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Warren Buffett ends rocky week by announcing heir apparent

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Buffett said in a 22-page letter to shareholders on Saturday that he has no plans to leave the company, but that the board of directors has agreed on a specific person to run the firm once Buffett steps down. Buffett wrote that "when a transfer of responsibility is required, it will be seamless, and Berkshire's prospects will remain bright."

Outside of Wall Street, Buffett's public persona has grown over the last year as he's emerged as a key economic adviser to President Obama, who named a plan to raise the tax rate for investment income over $1 million to mirror payroll tax rates for the middle class the “Buffett Rule.” Buffett, who received the Medal of Freedom from Obama last year, famously said he shouldn't pay taxes at a lower rate than his secretary.

The proposal came after Buffett, a spry octogenarian, wrote a strongly-worded op-ed in the New York Times last year, which played into a national conversation spawned by the Occupy Wall Street movement about income inequality.

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