New Delhi, May 20 -- Shareholders at Berkshire Hathaway's early-May annual general meeting, often described as a pilgrimage for many who idolize Warren Buffett, might have been puzzled by some aspects of CEO Greg Abel's presentation.

Abel, a long-time lieutenant to Buffett who took over as CEO at the beginning of this year, underlined that he planned to continue with the Buffett tradition of buying undervalued businesses.

One of the examples Abel highlighted was Bell Laboratories. After being approached by Bell's CEO, Berkshire had bought the business with annual revenues of less than $100 million. The company is known for being an efficient producer of chemicals that kill rodents. Abel candidly said, "We only wish it had been ten times...