Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Berkshire Hathaway Inc.    BRK.A

Delayed Quote. Delayed  - 10/21 10:00:30 pm
215600 USD   -0.63%
10/22 BERKSHIRE HATHA : Lenexa-based Silpada acquired by Berkshire Hathawa..
10/19 BERKSHIRE HATHA : Purchase gives Shaw Industries huge share of wood-..
10/18DJAIG to Sell Some Latin American and European Operations to Fairfa..
News SummaryMost relevantAll newsSector news 

Berkshire Hathaway Inc. : Buffett tries to assure on Berkshire succession

share with twitter share with LinkedIn share with facebook
share via e-mail
05/05/2012 | 06:09pm CEST

Warren Buffett assured shareholders of Berkshire Hathaway Inc that the company will be in good hands after he steps down, trying to allay fears about Berkshire's succession plan after revealing he had prostate cancer.

The question of who will succeed Buffett, now 81, as chief executive has long been a focus of shareholders, and became more of an imperative after Buffett disclosed the diagnosis last month.

Buffett has said the condition is not life-threatening and should not have much effect on his work.

But the diagnosis has reminded shareholders that Buffett, for all his success as an investor and all the plaudits he receives, is mortal and would be very hard to replace.

That made the future of Berkshire, with or without Buffett, a key focus of questioning at the company's annual meeting in downtown Omaha, Nebraska.

"I don't think that every deal that I made would necessarily be makeable by a successor, but they'll bring other talents as well," and needs the skills to be an effective chief risk officer, Buffett said. He nonetheless assured: "We're not going to have an arts major in charge of Berkshire."

Among the internal candidates seen as possible future Berkshire chief executives are Ajit Jain, Buffett's top insurance lieutenant; Matthew Rose, who runs the Burlington Northern Santa Fe railroad company; and Greg Abel, who oversees the utility company MidAmerican Energy.

Tony Nicely, who runs the Geico auto insurance unit, has long been seen as a candidate, but is now in his late 60s.

Buffett has also hired two portfolio managers, Todd Combs and Ted Weschler, to handle portions of Berkshire's investment portfolio.


The meeting took place one day after Berkshire said first-quarter profit more than doubled, as its insurance business was spared the huge losses that natural disasters in Australia, Japan and New Zealand caused a year earlier.

Buffett even said that Berkshire is writing "a lot more" reinsurance in those countries, as well as in Thailand, than in past years.

"Overall, we feel good about the first quarter, we feel good about the year," Buffett said. "In general, all of our companies, with the exception of the ones in the residential construction business ... have shown good earnings."

Berkshire last year began a stock buyback program, but did not repurchase any shares in the first quarter. Buffett said he would be comfortable repurchasing stock at a price of 1.1 times book value, and perhaps higher.

Prior to the questioning, shareholders were regaled with the annual comedy-infused movie made by Buffett's daughter Susie.

One sketch featured Buffett singing and playing the ukulele with the cast of the TV show "Glee." Another featured Buffett's secretary Debbie Bosanek, whose effective tax rate is higher than her boss's, and which was an inspiration for the Obama administration's now-failed "Buffett rule" to raise taxes on the wealthy. Bosanek appeared with her feet up on her desk, discussing magazine covers. Buffett took phone calls for her.

Prior to that, Buffett scooted around a convention hall, visiting booths featuring Berkshire units and munching his usual Dairy Queen orange-flavored ice cream bar. He also took part in a newspaper tossing contest at the booth for one of Berkshire's newest acquisitions, the Omaha World-Herald.

(Reporting By Ben Berkowitz in Omaha; Additional reporting and writing by Jonathan Stempel in New York; Editing by Bernard Orr)

By Ben Berkowitz

share with twitter share with LinkedIn share with facebook
share via e-mail
10/22 BERKSHIRE HATHAWAY : Lenexa-based Silpada acquired by Berkshire Hathaway entity
10/19 BERKSHIRE HATHAWAY : Purchase gives Shaw Industries huge share of wood-plastic c..
10/18DJAIG to Sell Some Latin American and European Operations to Fairfax
10/18 BERKSHIRE HATHAWAY : opening office in the Northland
10/15 BERKSHIRE HATHAWAY : UW-Madison alumni fire up students with entrepreneurship st..
10/14DJBYD : Launches Monorail Transport System
10/13DJWells Fargo's Textbook Case of Botched Crisis -2-
10/13DJWells Fargo's Textbook Case of Botched Crisis Management
10/12 BERKSHIRE HATHAWAY : Cash piling up for Warren Buffett
10/11 BERKSHIRE HATHAWAY : Cash is piling up faster than Warren Buffett can invest it
More news
Sector news : Property & Casualty Insurance - NEC
10/21 EXCLUSIVE : Dick's wins auction for U.S. business of bankrupt Golfsmith - source..
10/20DJTRAVELERS : Operating Profit Falls 24%
10/20DJTRAVELERS : Operating Profit Falls 24%
10/20DJSAMPO OYJ : Mandatum Life Will Not Prolong The Agency Agreement With Danske Bank
10/18DJDick's, Others Said to Be Vying for Golfsmith Stores
More sector news : Property & Casualty Insurance - NEC
News from SeekingAlpha
10/21 What To Buy After U.S Elections And December Interest Rate Hike; Longs & Shor..
10/20 Reinsurance business isn't what it used to be
10/19 Buffett Probably Had Stumpf Fired, And That's Good For Shareholders
10/19 Buffett's 3 Categories Of Returns On Capital
10/18 Kansas City Southern Dividend Stock Analysis 2016
Financials ($)
Sales 2016 218 790 M
EBIT 2016 18 123 M
Net income 2016 19 799 M
Debt 2016 -
Yield 2016 -
P/E ratio 2016 18,32
P/E ratio 2017 17,91
Capi. / Sales 2016 1,62x
Capi. / Sales 2017 1,54x
Capitalization 354 244 M
More Financials
Duration : Period :
Berkshire Hathaway Inc. Technical Analysis Chart | BRK.A | US0846701086 | 4-Traders
Full-screen chart
Technical analysis trends BERKSHIRE HATHAWA...
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 240 912 $
Spread / Average Target 12%
Consensus details
EPS Revisions
More Estimates Revisions
Warren Edward Buffett Chairman & Chief Executive Officer
Marc D. Hamburg CFO, Senior VP & Head-Investor Relations
Charles Thomas Munger Vice Chairman
David Sanford Gottesman Independent Director
Walter Scott Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
SAMPO OYJ-11.19%25 386
ALLSTATE CORP8.79%25 092
MS&AD INSURANCE GROUP ..-15.88%18 071
More Results