Warren Buffett reveals future of GEICO CEO

Andrew Cummings
February 25, 2020

The 89-year-old investor said he plans to allow shareholders to direct questions to his key deputies, Ajit Jain and Greg Abel, at this year's annual meeting, giving a greater voice to two people seen as top contenders to replace him when he steps down as CEO. "Its balance sheet is exactly the type of toolkit you'd like to leave a successor".

Billionaire Warren Buffett is finally the proud owner of a smartphone.

In 2018 he said the market was not yet saturated. Buffett says the strength of the company and the current leadership under him will guarantee that the company will continue to be strong in the future.

"Cryptocurrencies basically have no value", Warren Buffett said in an interview on Monday.

"It felt much more businesslike and detached, and lost some of the wisdom that made it so entertaining", he said. Buffett also owns an iPad and uses it primarily to conduct research and verify stock prices.

Berkshire's operating earnings fell to US$4.42 billion in the fourth quarter, down 23 per cent from a year earlier, driven by underwriting losses at its namesake reinsurance group, which was hurt by typhoons in Japan, wildfires in California and Australia, and widening losses at its business writing retroactive reinsurance contracts.

It has a 2.2-inch colour display, weighed just 99 grams, the phonebook capacity was 500 contacts and did SMS as well as MMS messaging-a far cry from the power and versatility that modern day smartphones offer, such as the new iPhone 11. The company also has major investments in such companies as Apple, American Express, Coca-Cola and Bank of America.

In his annual letter to shareholders, Buffett revealed that Berkshire Hathaway holds a 5.7% year-end stake in Apple. Combs also helped with the formation of Berkshire's health-care venture with JPMorgan Chase & Co. and Amazon.com Inc., and Weschler helped Buffett negotiate on deals including the purchase of German motorcycle-equipment retailer Detlev Louis Motorradvertriebs GmbH.

Buffett has long said Berkshire's operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which vary widely.

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