Speaking at Berkshire’s annual meeting, the legendary investor paid tribute to his late business partner Charlie Munger and said he expected the conglomerate’s cash pile, now a record $189 billion, to keep growing.

The meeting was the 60th for Buffett, who since 1965 transformed Berkshire from a failing textile company into an $862 billion colossus owning the BNSF railroad, Geico car insurance, Dairy Queen and dozens of other businesses.

Buffett, 93, told shareholders that Vice Chairmen Greg Abel and Ajit Jain have proven themselves the right people to lead Berkshire after he departs.

Abel, who was designated Buffett's successor as Chief Executive in 2021, and Jain have directly overseen Berkshire's operating subsidiaries since 2018.

"When you've got somebody like Greg and Ajit, why settle for me?" Buffett said. "It has worked out extremely well."

"I don't know quite how (Abel) does it, but we've got the right person, I can tell you that," he added.

Buffett said he would want Abel, 61, upon becoming chief executive, to have final say on capital allocation decisions regarding Berkshire's portfolio of public stocks.

Investors had long considered Todd Combs and Ted Weschler, who manage part of Berkshire's $335.9 billion equity portfolio, leading candidates to manage more or all of it.

--Reuters--