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Funds That (Still) Buy Like Buffett, 2012

Funds with similar stock holdings to Warren Buffett have great long-term records.

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The upcoming  Berkshire Hathaway (BRK.B) shareholder meeting in Omaha, Neb., means that Warren Buffett will be in the spotlight again. Buffett's health is bound to be a major topic of concern and conversation, after he revealed on April 17 that he has stage-1 prostate cancer. Although the cancer was caught early and isn't considered life-threatening, the news still highlights the fact that Buffett is 82 years old and won't be around forever. This health scare is bound to increase speculation about succession planning, a hot topic for Berkshire watchers in recent years.

Buffett did address the succession issue in this year's Berkshire shareholder letter, which you can read here. He wrote that his successor as CEO has been selected and approved by the board, though, as expected, he did not reveal the person's name. Buffett also discussed the recent hiring of Todd Combs and Ted Wechsler to run portions of Berkshire's investment portfolio. Presumably, Combs and Wechsler will eventually succeed Buffett in running the entire portfolio, which is a big deal because Buffett remains one of the most widely respected investors in the world. Anything he has to say about investing or the markets gets a lot of attention, and his investment moves are watched closely.

David Kathman does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.