OMAHA, Neb.—Billionaire Warren Buffett assured investors Wednesday that Berkshire Hathaway will be fine when he’s no longer around to lead the conglomerate.
Buffett said that after Vice Chairman Greg Abel takes over, Berkshire will still follow the same model of allowing its subsidiaries to largely run themselves while looking for other companies to buy with the substantial cash reserves it keeps on hand at all times.
“The problem for our board of directors is the day I’m not around and Greg’s running it, I am not giving him some envelope that tells him what to do next,” Buffett said….