Greg Abel knows Berkshire cold, but some miss the Buffett magic

BECKY QUICK: We are sitting down right now with Warren Buffett, the chairman of Berkshire Hathaway, who, for the first time in 60 years, has been watching all of this from the audience instead of being onstage. And last year at this time, Warren, you surprised everyone with the announcement that you were stepping down as CEO. Fast forward a year and here we are. What do you think? WARREN BUFFETT: Well, I think it's all working. It's all working. It isn't our ideal surrounding area — or environment, I should say — in terms of deploying cash for Berkshire. But in terms of how — we got the right management, we got the right arrangement. And, you know, we can pick our spots and nobody can tell us what to do exactly. And so sometimes we're doing nothing. But (laughs) other times we get quite active, I mean — BECKY QUICK: You know, Ajit spent some time on the stage today talking about how one of his keys is to do nothing — WARREN BUFFETT: Absolutely. BECKY QUICK: — when it comes to insurance, when it comes to writing insurance, which is the same thing that you have always talked about with whether to invest or not. WARREN BUFFETT: Yeah. The world is full of people that are offering you things to do, and then the question is to find one that you know makes sense. And there may be twenty out there that make sense that you don't understand and you just leave them alone. BECKY QUICK: You said that the world, or the surrounding environment, is not ideal. …