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Warren Buffett is bearish on cryptocurrencies

Warren Buffett is bearish on cryptocurrencies

Warren Buffett is bearish on cryptocurrencies

Warren Buffett appointed introduced a pair of company insiders with "Berkshire in their blood" to the conglomerate's board Wednesday, and signaled one of them may succeed him as Berkshire Hathaway (BRKB) chief.

Berkshire Hathway expanded its board of directors to 14 members from 12.

Buffett said on CNBC Wednesday the new board members are "part of a movement toward succession over time". Continuing as a vice chairman is Charles Munger.

Berkshire has more than 90 operating units including the BNSF railroad, Geico auto insurance, the Dairy Queen ice cream chain, Fruit of the Loom underwear, See's sweets, and a variety of industrial and chemical operations.

Warren Buffett and Charlie Munger will retain their positions on the board.

"I get into enough trouble with things I think I know something about", Buffett explained.

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Buffett dismissed the idea of a horse race between Abel and Jain for the top job.

"I love what I do at Berkshire", he said.

Warren Buffett's succession plan is coming into focus. He joined the company in 1992. Jain joined the Berkshire Hathaway Insurance Group in 1986 and now serves as executive vice president of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations. He joined Berkshire's insurance group in 1986. "Why in the world should I take a long or short position on something I don't know anything about?"

Mr Buffett told CNBC that the changes should be nearly imperceptible from the outside. Speculation had centered on Abel and Jain as possibilities. Over the last decade, Berkshire's Buffett brought in two hedge fund managers, Ted Weschler and Todd Combs, for investing in publicly traded stocks.

Buffett's eldest son, Howard, is expected to become Berkshire's non-executive chairman, to help preserve the company culture.

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