According to the Reuters news agency, 93-year-old Warren Buffett has so far given no indication that he is about to be sidelined by the company’s board.
American investor legend, chairman of the board and major owner of the Berkshire Hathaway investment company Warren Buffett assured at the weekend general meeting that his successors are ready to pilot the company when it’s time for him to step aside.
Buffett stated at the general meeting that the current vice-chairmen of the board Greg Abel and Ajit Jain are the right people to lead the company, reports news agency Reuters.
“Why settle for me when Greg and Ajit are also options,” Buffett stated.
So far, the 93-year-old Buffett, according to the news agency Reuters, has not given any indication that he is about to be sidelined by the management of the company’s board. On the contrary, he assured that he was fine.
Buffett’s longtime partner and vice chairman of Berkshire Hathaway’s board Charlie Munger died at the end of last year at the age of 99.
From their mobile phones the well-known technology company Apple received a lot of praise from Buffett during the general meeting weekend. Despite the fact that Berkshire Hathaway has significantly reduced its ownership stake in Apple since last year.
Berkshire Hathaway announced that it has sold 13 percent of all its Apple shares. This means that instead of around 174 billion dollars, the company now has around 135 billion dollars, or around 125 billion euros, in Apple shares.
Berkshire Hathaway invested heavily in Apple in 2016, although Buffett has traditionally shied away from investing in technology companies. However, Buffett viewed Apple primarily as a consumer goods company with good pricing power and a loyal customer base.
Buffett assured that Apple will remain the company’s largest stock market investment despite the fact that some investors have been concerned about Apple’s high weight in Berkshire Hathaway’s stock portfolio.
Partly Thanks to the sale of Apple shares, Berkshire Hathaway’s cash reserves are at a record high and, according to Buffett, may exceed the $200 billion mark this quarter.
According to Buffett, the company would be ready to invest the funds if a suitable investment target came along. However, high stock market prices and uncertainty caused by geopolitical conflicts are currently limiting Berkshire Hathaway’s investment potential.
“We would like to invest it, but we won’t until we find a target that has low risks but where we can get high returns,” Buffett said at the shareholders’ meeting, according to Reuters.