This Possible Warren Buffett Successor At Berkshire Walks Away From It All: Tracy Britt Cool’s Story

Tracy Britt Cool, a former Berkshire Hathaway, Inc. (NYSE: BRK-A) (NYSE: BRK-B) executive, was profiled ina July 2022New York Timespiece titled A Warren Buffett Protge Strikes Out on Her Own,whichtakes an in-depth look at Britt Cools upbringing andher job working for the famed investor, Berkshire HathawayCEOWarren Buffett.

Britt Cool History: After Britt Cool graduated from Harvard Business School at age 24, she decided to send a letter toBuffett asking for a job at Berkshire. To her surprise, Buffett responded yes and in 2009 she began working as the financial assistant to the chairman,a job that Buffett made up for her.

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In just 10 years, Britt Cool went from working in a made-up position to working as one of Buffetts three Ts," agroup made up of Berkshire's managers who worked closely with Buffett. The three Ts were Todd Combs,Ted Weschler andBritt Cool.

As Britt Cool worked her way up, she became known as Buffetts protge and the frontrunner to be Buffetts successor once the now 91-year-old investor retired. Yet in 2020, Britt Cool walked away from it, something that is unprecedented at Berkshire.

Making New History: After leaving her position, she teamed up with former colleague Brian Humphrey to form Kanbrick, a private equity investment firm. According to the firms website, Kanbrick is a long-term investment partnership focused on acquiring and building great companies.

When askedby the newspaperabout Kanbricks company ideals, Britt Cool responded, Im not building a Berkshire 2.0 Im building something different using some of the principles, adding that Kanbrickis "… no Berkshire copycat."She knows firsthand how successful he was and if Kanbrick can even come close, it will be a huge win.

Kanbrick is going to stay away from cryptocurrencies and risky start-ups for now as Kanbricklooks to establish itself in the investment community.

The firm has closed two investment deals so far and is targeting companies with annual operating profits of $10 million to $50 million.

It seems that Britt Cool has it all planned out, and only time will tell if Kanbrick becomes as successful as Berkshire Hathway.

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Photo: Courtesy ofFortune Live Mediaon flickr

This article was originally published on July 19, 2022.