Warren Buffett has earned his investors’ trust in decades spent building the cowboy boot to cargo train conglomerate he controls, Berkshire Hathaway. In his annual letter to shareholders this weekend he asked for it once again.

The 81-year-old said that the board had picked “an individual to whom they have had a great deal of exposure and whose managerial and human qualities they admire” to one day replace him as chief executive. But the so-called “Sage of Omaha” declined to offer a name.

When the time comes the transition will be “seamless”, said Mr Buffett, adding that of the 19 corporate boards he has served on, “Berkshire’s directors are at the top of the list in the time and diligence they have devoted to succession planning”. He said the company had “two superb back-up candidates as well”.