Warren Buffett is trying to replace himself. Like the Sage himself, Todd Combs – the 39-year-old who is to be given a “significant proportion” of Berkshire Hathaway’s portfolio to run – holds an MBA from Columbia Business School and got his start in the investment world by managing hedge funds. The same applies to Li Lu, tagged as an heir three months ago, who apparently does not now want the job.

But no one – not even Mr Buffett – can hope to replicate Warren Buffett. His performance, as illustrated, is extraordinary and cannot be explained by luck. Nobody can be expected to replicate this in the future, especially starting with the current gigantic portfolio. With failure inevitable, why would anyone want the job – and why should Berkshire remain in anything like its current form post-Buffett?

This is all the more problematic because Mr Buffett’s exceptional investment success allows him to get away with a level of transparency that would be intolerable at any other public company. The succession process is as clear as mud. It is unclear exactly what Mr Combs will be doing, and Berkshire never provided any confirmation of the role planned for Mr Li.