May kicked off, as always, with the Woodstock of Capitalism in Omaha.
40,000 Berkshire Hathaway shareholders gathered to drink in the wisdom of Warren Buffett and to celebrate his 50th anniversary as everybody’s favorite CEO.
This is also the season when we find out what CEOs made last year; it fascinates plutocrats and proles alike, including us. We recruit executives for institutional money managers, so we eagerly scan the proxy filings to see who’s making what.
There’s never any suspense about Mr. Buffett’s pay, though. He makes billions for his shareholders, but every year accepts an almost laughable $100 thousand emolument for his efforts.
He actually makes rather more than that (as we’ll see below), but he’s a good example of the mysteries surrounding CEO compensation.
[drizzle]
In this letter we’ll...
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