Berkshire Hathaway

Berkshire Hathaway is controlled by Warren Buffett, who is chairman and chief executive of the company which owns a range of companies, including GEICO and NetJets, a substantial stake in Heinz, and has stakes in American Express, Procter & Gamble and IBM. The company is noted for outperforming the stock market under the leadership of Buffett, a value investor.

Warren Buffett expects his successor will be better than him at running Berkshire Hathaway. Photo: Reuters

Berkshire set for next phase after 50 years of runaway growth

In his 50 years at the helm of Berkshire Hathaway, Warren Buffett has transformed a failing textile company into a sprawling conglomerate that has vastly outperformed most of corporate America.

But he now says: do not expect a repeat of that outperformance in the next 50 years.