Buffett also repeated that while no name has been publicly announced, he and Berkshire's board are "solidly in agreement" on who would become CEO if Buffett suddenly died or became unable to do the job. "The key is preserving a culture and having a successor, a CEO, that will have more brains, more energy, more passion for it than even I have."

(Read more: Buffett's Advice on How to Be Happy: Get Turned On)



He said his successor won't have to do everything exactly the same way he's done them, and might even do some things better. The managers of the operating units, however, will provide a lot of continuity.

Would his successor's "stamp of approval" mean as much as his own? "Berkshire is the 800 number when there is really some panic in the markets, and people need significant capital. If you come to a day when the Dow has fallen 1,000 points a day for a few days and the tide has gone out and you find some naked swimmers," they will be calling Berkshire.

Buffett's long-time business partner Charlie Munger warned the shareholders not to sell any stock because they're afraid of what might happen when Buffett is gone. "I would say to the many Mungers in the audience don't be so stupid as to sell these shares."



Buffett added, "That goes for the Buffetts, too."

