Who will succeed Warren Buffett? Billionaire gives clue about Berkshire Hathaway empire's future

The world's third-richest man Warren Buffett on Saturday gave a clue on who might succeed him to run Berkshire Hathaway empire. Buffet did not completely reveal his hand about his successor but at his company's annual shareholder meeting, said that its recent investment in Amazon was not a shift in strategy to focus on Silicon Valley firms, which have largely remained missing from Berkshire's voluminous portfolio. Warren Buffett and Charlie Munger have been the two stars of Berkshire Hathaway.

When Buffett was pressed by questions he did not answer directl. Rather he said Gregory Able, 57, and Ajit Jain, 67 both promoted last year to the board of directors would in the near future join him and long-time business partner Charlie Munger, 95, on the stage to answer shareholder questions.

Buffet said that he could not have two better-operating managers than Greg and Ajit. He said that it is just fantastic what they've accomplished. On Saturday, Buffett and Munger were questioned about the strategy for investing in technology companies after Berkshire revealed a stake in Amazon.

Replying to a comment, Buffett said that Jeff Bezos, Amazon chief, has pulled off "close to a miracle" by transforming an online bookseller into the e-commerce giant. Munger also acknowledged that Buffett and he felt "ashamed" for missing the boat on Google.

On Saturday, Berkshire Hathaway which has holdings in the companies such as JPMorgan Chase, American Express and Goldman Sachs, and is active in sectors like insurance (Geico), energy (PacifiCorp) and rail (BNSF) announced a net profit of USD 21.66 billion a result that does not take into account expected losses from its stake in Kraft Heinz, which has recently depreciated assets valued in the billions of dollars.