of our insurance reserves nor serious intervention by Howie will probably EVER be needed. But they’re both important precisely because they’re there for the very unlikely but highly impactful event where something goes badly wrong.

The issues you raise are critically important to Berkshire! But they aren’t Howie’s to decide. He won’t be deciding how Berkshire allocates capital, which businesses it buys, or how Greg runs the company.

He’ll be watching.

Let me put it in brutally straightforward terms: there’s a 99.8% chance Howie will have little to do with the success or failure of Berkshire.

There’s a 0.2% chance he’ll be the person who matters the most.

Going forward, Greg is the person to look to for almost every item on your critical list. Not Howie.

And if Warren designed the structure the way I remember, that’s exactly the point.

Let’s not overthink this one.