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By Jonathan Stempel
OMAHA, Neb. (Reuters) - The first question Warren Buffett was asked at Berkshire Hathaway Inc's (BRKa.N) annual meeting on Saturday was whether he was "semi-retired," having given four lieutenants oversight over the company's operating businesses and some investments.
"I've been semi-retired for decades," the billionaire joked. Many in the audience of tens of thousands laughed.
"Warren is very good at doing nothing," Vice Chairman Charlie Munger later retorted. More laughter.
How long Buffett and Munger stay on is more serious.
They have built Berkshire into a $481 billion conglomerate whose dozens of businesses sweep across the American economy. Running it well, and doing a convincing job of it, would challenge many of even the best executives.
Buffett is 87. Munger is 94. And that means change is likely soon, not just for Berkshire, but also for the weekend of events in Omaha, Nebraska, celebrating their accomplishments and values.
"Warren and Charlie remain the principal show, but there is so much more to this culture," said Lawrence Cunningham, a law professor who has written books about Berkshire. "This is not a one-man show or a two-man show."
Buffett and Munger are still responsible for major Berkshire capital allocation and investment decisions.
But in January, Buffett tapped longtime executives Greg Abel and Ajit Jain to oversee Berkshire's business units, making them front-runners to succeed him as chief executive.
He has also for several years given Todd Combs and Ted Weschler some Berkshire money to invest. They could become chief investment officer.
But none has Buffett's and Munger's public profile, magnetism, or history of investing success.
Buffett and Munger took the rare step on Saturday to assure shareholders about Berkshire's future under new leaders.
"The reputation belongs to Berkshire now," Buffett said.
Munger elaborated: "I think we've started something here that will work well enough that it will last. And one of the reasons it will last is, it's not that damn easy to duplicate."
When they're gone, shareholders expect Omaha's largest annual event other than the College World Series of baseball to feel different, with fewer people coming for the meeting and the shopping discounts from Berkshire businesses.
"Crowds will be smaller," said Richard Callahan, a banker at Bank of the West in Omaha.
They're big now.
Last Friday and Saturday at the downtown CenturyLink Center, where the annual meeting is held, the line to buy underwear at the Fruit of the Loom booth sometimes stretched over 120 deep.