Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, assured shareholders that the executives expected to succeed him are ready for the job. Speaking at Berkshire’s annual meeting, Buffett praised Vice Chairmen Greg Abel and Ajit Jain, stating that they have proven themselves as the right people to lead the conglomerate after he departs.
Buffett, 93, expressed confidence in Abel and Jain, highlighting their successful oversight of Berkshire’s operating subsidiaries. He even joked, “When you’ve got somebody like Greg and Ajit, why settle for me?” Buffett also mentioned that upon becoming chief executive, he would want Abel to have the final say on capital allocation decisions regarding Berkshire’s portfolio of public stocks.
Investors had long considered Todd Combs and Ted Weschler, who manage part of Berkshire’s $335.9 billion equity portfolio, as leading candidates to manage more or all of it. The meeting, which Buffett calls “Woodstock for Capitalists,” was the first since the passing of his longtime business partner Charlie Munger.
In a surprising move, Berkshire reported that it had sold about 13% of its Apple shares, reducing the value of its stake to $135.4 billion. Despite the reduction, Buffett praised Apple, calling it “an even better business” than some of Berkshire’s oldest and largest investments. He described the iPhone as “one of the greatest products of all time,” highlighting the company’s strong pricing power and loyal customer base.