Wednesday, 17 January, 2018

Warren Buffett is bearish on cryptocurrencies

Ajit Jain is executive vice president of National Indemnity Company Berkshire Hathaway promotes potential Buffett successors Ajit Jain, Gregory Abel
Elsie Buchanan | 11 January, 2018, 00:25

Billionaire Warren Buffett told CNBC on Wednesday the appointment of two new vice chairs at Berkshire Hathaway is "part of a movement to succession over time".

He described Mr Abel and Mr Jain as having "Berkshire in their blood".

Abel joined Berkshire Hathaway Energy Co.in 1992 and now serves as its Chairman and CEO.

Responding to an analyst report that predicted Buffett could run Berkshire for the next 10 years, the Oracle of Omaha said that sounds a bit long without getting anymore specific. Buffett had refused to name them, but investors who follow Berkshire had long included Jain and Abel on their short lists. Yet Buffett says Abel and Jain are the right choices as potential successors.

Mr Buffett has led Berkshire Hathaway for more than four decades, turning it into a complex conglomerate with holdings in freight rail, major insurance companies, real estate, newspapers and utilities.

Tom Hanks buys a round of martinis for Steven Spielberg
Streep revealed that her favorite Hanks films included Sully , Charlie Wilson's War , and of course, Forrest Gump . Hanks quipped that as Winfrey spoke at the Beverly Hills Hilton, "the waters separated" in the hotel's pool.


"When it happens or how or anything else, I don't know", he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska. "But I think we have to be a little more careful", he said in December.

To fit Abel and Jain in, Berkshire's board also voted to raise the number of directors to 14 from 12.

Abel, who grew up in Alberta, Canada, joined Berkshire Hathaway Energy in 1992. Meanwhile, Jain, who's now executive vice president of National Indemnity, will be vice chairman of insurance operations.

In late-morning trading, Berkshire Class A shares rose $2,010 to $306,530 and its B shares rose $1.61 to $204.63.

Mr Buffett told CNBC that the changes should be nearly imperceptible from the outside. He now serves as executive vice president of National Indemnity Co.

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