Warren Buffett knows who next Berkshire CEO is

Related: How good is Warren Buffett? Very

But most Buffett fans read the letters for his advice on stocks — even though Buffett has conceded that the portfolios run by his two investing lieutenants Todd Combs and Ted Weschler have outperformed his own lately.

Buffett is a classic buy and hold investor who has largely shunned pricey technology stocks in favor of blue chips in the financial, industrial and consumer sectors. He has often urged investors to not panic and dump stocks due to fear.

And Berkshire’s own stock has outperformed the S&P 500 over the past five years. The company is now the fourth most valuable in America, trailing only Apple (AAPL, Tech30), Google (GOOGL, Tech30) and Exxon Mobil (XOM).

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