2017: Could 3G's Jorge Paulo Lemann join Berkshire's board or succeed Buffett?

AUDIENCE MEMBER: Hello, Mr. Buffett, Mr. Munger.

My name is Felipe Kioni (PH). I’m 19 years old from Brazil.

And your partnership with Jorge Paulo Lemann and his associates at 3G has been very successful, taking into account great outcome of transactions such as the Kraft Heinz merger.

Even though you and Jorge Paulo have different investment methods, would you and Charlie consider him to be a member of your board, or even your successor?

WARREN BUFFETT: I don’t think that will happen, but I — but then, I think it would complicate things, in terms of the board membership.

But we love the idea of being their partner. And I don’t think — I think there’s a good chance that we will do more, and perhaps even bigger, things together.

But the — we’re probably unlikely to be doing much change in the board, certainly in the next few years.

And there will be a successor, and the successor could very well be while I’m alive.

But that will be — there’s a very high probability that will be from somebody that’s been in our company for some time. I mean, the world could change in very strange ways, you know. But that’s a very, very high probability.

Charlie?

CHARLIE MUNGER: All I can say is that my back hurts when I come to these functions because I want to indicate to the — my fellow shareholders — that they probably got seven more good years to get out of Warren. (Laughter and applause)

WARREN BUFFETT: Charlie’s inspiring me. I got to tell you that.

But we’ve been very, very lucky in life. And so far, our luck seems to be holding.