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Berkshire to survive a Buffett exit: Morningstar

Merchandise sits on display ahead of the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska.
Daniel Acker | Bloomberg | Getty Images

Berkshire Hathaway is an attractive investment even if Warren Buffett eventually doesn't run the company, according to Morningstar Institutional Equity Research.

"While there continues to be plenty of focus on what Berkshire will look like once Buffett (and Charlie Munger) have departed, we think that the groundwork for a successful transition has already been in the works for the past 15 years," analyst Greggory Warren wrote in a report to clients Friday.

"The key to Berkshire's success over the years has been Buffett's ability to not only find fruitful ways to put the firm's excess capital to work but in paying close attention to culture and fit when acquiring companies. We expect this to continue even after Buffett no longer runs the show, believing that Berkshire's culture of management autonomy and entrepreneurship has to a large degree become institutionalized."