Berkshire Hathaway had recently reported an 18% drop in its profits as a result of the housing woes that is still reverberating the markets. But the CEO Warren Buffett indicated to his shareholders that the company had made more on derivatives thereby hiking the company’s net income by 20%.The revenue generated by Berkshire in 2007 was at $118.2 billion all the way up from the $98.5 billion made last year. Buffett asserted that the company had gained $12.3 billion or an 11% increase in net worth for 2007.

Talking about plans to replace him, Buffett showed no indications of leaving and said that as regards succession his company is well placed to choose his replacements. Berkshire may well have to split Buffett’s job into three parts when they do replace hi8s from the CEO to that of chairman, CIO and CEO. The only job that sort of seems to be finalized is that of the Chairman’s position and that would in all probability go to his son, Howard Buffett.

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