‘Stock to rise day af­ter I die’

New Straits Times - - Business -

OMAHA: Berk­shire Hath­away Inc bil­lion­aire chair­man and chief ex­ec­u­tive of­fi­cer (CEO) War­ren Buf­fett as­sured share­hold­ers that they’ll be fine af­ter he’s gone.

“If I die tonight, I think the stock would go up to­mor­row,” said Buf­fett at an­nual meet­ing, here, on Satur­day. “There’d be spec­u­la­tion about breakups and all that sort of thing, so it would be a good Wall Street story.”

Buf­fett was an­swer­ing an in­vestor’s in­quiry on whether Berk­shire would re­pur­chase stock if the shares fell af­ter the bil­lion­aire and his vice-chair­man Charles Munger were to move on.

Over five decades, Buf­fett has ex­panded the con­glom­er­ate into in­dus­tries, in­clud­ing in­sur­ance, en­ergy and trans­porta­tion, while as­sem­bling a US$135 bil­lion (RM585.9 bil­lion) stock port­fo­lio.

He said the board would con­sider a buy­back if it were in the best in­ter­est of share­hold­ers, and the next CEO would have to be a cap­i­tal al­lo­ca­tor.

The next leader of Berk­shire was “go­ing to have to al­lo­cate maybe US$400 bil­lion or some­thing like that, maybe more”, said Buf­fett. Bloomberg

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