The billionaire investor Warren Buffet announced yesterday that a successor has been chosen to lead his Berkshire Hathaway holding company. He didn't however name this successor.

The 81 year old penned a letter to investors stating that Berkshire Hathaway's board of directors have chosen his successor and two back-up candidates. 
He assured investors that he wasn't going anywhere and that he would continue his involvement in the company. He added that he was "in excellent health" and that he still loves what he does.

Also in the report, Berkshire Hathaway said its net earnings fell in 2011 but its financial performance still trumped the Standard & Poor's 500 on the NYSE (New York Stock Exchange).

The company's annual net income was $10.3 billion, 21% less than in 2010 but 27% more than 2009, according to its annual report.

Warren Buffett prefers to measure the company's performance by changes in its net book value, which assesses gains or losses for shareholders. Net book value grew by 4.6% in 2011, a lot less than the 13% increase in 2010, as reported by Berkshire Hathaway.

Warren Buffet is the world's third richest man, worth an estimated

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