Omaha, Nebraska | Warren Buffett said Greg Abel should have the final decision on investments at Berkshire Hathaway, making clear that his successor will have authority over not just takeovers but the sprawling conglomerate’s mammoth stock portfolio as well.

At Berkshire’s annual general meeting in Omaha on the weekend, Mr Buffett gave his most direct answer yet on how responsibilities will be doled out among the small executive team that will one day lead the company, handing Mr Abel responsibility for how hundreds of billions of dollars are allocated.

Financial Times