Buffett: Berkshire's investment decisions will be made by the next CEO

Asked about the distribution of responsibilities between Mr. Abel and his two investment deputies, Todd and Ted, when he took over at Berkshire, Mr. Buffett said the decision would be left to Berkshire's board and that when he was gone, it might try to "come back and see if they did things differently". But Mr. Buffett stressed that if he had been on the board at that time, he might have left the responsibility for capital allocation to Mr. Abel based on what he knew about Mr. Abel because he knew the business so well. If you know businesses, you know stocks, and if you really know how businesses work, you're an investment manager, Mr. Buffett said. Buffett said that the responsibility now rests solely with the next CEO, Abel.