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Agence France-Presse

Octogenarian billionaire Warren Buffett has assured shareholders that his Berkshire Hathaway empire, with holdings in major American firms, is ready for him and his long-time partner Charlie Munger, 96, to go.
But he did not name a successor.
Dubbed the “Oracle of Omaha”, Buffett is known for his track record of brilliant investing but also for his folksy and humble persona, as well as his philanthropy.
“Charlie and I long ago entered the urgent zone,” Buffett, 89, quipped in his annual letter, 14 pages long, to shareholders on Saturday.
“That’s not exactly great news for us. But Berkshire shareholders need not worry: Your company is 100 per cent prepared for our departure.”
Buffett, one of the world’s richest men, cited several factors for his optimism.
Chinese cryptocurrency billionaire finally sits down to eat with Warren Buffett
“We possess skilled and devoted top managers for whom running Berkshire is far more than simply having a high-paying and/or prestigious job,” he said, adding that its assets are deployed in “an extraordinary variety” of businesses.
At an annual shareholders’ meeting last May, Buffett gave a clue as to who might follow him, when he said that Gregory Able and Ajit Jain would in the near future join him and Munger on the stage to answer questions.
Able, 57, and Jain, 67, had been promoted to the board of directors the previous year.

“Charlie and I have very pragmatic reasons for wanting to assure Berkshire’s prosperity in the years following our exit,” Buffett said in the letter published Saturday.
“The Mungers have Berkshire holdings that dwarf any of the family’s other investments, and I have a full 99 per cent of my net worth lodged in Berkshire stock.”
Buffett added that he has never sold any shares – and has no plans to do so.
Berkshire Hathaway has holdings in companies including American Express, JPMorgan Chase, Goldman Sachs, Apple and Coca-Cola. It is also active in sectors like insurance, through Geico; rail, with BNSF; and energy, via PacifiCorp.
It also has a stake in Amazon.
‘Oracle of Omaha’ Warren Buffett takes swipe at Donald Trump in his annual letter
Along with Microsoft co-founder Bill Gates and his wife Melinda Gates, Buffett in 2010 launched the “Giving Pledge”, in which billionaires promise to give at least half their wealth to philanthropic causes.
Last year Buffett announced that he had donated US$3.6 billion worth of Berkshire Hathaway stock to the Bill & Melinda Gates Foundation and four other charities, meaning that he had given a total of about US$34 billion to the five foundations.
He and Gates have expressed concern about America’s severe wealth inequality.
Forbes said in its rankings last year that Buffett was worth US$82.5 billion.
He continues to live in a relatively modest house about 10 minutes outside downtown Omaha, Nebraska that he bought in 1958.
In the letter, Buffett underlined that his will directs executors and trustees “not to sell any Berkshire shares”.
21 great quotes from Warren Buffett, the world’s most famous investor
The will orders that each year a portion of his Class A shares be converted to Class B shares that would then be distributed “to various foundations”, Buffett said.
“I estimate that it will take 12 to 15 years for the entirety of the Berkshire shares I hold at my death to move into the market.”
Buffet reported that Berkshire Hathaway’s operating earnings were largely unchanged in 2019.
The letter was notable for what it lacked: he steered clear of political commentary, a marked shift from his letter that came out in 2016, another election year, when he chided politicians for their gloomy outlook on the US.
“Tonally, this letter felt more businesslike,” Jim Shanahan, an analyst at Edward Jones, said in an interview. “There just wasn’t quite as much of the folksy wisdom and the humour that we’ve come to expect.”
Additional reporting by Bloomberg


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Warren Buffett

Berkshire Hathaway empire ‘prepared’ for Warren Buffett’s departure

Warren Buffett is known for his track record of brilliant investing but also for his folksy and humble persona, as well as his philanthropy. File photo: Reuters

FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett (left) and Vice Chairman Charlie Munger are seen at the annual Berkshire shareholder shopping day in Omaha, Nebraska, U.S., May 3, 2019. REUTERS/Scott Morgan/File Photo

Chinese cryptocurrency billionaire Justin Sun finally sits down to eat with Warren Buffett

Justin Sun (centre) with Warren Buffett on their dinner date, January 2020. Source: Twitter

‘Oracle of Omaha’ Warren Buffett takes swipe at Donald Trump in his annual letter

Warren Buffett appeared to fault US President Donald Trump for taking too much credit for the nation’s economic growth. File photo: Reuters

epa07389540 (FILE) - US President Donald J. Trump (R) gestures on the tarmac beside US Ambassador to Canada Kelly Craft (L) after arriving at Canadian Forces Base Bagotville in La Baie, Quebec, Canada, 08 June 2018 (reissued 23 February 2019). US President Trump on late 22 February 2019 announced hw was picking Ambassador to Canada, Kelly Knight Craft as his nominee for the US Ambassador to the UN. EPA-EFE/MICHAEL REYNOLDS *** Local Caption *** 54393609

For Chinese investors obsessed with Warren Buffett, a pilgrimage to Omaha, Nebraska is impossible to resist

Warren Buffett, chairman and chief executive officer of Berkshire Hathaway, tours the shopping floor ahead of the Berkshire Hathaway annual meeting in Omaha, Nebraska on May 5. Photo: Bloomberg photo by David Williams

(180505) -- OMAHA (U.S.), May 5, 2018 (Xinhua) -- A man takes a selfie as he waits to enter the venue for the Berkshire Hathaway's annual shareholders meeting in Omaha, Nebraska, the United States, on May 5, 2018. Berkshire Hathaway held its 2018 shareholders meeting on Saturday, attended by tens of thousands of people from all over the world. (Xinhua/Wang Ying)

U.S. Olympian Ariel Hsing plays table tennis at an event on the sidelines of the Berkshire Hathaway Inc. annual shareholders meeting in Omaha, Nebraska, U.S., on Sunday, May 6, 2018. Berkshire CEO Warren Buffett said he doesn't want Berkshire Hathaway Inc. being a leader on cyber insurance because neither he nor others in the industry really know the risk. Photographer: David Williams/Bloomberg

hareholders gather ahead of the Berkshire Hathaway meeting in Omaha, Neb. The Chinese contingent has grown toward 5,000 this year, up from roughly 1,000 in 2014. MUST CREDIT: Bloomberg photo by David Williams

Warren Buffett, chairman and CEO of Berkshire Hathaway, right, and his Vice-Chairman Charlie Munger, are projected on large screens as they preside over a question and answer session during the annual shareholders meeting in Omaha, Neb., Saturday, May 5, 2018. Tens of thousands of Berkshire Hathaway shareholders have arrived in Omaha to attend the meeting. (AP Photo/Nati Harnik)

FILE PHOTO: A worker arranges a display of t-shirts with images of Warren Buffett and Charlie Munger at the Berkshire Hathaway Inc annual meeting, the largest in corporate America, in its hometown of Omaha, Nebraska, U.S., May 4, 2018. REUTERS/Rick Wilking/File Photo

Runners compete in the Berkshire Hathaway "Invest In Yourself" 5K race, presented by Brooks Sports Inc., on the sidelines the Berkshire Hathaway Inc. annual shareholders meeting in Omaha, Nebraska, U.S., on Sunday, May 6, 2018. Berkshire Hathaway investors should get ready for a bumpy ride. Warren Buffett's company is scheduled to report earnings Saturday morning before its annual meeting, and a new accounting rule could sink results. Photographer: David Williams/Bloomberg

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Warren Buffett issues letter to Berkshire Hathaway shareholders, which is scoured by investors for clues on succession
Billionaire gave no further clues on his eventual replacement, and no indication he’d step away soon after more than five decades at the helm



Warren Buffett, one of the world’s richest men, has assured shareholders that his Berkshire Hathaway empire, is ready for him and his long-time partner Charlie Munger to go.


Berkshire Hathaway

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United States