Here’s a shockingly conclusive statement: That Warren Buffet’s successor will be Li Lu is “a foregone conclusion,” Charlie Munger, Berkshire’s 86-year-old vice chairman, told the Wall Street Journal.
Lu, a hedge fund manager who doesn’t currently work for Berkshire Hathaway (he manages money for business executives and Sting), got Buffet’s attention after telling him about BYD Company, a Chinese battery and auto maker; Buffett’s stake in the company has surged six-fold since then.
But it turns out Munger might have gotten a little excited announcing Lu as the definitive next Warren Buffet.
Mr. Buffett says Berkshire’s top investing job could be filled by two or more managers who would be on equal footing and divide up responsibility for managing Berkshire’s $100 billion portfolio. David Sokol, chairman of Berkshire unit MidAmerican Energy Holdings, is considered top contender for CEO. Mr. Sokol, 53, joined MidAmerican in 1991 and is known for his tireless work ethic.
Buffett apparently says he “he doesn’t rule out bringing in an investment manager such as Li.” But he’d be one of a few.