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Investors should no longer bet on Warren Buffett

Howard Gold
Investors should no longer bet on Warren Buffett

When Warren Buffett’s annual letter to Berkshire Hathaway shareholders was published last weekend, media coverage focused on the chairman and CEO’s mea culpaabout Berkshire’s investment in Kraft Heinz (KHC) his lament that he couldn’t find the next big investment to buy, the accounting change that caused Berkshire to take a $20 billion write-down, and, once again, his failure to announce any formal succession plans even though Buffett is 88 years old and Vice Chairman Charlie Munger is 95. Todd Combs and Ted Wechsler joined Berkshire as investment managers within a year of each other in 2011-2012. “Overall, they are a tiny bit behind the S&P (SPX)  each by just almost the same margin over the same time,” Buffett told Quick.