Then there's analyst coverage of Berkshire. Only five analysts from the sell side formally cover the company, according to data compiled by Bloomberg. Notably, the other companies they cover are either in the insurance or financial-services industries -- not industrials, railroads, energy, or any of the other range of businesses Berkshire has collected over the years. And as fine analysts as they may be, Berkshire shareholders rely little on sell-side research because there's not much more to glean than what's in Buffett's remarks and Berkshire's prepared statements. Plus, has Berkshire's stock gone anywhere but up? (It's surged 10 percent this month alone as part of the post-election rally in U.S.  stocks.)

Buffett's possible successors -- Ajit Jain and Greg Abel top the list -- will have to answer to investors in a way that Buffett has never needed to, and potentially even more than a typical S&P 500 CEO. In an age of shareholder activism and a corporate mantra of "less is more," Berkshire, without its beloved pitchman, may be forced to justify its sprawling existence or at least provide more detail about the vast operations.

It's easy for shareholders to put their faith in the world's second-richest man and a company he built up over the past 51 years. The next Berkshire CEO will have to gain their trust and be more accessible, or else shareholders might challenge him.

This story was provided by Bloomberg News.

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