Bill Gates Joins Board of Berkshire Hathaway

Warren Buffett and Bill Gates, who became the world's richest men on very separate paths, will be working together to help guide one of the world's most successful conglomerates. Warren Buffett controls the company, which has a market value of around $130 billion, with nearly 40 percent of the stock, worth more than $40 billion. Berkshire invests in companies in traditional businesses like newspapers, soft drinks and insurance. Besides Berkshire, Buffett is on the boards of Coca-Cola Co. and The Washington Post Co., two companies in which Berkshire has large stock holdings. Bill Gates is worth more than $46 billion as founder of the world's largest software company. He owns about $300 million in Berkshire stock and was appointed to the board in December, to fill the vacancy left by the July death of Buffett's wife, Susan. Gates' appointment marks the first time he and Buffett have been on the same board, though they have been friends since meeting at a social event in Seattle in 1991. When Gates became engaged to his wife, Melinda, in 1993, they bought an engagement ring at Berkshire-owned Borsheim's jewelry story in Omaha; Buffett met them at the airport. Gates and Buffett are numbers 1 and 2, respectively, on Forbes magazine's list of of the world's richest men and share similar backgrounds. They grew up in comfortable circumstances; Buffett's father was a Nebraska congressman, while Gates' is a prominent Seattle attorney. Both built their own companies, and they share a love of hamburgers, bridge and golf, and have vacationed together, including a trip to China in 1995.

My wife works for a company that was bought and is now owned by Berkshire Hathaway. I have followed Warren Buffett since my days as a investment advisor over 20 years ago. I can distinctly remember when Berkshire Hathaway stock traded around $900 a share. Today it's close to $85,000 a share. Two brilliant men. What an amazing team.