Buffett says Berkshire in good hands, lauds Apple despite lowering stake | U.S. & World [Video]

By Jonathan Stempel and Koh Gui Qing

OMAHA, Nebraska (Reuters) -Warren Buffett assured Berkshire Hathaway shareholders on Saturday that the executives expected to succeed him were ready for the job, and he heaped praise on Apple although Berkshire trimmed its position in the iPhone maker.

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 …