Steven Branscombe / Zuma Press

Bill Gates, a Berkshire Hathaway board member, tries using an oversized paddle to return a serve during a brief exhibition table tennis match in front of shareholders at the Regency Court in Omaha, Neb., while board chairman Warren Buffett looks on.

 "I don't think that every deal that I made would necessarily be makeable by a successor, but they'll bring other talents," including skills to be an effective chief risk officer, Buffett said. "We're not going to have an arts major in charge of Berkshire."

Charlie Munger, who is Berkshire's 88-year-old vice chairman and sat beside Buffett, quipped: "I rather resent all this sympathy and attention that Warren is getting. I probably have more prostate cancer than he does."

The annual meeting is the centerpiece of a weekend of events that Buffett has dubbed "Woodstock for Capitalism." Close to 40,000 shareholders were expected to attend this year.

-- Reported by Reuters

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