Bill Miller speaks

Bill Miller: I'm not available, and Warren didn't call me. So I think until at least one of those two things happens, there's zero chance of [my being picked].

But one guy who seems right is Tom Gayner, from Markel [the Richmond-based insurer]. He's in his 40s. He's a very sensible guy. Chris Davis [of Davis Funds] put him on his board and says he's great. Buffett's getting a good look at him on the Washington Post board.

Warren has talked about how there's probably no one that's ever going to be like him, having a synthetic ability over a wide variety of asset classes with the risk/reward insight that he does. And it may be better for Berkshire to have four or five people with specific areas of expertise. Somebody who's great in stocks Somebody else who's great with bonds. And then have a conductor on top of that, the way that David Swensen does [as chief investment officer] at Yale, for example.

In fact, Swensen's an interesting choice. He's clearly not somebody who's in it for the money. He's clearly a guy who's a creative and independent thinker. And I think he'd be a great choice to run Berkshire. He'd be a great loss to Yale.

I think Chris Davis would do it as well. I think he'd be great for it as long as he gives up running his funds. [Contacted by Money Magazine, Davis said he would not consider such an offer.]