Warren Buffett discussed his succession plans for Berkshire Hathaway and paid tribute to his longtime business partner and friend Charlie Munger at the conglomerate's annual meeting Saturday in Omaha, Nebraska. Buffett, 93, appeared alongside Vice Chairman Greg Abel, 61, and Vice Chairman Ajit Jain, 72, and answered roughly five hours of questions posed by Berkshire Hathaway shareholders from around the world.
In reference to Berkshire Hathaway's future capital allocation decisions, Buffett said, "If I were on that board and making that decision, I would probably, knowing Greg, I would leave the capital allocation to Greg. He understands businesses extremely well, and if you understand businesses you understand common stocks.
Buffett also paid tribute to the late Charlie Munger, who died in November at the age of 99, hailing him as the "architect of today's Berkshire." "The architect is the person who dreams of and designs and finally supervises the construction of great structures. The carpenters and the beavers — that's me — are needed, but the architect is the genius of Berkshire," Buffett said.
Charlie, in all the years we worked together, not only never once lied to me, ever, but he didn't even shape things so that he told half lies or quarter lies to sort of stack the deck in the direction he wanted to go," Buffett said. Given the prominence of succession and tributes to Munger's legacy at the first annual meeting since his friend's death, Buffett also spoke broadly about his outlook on life. "You don't know where the paths of life go.
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