Warren Buffet intends for the chief investment officers who succeeds him at Berkshire Hathaway to continue his firm’s success. He’s going to pay them a low salary but give them generous incentives to beat the S&P 500, probably on a five-year basis, Reuters reports.

Of the 600 to 700 applications he has received, Buffet plans to select up to four CIOs, entrusting each between $2 billion and $3 billion to invest. He said he’s looking for someone who can handle unforeseen events and is versed not only in equities but also bonds and currencies.

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