OMAHA — Billionaire Warren Buffett is proud of what he’s built as Berkshire Hathaway’s CEO over the past 50 years, but he’s also willing to admit making a few costly mistakes along the way.
Buffett used his annual shareholder letter released Saturday to make the case for his conglomerate’s future while also offering investing advice.
He dropped a few hints about his eventual successor. Though he didn’t name names, another key executive did single out two people as strong executives who could lead the company well. But no, the 84-year-old Buffett isn’t retiring.
Buffett says Berkshire is built to stand the test of time because of the more than 80 companies it owns and its diverse investments.
Plus, its structure allows Buffett to shift money within Berkshire to generate the best return, and the company has $63.3 billion cash.
“I believe the chance of any event causing Berkshire to experience financial problems is essentially zero,” Buffett said. “We will always be prepared for the thousand-year flood: in fact, if it occurs we will be selling life jackets to the unprepared.”
