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Last Updated: Sunday, 5 March 2006, 13:02 GMT
Buffett says successor is chosen
Billionaire investor Warren Buffett
Mr Buffett likes to eat burgers, wear sweatshirts and play the ukulele
Berkshire Hathaway, the firm set up by billionaire Warren Buffett, has chosen a successor to the investment guru.

However, the company did not name the person who will take over, nor did it say when 75-year-old Mr Buffett, known as the Sage of Omaha, will step down.

Mr Buffett has run Berkshire Hathaway since 1965, and is the world's second richest man worth some $40bn (22.6bn).

The company also said its quarterly profit rose 54% to $5.13bn while sales added 27% to $25.37bn.

In his annual letter to Berkshire shareholders Mr Buffett said that the management of the company would be in good hands "should I die tonight".

Berkshire said that it had reduced its exposure to foreign currencies, partially reversing its bet that the US dollar would fall.

However, to limit the risk of that move, Berkshire bought stocks in companies that earn a "large part" of their profits outside the US.

Steven Check, of Check Capital Management, said that: "I would think he'd want the same kinds of companies he likes in the US - companies that have been around a long time, with stable earnings growth, lots of free cash flow, and shareholder-friendly management."

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