Berkshire Hathaway board feels sure Greg Abel is the man to eventually replace Warren Buffett

— Everyone knows Warren Buffett ‘s successor won’t be able to match the legendary investor, but Berkshire Hathaway ‘s board remains confident Greg Abel is the right guy to one day lead the conglomerate into the future. Longtime Berkshire board member Ron Olson told investors gathered Thursday at a conference two days ahead of the company’s annual shareholders meeting that Abel understands all the fundamental principles that guided Buffett, like letting Berkshire’s companies largely run themselves. I have every reason to believe that he will run the companies that we have the responsibility for in the same way that Warren ran them.” Olson said he’s confident business owners will still be willing to sell their companies to Berkshire once the Canadian utility executive takes over after the 93-year-old Buffett is gone. Plus, Berkshire is sitting on more than $167 billion cash, so it has ample resources to do deals and, Olson said, “people generally like to be paid in cash.” Abel, who keeps a low profile and doesn’t typically grant interviews, will be answering questions alongside Buffett for hours Saturday, trying to help fill the role Buffett’s longtime partner Charlie Munger held for decades before he died last fall. Olson said Berkshire’s board knows there just isn’t another Warren Buffett or Charlie Munger out there to replace those two men.