Via Becky Quick comes a question about what happens at the insurance operations if Ajit Jain retires "or is promoted," likely a reference to speculation that Mr. Jain could become Berkshire's next CEO whenever Mr. Buffett has left the scene.
"There are things only he can do," but there are a lot of capable people within the insurance operation, Mr. Buffett says. He calls out a few Berkshire insurance operations, including Guard Insurance, Med Pro and United States Liability. "People don't even know we own these things," he says. "But these are really good businesses, I tell you."
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Mr. Munger sings Mr. Jain's praises as well, saying that he can pull billions of dollars of insurance premiums "out of the air." Mr. Buffett mimes this action, hamming for the crowd.
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(END) Dow Jones Newswires
May 06, 2017 12:49 ET (16:49 GMT)