Asked what is the key to Buffett's success, Hagstrom pointed to the fact that Buffett is always rational.
Buffett does not let emotions and psychology impact his thinking, and is always making sensible choices.
With respect to the $40 billion in cash still sitting on Berkshire (BRK.A)(BRK.B)'s balance sheet, Hagstrom doesn't think it will sit there unused for too long.
Hagstrom also discusses the fact that Buffett's job is to allocate capital and not to manage businesses. That is why Berkshire is set up with a decentralized structure and will transfer smoothly post-Buffett.