Warren Buffett retires at 96
Today ends one of the greatest eras in market history. Warren Buffett steps down as Chairman of Berkshire Hathaway at 96 years old, after more than six decades at the helm of the company. He becomes Chairman Emeritus and continues on the board. Greg Abel remains as CEO, and Howard Buffett takes over as Chairman, with a mission that says a lot about how Warren has always thought: Greg runs the business... Howard protects the culture. Love it!!!
And for me, this is the most important part. Buffett didn’t just build a capital allocation machine. He built a culture in which the horizon is decades, in which capital is invested only when it makes sense, in which the downside matters, and in which doing nothing can be the right decision. It’s very easy to look at the 19.7% annual return since 1965 and forget that behind that number are thousands of decisions, many of them about what not to do.
Buffett’s true work may be having managed to turn an investment philosophy into an organizational culture capable of surviving Buffett himself. Today officially begins the post-Buffett era. And, honestly, after everything he built, leaving Berkshire prepared to continue without him is probably the best investment of them all.
GOAT.
Today ends one of the greatest eras in market history. Warren Buffett steps down as Chairman of Berkshire Hathaway at 96 years old, after more than six decades at the helm of the company. He becomes Chairman Emeritus and continues on the board. Greg Abel remains as CEO, and Howard Buffett takes over as Chairman, with a mission that says a lot about how Warren has always thought: Greg runs the business... Howard protects the culture. Love it!!!
And for me, this is the most important part. Buffett didn’t just build a capital allocation machine. He built a culture in which the horizon is decades, in which capital is invested only when it makes sense, in which the downside matters, and in which doing nothing can be the right decision. It’s very easy to look at the 19.7% annual return since 1965 and forget that behind that number are thousands of decisions, many of them about what not to do.
Buffett’s true work may be having managed to turn an investment philosophy into an organizational culture capable of surviving Buffett himself. Today officially begins the post-Buffett era. And, honestly, after everything he built, leaving Berkshire prepared to continue without him is probably the best investment of them all.
GOAT.
