Buffett’s Legacy and Berkshire’s Future

Buffett’s Legacy and Berkshire’s Future

Rady School Discussion Examines Warren Buffett’s Legacy and What’s Next for Berkshire Hathaway

Article by: Christine Clark | Feature image by: Joel Ackerman/Rady School of Management

Speaking at the Rady School of Management, Buffett scholar Larry Cunningham examined how trust, leadership, and disciplined investing will shape Berkshire Hathaway’s next chapter

What happens when Warren Buffett steps away from Berkshire Hathaway? Can the company’s famously decentralized culture endure without its legendary founder? And what lessons from Buffett’s approach to business and trust will guide the next generation of leaders?

Those were among the questions explored at UC San Diego Rady School of Management Stanley Foster Symposium, where Larry Cunningham, one of the nation’s leading experts on corporate governance and the history of Berkshire Hathaway, discussed the future of the multinational conglomerate holding company before a packed audience of students, faculty, alumni and community members.

The event, co-sponsored by the Rady School’s Brandes Center, was moderated by Bosco Luján, a FlexEvening MBA ’12 graduate and executive director at Morgan Stanley. He also serves as a member of the Rady Dean’s Advisory Council, is a UC San Diego Foundation trustee and chair of the Foundation’s Investment/Finance Committee. Luján guided Cunningham through a wide-ranging conversation on Buffett’s career, Berkshire’s culture and the company’s future leadership.

Cunningham on the right. The event was moderated by Bosco Luján (left). Luján is a FlexEvening MBA ’12 graduate and executive director at Morgan Stanley. He also serves as a member of the Rady Dean’s Advisory Council, is a UC San Diego Foundation trustee and chair of the Foundation’s Investment/Finance Committee.

Meeting Warren Buffett: A Defining Moment

Cunningham recounted his first encounter with Buffett—an experience that set the course of his career. Shortly after becoming director of the Heyman Center on Corporate Governance in New York, Cunningham decided to host a symposium on Buffett’s famous shareholder letters. Weeks of silence had him doubting whether the idea would take off—until one evening he returned home to find a message on his answering machine:

“Oh, hi, Larry. This is Warren Buffett. Bob Denham told me about your idea. I think it’s terrific. Why don’t you give me a call?”

That call led to a three-day conference with Buffett, Charlie Munger, and their closest associates. The lively debates became the foundation for Cunningham’s book, “The Essays of Warren Buffett: Lessons for Corporate America,” now translated into 14 languages.

“What you see is what you get with Warren,” Cunningham told the UC San Diego audience. “He’s a down-to-earth, Midwestern guy.”

How Trust is in the Berkshire Hathaway DNA

When asked why Berkshire Hathaway’s model has proven so difficult to replicate, Cunningham distilled the answer into one word: trust.

Munger once described the company as “a seamless web of deserved trust,” and Cunningham explained how that philosophy permeates every level of the organization—from the boardroom to the loading dock. Buffett’s model has been to hire capable managers, grant them wide autonomy, and hold them accountable for performance.

“There’s far less red tape at Berkshire than at many other companies,” Cunningham said. “That culture of autonomy and accountability is the glue that holds it all together.”

Rady School

From left to right: Bosco Luján; Lisa Ordóñez, Dean of the Rady School of Management; Larry Cunningham and Robert Schmidt, executive director of The Brandes Center at UC San Diego Rady School of Management.

Preparing for Life After Buffett

Looking ahead, Cunningham emphasized that Berkshire’s succession plan will divide Buffett’s many roles among trusted leaders. Greg Abel, who has led the company’s energy business for 25 years, will become CEO. Buffett’s son, Howard, is expected to serve as board chair, while investment duties will remain with Todd Combs and Ted Weschler, who have managed large portions of the portfolio for more than a decade.

The most difficult transition, Cunningham said, will be Buffett’s role as controlling shareholder. His estate plan calls for gradually selling his Class A shares—converted into Class B shares—over 12 years, with proceeds going to charity. While no single shareholder will hold Buffett’s influence, Cunningham noted that a core group of long-term investors will help preserve Berkshire’s culture.

“Greg will get some space,” Cunningham observed. “But he and the team must continue to deliver value. And my bottom line? My money is on Greg.”

Read Full Article Here

Director Cunningham to Speak at UCSD’s Rady School of Management

Director Cunningham to Speak at UCSD’s Rady School of Management

September 17, 2025 — The Brandes Center at the University of California San Diego will host Lawrence Cunningham for a discussion about the intersection of value investing and corporate governance.


The Rady School of Management, in collaboration with the Brandes Center, is honored to welcome Lawrence A. Cunningham — renowned professor, author, and corporate governance expert — as the distinguished speaker for this year’s Stanley Foster Symposium.

As one of the world’s foremost authorities on Warren Buffett and Berkshire Hathaway, Cunningham brings unparalleled insight into the business model, culture, and long-term value creation strategies that have shaped one of the most successful companies in American history.

Don’t miss this opportunity to hear directly from a scholar and practitioner who bridges theory and real-world governance, offering lessons on resilience, leadership, and sustainable value in today’s capital markets.

Date: Wednesday, September 17, 2025
Time: 9:00am–10:30am
Location: Rady School of Management, Beyster Auditorium

Read Follow-up Article Here

Director to Testify Before Congress on Sarbanes-Oxley Compliance

Director to Testify Before Congress on Sarbanes-Oxley Compliance

Director Cunningham has been invited to testify before the U.S. House of Representatives’ Capital Markets Subcommittee on Wednesday, June 25 at 10:00 AM in Washington, D.C.

The hearing, titled “Reassessing Sarbanes-Oxley: The Cost of Compliance in Today’s Capital Markets,” will consider whether aspects of the landmark legislation have outlived their value.

Mr. Cunningham, a recognized authority on the Sarbanes-Oxley Act, has authored influential articles on the statute and has worked closely with numerous companies on its implementation. This marks his third appearance before Congress, reflecting his continued leadership in corporate governance and regulatory reform.

 

Link to the Hearing
25th Anniversary Historic Exhibit

25th Anniversary Historic Exhibit

25th Anniversary Exhibit Unveiling

25th Anniversary Exhibit Unveiling

25th Anniversary Exhibit Unveiling

25th Anniversary Exhibit Unveiling

25th Anniversary Exhibit Unveiling

25th Anniversary Exhibit Unveiling

25th Anniversary Exhibit Unveiling

25th Anniversary Historic Exhibit

📅 September 24, 2025
📍 Lerner Hall Atrium, University of Delaware
⏰ 5:00 PM – 7:00 PM

The Weinberg Center’s 25th anniversary historic exhibit has been installed in the Atrium of Alfred Lerner Hall on the University of Delaware campus and will run through the academic year. Curated by the University’s Museum Studies Program, the installation launched with a lecture for Lerner College students and faculty exploring the meaning of corporate governance and its significance in a business school curriculum.

The entire University community, especially Lerner students, attended the special unveiling and reception in the Lerner Hall Atrium on September 24. We introduced the Weinberg Center, corporate governance, and how the Weinberg’s Center’s work in corporate governance intersects with the Lerner College curriculum, including in the fields of accounting, business administration, and finance.

Speakers included:

  • Oliver Yao, Dean of Lerner College
  • Lawrence Cunningham, Director of the Weinberg Center
  • John D’Arcy, Professor of Management Information Systems
  • He Gao, Professor of Strategy
  • Laura Field, Professor of Finance
  • Fei Xie, Professor of Finance

 

View the 25th Anniversary Page

Director Cunningham on Panel at Directors College of San Diego

Professor Cunningham on Panel at PCAOB Investor Advisory Group

September 25, 2025 — The Public Company Accounting Oversight Board (PCAOB) hosted Professor Cunningham on a panel drawing on his recent Congressional testimony about external audits of internal controls. Other panelists included Professors John Coates of Harvard and Abigail Allen of Brigham Young University, both of whom also testified with Cunningham in the Congressional hearing in Washington DC.