Buffett reassures about Berkshire's future, praises Apple even as he sells it
business partner Charlie Munger at Berkshire Hathaway's annual meeting on Saturday, while reassuring shareholders that the executives expected to succeed him were ready for the job.
Buffett, legendary for his investing acumen, also praised Apple after unexpectedly revealing that Berkshire had reduced its stake in the iPhone maker. He said the company was «an even better business» than two of Berkshire's oldest investments, American Express and Coca-Cola
The meeting was the 60th for Buffett, who took over Berkshire in 1965 and turned it into an expansive company valued at a $862 billion owning BNSF railroad, Geico car insurance, Dairy Queen and other businesses. Saturday's meeting was the first since Munger, Buffett's longtime friend, business partner and foil, died in November at age 99.
Buffett, 93, signaled no plans to step aside himself, telling shareholders, «I feel fine,» while joking he shouldn't take on four-year employment contracts.
Munger had been a fixture on stage with Buffett at the meetings, known for laconic and acerbic comebacks to Buffett's often lengthy appraisals about Berkshire, the economy, Wall Street and life.
Early in the meeting, shareholders watched a video paying to tribute to Munger, including photos of Omaha from 1924 when he was born and video of Buffett and Munger through the years.
Munger was the «architect of today's Berkshire,» Buffett said. «The architect is the person who dreams of and designs, and finally supervises the construction of great structures. The carpenters and
