Buffett says Berkshire Hathaway sound even without him
NEW YORK: Investor guru Warren Buffett, 87, told shareholders on Saturday that his holding company Berkshire Hathaway will continue to prosper after he is gone.
At an annual shareholders' meeting in Omaha, Nebraska, Mr Buffett was peppered with questions about the future of the company without him.
He said Berkshire Hathaway's success was not due to his celebrity status but rather to good business sense when it comes to sniffing out opportunities and making sound investments.
"The reputation belongs to Berkshire," he said.
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Investors in America tend to turn to Mr Buffett and see what he is doing with his billions during bad times.
If Mr Buffett invests in a company, many people take it as a sign that you can trust the future of that firm.
On Friday, shares in Apple rose 4 per cent on news he was raising his stake in it.
Some in America wonder if Berkshire Hathaway will remain such a bellwether once Mr Buffett is gone.
"If they care about where the business ends up, we absolutely are the first call," Mr Buffett said. "I don't think they will hang up if I don't answer, if they need the money."
Berkshire Hathaway has stakes in a wide variety of companies including Coca-Cola, American Express, Wells Fargo and Delta Air Lines.
In the first quarter of the year, it posted a rare loss - of US$1.14 billion (S$1.52 billion) - according to a statement on Saturday.
That compares to a profit of US$4.07 billion in the same quarter of last year.
It said the loss was due to billions in charges on estimated potential losses it must book because of new accounting rules. - AFP
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