Warren Buffett told shareholders today that "it would be impossible" to replace Ajit Jain as the chief of Berkshire Hathaway's insurance operations.
Buffett says he wouldn't give the same latitude on risk to any other executive."Ajit is needed, and we won't find a substitute for him."
On the earnings power of those insurance businesses, Buffett says last year wasn't as good as normal and "won't be as good this year."
Even so, insurance "gives us a lot of earnings power that we are going to increase over time."
Current Berkshire stock prices:
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