2014: Who will replace Buffett and Ajit Jain?

JAY GELB: I have a question on succession planning, as well.

Matt Rose recently shifted his role from CEO of the Burlington Northern unit, to executive chairman of Burlington. Does this change affect who will be the next CEO of Berkshire? And what is the succession plan for Ajit Jain at Berkshire’s reinsurance unit?

WARREN BUFFETT: The only succession for Ajit would be reincarnation. (Laughter)

We will not get another Ajit. But fortunately, we won’t have to for a very, very long time.

The situation with Matt, which was at Matt’s suggestion, was designed to fit specifically the succession situation at BNSF and the wishes of certain people. It doesn’t have any implications for Berkshire.

I have letters from every one of our managers telling me what I should — I keep — these are private, I don’t share these with the board, even — telling me what I should do if something happens to them tonight.

So I have their ideas. In some cases, they talk about more than one person. In some cases, they tell me the strengths and weaknesses of the people.

But the — I would not try to make any judgments about the succession plans at the parent company from what is done in terms of succession planning at any of the subsidiaries.

Charlie?

CHARLIE MUNGER: Well, I always say, I’m not the least bit worried about it. If I — I wish my main problem in life was the fear about succession problems at Berkshire. I think we’re in very good shape.