He said the risky bets that Berkshire made in the last few months, such as investing in Goldman Sachs, General Electric* and making derivative bets, were “very opportunistic allocations.”
“History has shown that those tend to work out pretty well,” he said.
Additionally, Coats said David Sokol, chairman and interim CEO of NetJets, would be a strong candidate if Buffett were to step down as Berkshire CEO.
“Berkshire shareholders should feel very confident," Coats said.
While conceding that Sokol is "no Warren," Coats maintains that "he’s a very good operator and he’d do a very fine on the operating side,” he said.
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*General Electric is the parent company of CNBC.
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Oak Value Fund’s top holding is Berkshire Hathaway.