When we stumbled on this letter to Berkshire Hathaway’s board of directors from Vadim Perelman, a managing member of Baker Street Capital, we were shocked…Perelman’s letter sounds like something an activist investor like Dan Loeb would write to Yahoo! — it’s a long tirade about all the things that absolutely must change at Berkshire. The letter touches on everything from Warren Buffett’s compensation (too high), to succession issues (tell us now!) and the company’s share price (we want dividends).
Finally, at the end of the letter, Perelman recommends that Charlie Munger take the helm of Berkshire and that Warren Buffett step down.
Then we noticed that the letter was date April 1st. Oh… got it.
Business Insider got in touch with Perelman and he told us that he and his partner planned this letter months ago. They told Buffett about their idea, and he said he would be happy to run it on Business Wire, which he owns.
“We have nothing but respect for Warren,” said Perelman. “It should be fairly obvious to an informed reader that it’s satire.”
Well, we had our suspicions…
We’ve embedded the letter below. Tell us whether or not you’d be taken in.
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