Buffett talks succession plan, pays tribute to Munger at annual meeting

Warren Buffett discussed his succession plans for Berkshire Hathaway and paid tribute to his longtime business partner and friend Charlie Munger astatine nan conglomerate's yearly gathering Saturday successful Omaha, Nebraska.

Buffett, 93, appeared alongside Vice Chairman Greg Abel, 61, and Vice Chairman Ajit Jain, 72, and answered astir 5 hours of questions posed by Berkshire Hathaway shareholders from astir nan world. It marked nan 60th gathering Buffett has held since he took complete nan institution successful 1965, and nan billionaire was energetic successful his responses contempt having handed disconnected galore responsibilities to Abel and Jain.

"I don't really do much, and I don't run astatine nan aforesaid level of ratio that I would person 30 aliases 40 years ago," Buffett said. "When you've sewage personification for illustration Greg and Ajit, why settee for me? It has worked retired highly well.

"The number of calls I get from managers is fundamentally awfully adjacent to zero, and Greg is handling those. I don't cognize rather really he does it, but we've sewage nan correct person, I tin show you that," he added. Buffett said he feels "fine" but joked he shouldn't return connected four-year employment contracts.

BUFFETT EXPLAINS BERKSHIRE'S REDUCED STAKE IN APPLE AT ANNUAL COMPANY MEETING

Warren Buffett and nan precocious Charlie Munger astatine nan 2019 Berkshire Hathaway yearly shareholder meeting. (Johannes Eisele/AFP via Getty Images / Getty Images)

In reference to Berkshire Hathaway's early capital allocation decisions, Buffett said, "If I were connected that committee and making that decision, I would probably, knowing Greg, I would time off nan superior allocation to Greg. He understands businesses highly well, and if you understand businesses you understand communal stocks."

Abel, who was designated to yet win Buffett arsenic Berkshire CEO successful 2021, said, "As we spell done immoderate transition, it's important to cognize that nan superior allocation principles that Berkshire lives by coming will proceed to past Warren."

Jain besides weighed successful and noted that he, arsenic caput of Berkshire's security business, isn't irreplaceable and that Apple CEO Tim Cook's succession of Steve Jobs showed that nary executive – moreover those arsenic iconic arsenic Buffett aliases Jobs – is irreplaceable.

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An attendee holds a cardboard cutout of Warren Buffett, president and CEO of Berkshire Hathaway Inc., wrong nan CHI Health Center during nan 2024 Berkshire Hathaway yearly shareholders gathering successful Omaha, Neb. (Dan Brouillette/Bloomberg via Getty Images / Getty Images)

Buffett besides paid tribute to nan late Charlie Munger, who died successful November astatine nan property of 99, hailing him arsenic nan "architect of today's Berkshire."

"The designer is nan personification who dreams of and designs and yet supervises nan building of awesome structures. The carpenters and nan beavers — that's maine — are needed, but nan designer is nan brilliant of Berkshire," Buffett said. He added that Munger's creation "lives beyond his life and will unrecorded acold beyond mine."

The institution kicked disconnected nan gathering pinch a tribute video of nan 2 friends who first met successful 1959 and spent decades moving together. It besides sold copies of Munger's book, "Poor Charlie's Almanack," a postulation of Munger's wit and wisdom, astatine nan convention.

WARREN BUFFETT PAYS TRIBUTE TO FRIEND, CHARLIE MUNGER AS 'ARCHITECT' OF BERKSHIRE HATHAWAY

A cardboard cutout of Warren Buffett, president and CEO of Berkshire Hathaway Inc., welcomes visitors connected nan accumulation level during nan Berkshire Hathaway yearly shareholder meeting. (Dan Brouillette/Bloomberg via Getty Images / Getty Images)

"Charlie, successful each nan years we worked together, not only ne'er erstwhile lied to me, ever, but he didn't moreover style things truthful that he told half lies aliases 4th lies to benignant of stack nan platform successful nan guidance he wanted to go," Buffett said.

Given nan prominence of succession and tributes to Munger's bequest astatine nan first yearly gathering since his friend's death, Buffett besides said broadly astir his outlook connected life.

"You don't cognize wherever nan paths of life go. You can't hit yourself up. You effort and do nan things important to you. I bask managing money for nan group who spot me. I for illustration nan emotion of being trusted. I americium not looking to alteration much. I judge successful trying to find what you're bully astatine and what you enjoy. I deliberation nan 1 point you tin aspire to beryllium is beryllium kind," Buffett said.

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"Thank you very, very overmuch for coming, and I not only dream that you travel adjacent year. But I dream that I travel adjacent year," Buffett joked to nan packed arena astatine nan extremity of nan question-and-answer session.

Reuters contributed to this report.