93-year-old Warren Buffett has reassured the board of Berkshire Hathaway that he is not planning to be sidelined and expressed confidence in his successors, Greg Abel and Ajit Jain, to lead the company when he steps aside. At a general meeting over the weekend, Buffett spoke about his longtime partner and vice chairman, Charlie Munger, who passed away last year at the age of 99. Despite this loss, Buffett remains optimistic about the future of the company and its ability to continue growing and succeeding.
During the meeting, Buffett praised Apple for their mobile phones but also announced that Berkshire Hathaway had reduced its ownership stake in the company by selling 13 percent of its shares. However, this reduction did not diminish Apple’s status as Berkshire Hathaway’s largest stock market investment. The sale of these shares has boosted Berkshire Hathaway’s cash reserves to a record high of over $200 billion. Buffett stated that the company is ready to invest these funds if a suitable opportunity arises. However, high stock market prices and geopolitical uncertainties are limiting Berkshire Hathaway’s investment potential. Buffett emphasized that they would like to invest but only in a target with low risks but high returns.
