Berkshire Hathaway announce two new posts as part of succession plans

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"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", the chairman and CEO of Berkshire Hathaway said.

Buffett said he would not take a short position on bitcoin futures.

Buffett, 87, and his 94-year-old longtime partner, Charlie Munger, are staying in their respective positions as chairman and CEO and vice chairman.

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Messrs. Jain and Abel have always been considered by those that follow Berkshire to be the leading candidates to replace Mr. Buffett when he no longer leads the company. Mr. Buffett added that he remained in good health and enjoyed working, so the promotions shouldn't suggest larger management changes soon.

It was Munger's idea for Abel, Jain, and himself to all have vice chair titles, Buffett said.

Responding to an analyst report that predicted Buffett could run Berkshire for the next 10 years, the Oracle of Omaha said that sounds a bit long without getting anymore specific. Buffett had refused to name them, but investors who follow Berkshire had long included Jain and Abel on their short lists. "They are the two key figures at Berkshire".

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"Now if something happens, they're right there", Kilpatrick said. Gregory Abel, 55, will be vice chair of non-insurance businesses. The move is seen as positioning either Abel or Jain to eventually take over running the firm. Jain will oversee all of Berkshire's insurance operations.

Berkshire owns more than 90 different companies in a variety of industries, including electric utilities, retail jewelers, insurance and BNSF railroad.

Berkshire has grown to employ roughly 370,000 people, but only 25 of those work at the conglomerate's headquarters in Omaha, Nebraska.

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