Buffett reassures Berkshire investors on succession planning after underperformance

100% prepared

Warren Buffett assured Berkshire Hathaway investors the firm was “100% prepared” for his and deputy Charlie Munger’s departure at the weekend, as his annual letter noted 2019 was the company’s worst year for underperformance since 2009.

Buffet noted he, 89, and Munger, 96, "long ago entered the urgent zone", adding this was "not exactly great news for us, but Berkshire Hathaway shareholders need not worry". The reasons for this were largely due to its strong portfolio of businesses, but also because of the "skilled and devoted top managers" it employs, "for whom running Berkshire is far more than simply having a high-paying and/or prestigious job". Berkshire Hathaway lags as cash pile continues to grow "Finally, Berkshire's directors - your guardians - are constantly focused on both the welfare of owners and the n...