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Warren Buffett's  plans to eventually pass the reins of Berkshire Hathaway to a successor took has taken a major new step. On Tuesday   Buffett  laid out why Greg Abel  CEO of Berkshire Hathaway  and Ajit Jain  head of its insurance operations  will join Charlie Munger as vice chairman of the $500 billion conglomerate.
Jain  by contrast  oversees Berkshire's gigantic insurance outfit  where he's shown deft underwriting skill and the discipline to trim exposures to overly competitive markets like catastrophic insurance and reinsurance when pricing is unfavorable. A native of India  Jain came to the U.S. to get an MBA at Harvard and then cut his teeth at consultancy McKinsey. In 1985  he was hired by  Buffett  to work in Berkshire's insurance operations. Said  Buffett  in a 2009 shareholder letter  "I immediately knew we had found a superstar." A decade later  the division was bolstered by  Buffett 's acquisition of the Geico shares Berkshire didn't already own. From an insurance float of $3.6 billion in 1995  Berkshire's float now stands at about $100 billion annually.
In addition to Abel and Jain  Berkshire's investing business also has two rising figures.  Buffett  is increasing  his  allocations of Berkshire funds to lieutenants Todd Combs and Ted Weschler  who each manage over $10 billion  and have led the conglomerate to positions ranging from Apple to Charter Communications.
As succession plans harden   Buffett  and Munger will continue in their existing positions. That means they will continue to be overseeing major capital allocation decisions and investment activities  for instance any major deals. In addition to making headlines for Berkshire's succession plans   Buffett  also made headlines for  his  views on the wider investing landscape.
Most notably   Buffett  said tax reform will have a big impact on Berkshire's owners  telling CNBC's Quick that shareholders effectively have seen their ownership of  the company 's profits rise by over 20% as corporate rates have fallen from 35% to 21%.
About crypto currencies   Buffett  said today's euphoria inevitably will lead to heart break. "If I could buy a five year put on any of the crypto currencies I would do it "  Buffett  said  admitting  he  would never short the speculative asset because it's not something  he  knows well.  He  dished out the following common sense  "why in the world should I take a short position in something I don't know anything about."
But  his  views are crystal clear. "I think what's going on definitely will come to a bad ending "  Buffett  said.
Warren Buffett: My Greatest Investing Advice And The Investments Everyone Should Make
Berkshire Hathaway Names Abel And Jain As Vice Chairmen As Buffett Succession Plans Sharpen

The fervor for  Elsa  of "Frozen" to swing for the rainbow team in the next installment of the Disney franchise has reached the likes of the film's director.
According to HuffPo  the grassroots effort to "#GiveElsaAGirlfriend" began shortly after the film's release in 2013 when many SJW fans began to see the famed song "Let It Go" as a âcoming-out anthem" based on these lyrics:
Petitions soon began and the hashtag #GiveElsaAGirlfriend for the film's sequel began trending on Twitter:
#GiveElsaAGirlfriend cuz damn if there was representation when I was a kid I would have known that luv isn't only between a guy and girl â gabzy (@gabzydiana) May 2  2016
Much of the talent behind the film has supported  the idea of Elsa going LGBTQ .  Idina Menzel  the voice of Elsa   seemed to give  the idea  a thumbs up  at least tangentially. âMaybe at first I was a little surprised because itâs Disney  but I can say that Iâm excited that the conversation is happening â  Menzel  said in 2016. âI canât promise anybody that thatâs whatâs gonna happen... But deep down am I really happy that itâs causing people to talk about it and have these kinds of conversations? Yeah  I am.â "Frozen" director Jennifer Lee  who will be returning for the sequel  said the creative team behind the film has had "tons of conversations" about giving  Elsa  a girlfriend.
' Frozen' Director Hints Elsa May Wave The Rainbow Flag

NEW YORK (Reuters) - Warren Buffettâs Berkshire Hathaway Inc (BRKa.N) has sold another large piece of its stake in IBM Corp (IBM.N)  backing further away from an investment that the billionaire has admitted was not one of his best.
Berkshire Hathaway chairman and CEO Warren Buffett talks with a reporter before the Berkshire Hathaway annual meeting in Omaha  Nebraska  U.S. May 6  2017. REUTERS/Rick Wilking
IBM  whose full name is International Business Machines Corp  accounted for most of the stock sales that  Buffett  and  his  deputies Todd Combs and Ted Weschler made in the quarter.
In May   Buffett  revealed  he  had begun selling IBM  telling CNBC  he  did not value Big Blue as highly as  he  did six years earlier when  he  started buying.
âIBM is a big strong company  but theyâve got big strong competitors  too â  he  said.
The IBM investment had been viewed as a surprise  given the 87-year-old Buffettâs resistance to investing in technology companies and businesses  he  found harder to understand.

Buffett's Berkshire slashes IBM stake adds to Apple