Berkshire Hathaway unlikely to remain a family firm

Warren Buffett's empire is unlikely to be run by his family when the investment guru steps down from the business, his son has told Bloomberg.

Howard Buffett, director and potential successor as chairman of Berkshire Hathaway, says he does not expect a third generation of the family to lead the firm. “We all go out and do the things we want to do and the things we think we can do best,” Howard Buffett says. “It is very unusual to have a second or third generation that really are the best to fit into something that you’ve created much earlier.” The management of Berkshire Hathaway, valued at over $200bn and built by Warren Buffett over four decades, is set to be divided by the company board while Howard Buffett will act as...