Warren Buffett has long held the stage as the world's most celebrated investor.

But now that he's named a successor to run Berkshire Hathaway, the conglomerate must

face some hard truths about its future.

You're listening to Money Talks on Economist Radio, a weekly podcast on the markets, the

economy and the world of business.

I'm Rachna Shahnbogue, finance editor at The Economist.

And also on today's show, what are corporate boards for?

We ask whether a 400-year-old model can be reinvented for a new era of business.

And as older people have moved by the millions to shopping online, can companies keep up

with the silver surfers?

First, the annual shareholders meeting of Berkshire Hathaway attracts such a crowd that

it's been dubbed Woodstock for capitalists.

This year, for the second running, Groupies eager for a glimpse of their hero Warren Buffett

have had to content themselves with the live-streamed version.

And it was quite a show.

Mr Buffett, aged 90, alongside his right-hand man Charlie Munger, even older at 97, took

three hours of questions.

But the highlight for Buffetologists was an apparent slip of the tongue by Mr Munger.

Well, that's absolutely true, but I would say this decentralization won't work unless

you have the right kind of culture accompanying it.

Yeah, but we do.

Yeah, we do.

...