"Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund," Buffett wrote in 2013.

Billionaire investor Warren Buffett says he wants to step down as chief executive of Berkshire Hathaway at the end of the year.

Abel was named vice chairman of Berkshire Hathaway in 2018. Although he has been at the company for more than two decades, he is considered to be much more guarded and hands-on than Buffett.