The acquisition of PacifiCorp renewed public interest in its sponsor, Warren Buffett. In many ways, he was an anomaly. One of the richest individuals in the world (with an estimated net worth of about $44 billion), he was also respected and even beloved. Though he had accumulated perhaps the best investment record in history (a compound annual increase in wealth for Berkshire Hathaway of 24% from 1965 to 2004),3 Berkshire paid him only $100,000 per year to serve as its CEO. While Buffett and other insiders controlled 41.8% of Berkshire Hathaway, he ran the company in the interests of all shareholders. “We will not take cash compensation, restricted stock, or option grants that would make our results superior to [those of Berkshire’s investors],” Buffett said. “I will keep well over 99% of my net worth in Berkshire. My wife and I have never sold a share nor do we intend to.”4