Legendary investor Warren Buffett's leadership of Berkshire Hathaway (BRK.A, BRK.B), the struggling textile company he made into a trillion dollar conglomerate, will be a tough act to follow. But the “澳洲幸运5官方开奖结果体彩网:Oracle of Omaha” said hi🥂s successor Greg Abe▨l is ready for the challenge. 

“He was already ready. I haven’t taught him anything,” Buffett told the Wall Street Journal in an interview in which he called Abel a "natural" and praised the vice chair's skills, according to reports Wednesday.

While Buffett lauded Abel's energy and business acumen in his role overseeing Berkshire's noninsurance subsidiaries, he also said Abel is a successful investor, who "will have ideas about where money should be invested," amid speculation about how Berkshire's 澳洲幸运5官方开奖结果体彩网:record $347.7 billion cash pile could be deployed.

“Really great talent is rare,” Buffett reportedly said. “It’s rare in business. It’s rare in capital allocation. It’s rare in almost every human activity you can name," he said, adding that “the more years that Berkshire gets out of Greg, the better.”

Berkshire's Stock Has Outperformed Broader Market, Despite Hit After Buffett Said He Will Step Down

Earlier this month, Buffett 澳洲幸运5官方开奖结果体彩网:stunned attendees at Berkshire’s annual shareholder meeting—including Abel, who was sitting beside Buffett on stage—when the CEO of 60 years announced Abಞel 🍨would assume the role at year-end.

But it was a decision that many Berkshire investors anticipated would come soon, after the 94-year-old Buffett 澳洲幸运5官方开奖结果体彩网:warned in February that "it won’t be long before Greg Abel replaces me as CEO." The 62-year-old Abel has been with the company for 25 years, and has a 澳洲幸运5官方开奖结果体彩网:strong track record leading the company's energy and railroad bu🅷sinesses.

"I think the prospects of Berkshire will be better under Greg’s management than mine," Buffett 澳洲幸运5官方开奖结果体彩网:told investors at the event, adding that he has no plans of selling his sha🎃res. Buffett wi♉ll remain chair of Berkshire's board after he steps down as CEO.

Shares of Berkshire have taken a hit in the wake of the announcement, though they’ve still outperformed the broader market, with shares up about 11% since the start of the year, while the S&P 500 barely 澳洲幸运5官方开奖结果体彩网:edged back into positive territory yesterday.

Abel Is Expected to Follow Buffett's Investment Principles and Approach

"We believe Abel is a great operator and has already helped improve some of BRK's businesses," UBS analysts told clients in a note last week, adding they "expect little change at BRK and the culture/strategy to remain unchanged under Abel."

Ab🌄el has said he aims to continue the investment philosophy and values that have guided Berkshire under Buffett, telling investors at the annual shareholder meeting, “it will not change, and it’s the approach we’ll take as we go forward.”