Those and other nuggets were revealed in Mr. Buffett\u2019s annual letter to shareholders Thursday. In the folksy, colloquial tone that Mr. Buffett\u2019s letters have become know for over the years, the so-called Oracle of Omaha said he would was seeking a new candidate to become chief investment officer when he steps down because the former second-in-line is simply too old.
Mr. Buffett said he would rather leave Berkshire\u2019s top investment job to someone who could occupy it for a long time. Louis A. Simpson, the 70-year-old chief executive ofGeico, the Berkshire-owned insurance company, had been Mr. Buffett\u2019s successor to run investing. What kind of person is he looking for? He said the company needs \u201csomeone genetically programmed to recognize and avoid serious risks, including those never before encountered.\u201d
In last year\u2019s meeting, Mr. Buffett caused a stir when he told shareholders that his holding company was working on a $15 billion acquisition. Mr. Buffett did not disclose the name of the company or give any other details. But he did say there was a \u2018\u2019low probability'\u2019 that the acquisition would occur.
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