“Excessive” is a relative term. Sure, Warren’s unchanged $100k salary was an accident of the company’s unique history and culture. But it’s exactly this comparative “excess” that’s been in my thought as a long term shareholder. Anyway I think about it, it’s a discontinuity in culture. And it’s more than optics.

Annual Salary aside, what I’ll be watching for is the personal stock ownership of Greg, Ajit and others on the Board. Warren held over 30% of the company at peak and that’s a gold standard in corporate history. What I would really like to see, over time, is meaningfully increasing levels of ownership by the board, including Greg and his successor. With their own money. Just like the rest of the shareholders have. Cunningham had flagged this ownership issue in his recent book.

Keep us spoilt.