Why Was Lou Simpson's Portfolio Liquidated? Warren Buffett Answers

Why were the managers of Berkshire Hathaway Inc. (NYSE: BRK-A) allowed to liquidate Lou Simpson's portfolio when he retired?

“I buy stocks with the idea I'd be happy with holding them forever,” Buffett told CNBC this morning. “But Lou Simpson was managing his own portfolio; he managed it for 21 years. He did a sensational job. When he said he was going to leave in June, he and I decided he would liquidate his portfolio by the end of the year.”