Wanted: A younger investment successor for Buffett

WARREN Buffett is looking for a new, and younger, chief investment officer to replace - himself.

The former second-in-line is simply too old, Mr Buffett said in his annual letter to shareholders on Thursday.

In the folksy, colloquial tone that his letters have become known for over the years, the so-called Oracle of Omaha said he would rather leave Berkshire's top investment job to someone who could occupy it for a long time.

Mr Louis Simpson, the 70-year-old chief executive of Geico, the Berkshire-owned insurance company, had been his successor to run investing.

Mr Buffett has three people who might replace him as Berkshire's chief executive.

However, the billionaire wears two hats and, as he put it in the report: 'We are not as well-prepared on the investment side of the business.'

The perfect candidate - perhaps more than one person will be hired - must be younger; Mr Buffett is 76. And he does not want somebody who can simply run a large portfolio of investments.

'There is far more to successful long-term investing than brains and performance that has recently been good,' he writes.

Still, he gave no indication that he was tiring of his duties at Berkshire.

'At 76, I feel terrific and, according to all measurable indicators, am in excellent health.

It's amazing what Cherry Coke and hamburgers will do for a fellow.'

Berkshire also disclosed its sizable new holdings in ConocoPhillips and Johnson & Johnson, and said it increased holdings in nearly every other company in which it owns a significant amount of stock, like Moody's, Wells Fargo, Procter & Gamble and American Express.

Its holdings in Wal-Mart and The Washington Post were unchanged from 2005.

Mr Buffett's letter left out the names of two companies in which Berkshire is busy buying shares. Its holdings in those companies already have a market value of US$1.9 billion (S$2.9 billion), he said.

'I could, of course, tell you their names. But then I would have to kill you.'

NEW YORK TIMES



STILL HALE AND HEARTY

'At 76, I feel terrific and, according to all measurable indicators, am in excellent health. It's amazing what Cherry Coke and hamburgers will do for a fellow.'
MR BUFFETT

Will Man United 'win' title at Anfield?

LONDON - WITH 16 Premiership goals this season, Cristiano Ronaldo has found support even from someone he had offended before.

Wayne Rooney is lauding his teammate - and World Cup nemesis - for being vital to Manchester United's surge to the title.

Another couple of goals from the Portuguese winger against Liverpool tomorrow, and a victorious United could enjoy a massive 12-point lead over Chelsea for at least a few hours.

The Blues face Portsmouth in tomorrow's late kick-off. Should they lose, the Red Devils could well be looking at a virtually unassailable lead with only nine games left.

This has led to talk that Man United can 'win' the title with a victory at Anfield.

Ronaldo's scintillating form has taken the limelight off Rooney - but the Englishman is still happy for a player who caused him to be sent off in last year's World Cup.

Not only are the two young players increasingly becoming good friends, but Rooney is also quick to declare Ronaldo as the best player in the world.

He told The Daily Mail: 'I'm just delighted that he's playing for us because he is the best player in the world now.

'Not just the best young player, but the best player, full stop.

'There's certainly no jealousy on my part over that. You want to play with the best players, and it's great to be in the same team as Cristiano.'

When Ronaldo winked at the Portugal bench after Rooney's sending-off in Germany last year, it was difficult to see how the two would ever be able to play in the same team.

The Portuguese star became the target of boo boys all over England, received death threats and saw his house vandalised.

He even declared he wanted to quit for Spain.

But manager Alex Ferguson persuaded him to stay, and Rooney praised the way the 22-year-old has handled the pressure.

He said: 'He's been brilliant, especially after all he had to cope with, on coming back from the World Cup.

'It was very difficult for him, with all the media attention. But he's come through that.'

It will be a tall task for Rooney and Ronaldo tomorrow - no team have left Anfield with a win this season.

Should the Red Devils lose, Chelsea could close the gap to six points after facing Portsmouth.

With a game in hand, and with United still having to visit Stamford Bridge, the Red Devils could start getting nervous.

However, they have not lost at Anfield in the league since 2001, and they will feel that they have nothing to fear.

Ryan Giggs, likely to make his 700th appearance for United tomorrow, still remembers his first trip to Anfield at the tender age of 18 in 1992.

Liverpool won 2-0, and Leeds were confirmed as English champions.

Recalled Giggs: 'After the game, a couple of Liverpool fans asked me for my autograph.

'I obliged, only for them to tear it up in front of me. The manager always reminds me of that incident to motivate me when we play Liverpool.'

Another reason for optimism is that United have won their last three away games without playing particularly well.

At Fulham last Saturday, they were comprehensively outplayed, but came back to win 2-1 with a late goal.

The scorer? Ronaldo, of course.

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