Warren Buffett, the legendary investor and philanthropist, recently made headlines when he said he will step down as CEO of Berkshire Hathaway. He announced this surprise at the annual meeting on Saturday in Omaha, Nebraska. At 94 years old, in May 2023, Buffett announced he would be officially retiring from the role at the end of this year. This decision, unexpected as it was, ends one of the greatest careers which built Berkshire Hathaway into a $1.16 trillion investment colossus.
Yet in this moment of honesty, Buffett disclosed an even bigger secret. Privately only his two kids, Howard and Susie Buffett, were aware of his retirement plans prior to the public announcement. He stressed that this transition is critical to the survival of the company. He turned around the company, steered it from the third-tier textile manufacturer to an investment powerhouse.
Buffett’s foray into investing started when he was just a young boy. He made his first dollar as a six-year-old and bought his first stock when he was 11. By 13, he’d even filed his first tax return. Over the decades that followed, he made a name for himself as one of the most successful investors in history. Today he stands as the fourth-richest on the planet, with an unfathomable net worth of $154 billion.
Though Buffett has accumulated great wealth, he is still committed to a life of public service. During his life, he has pledged billions to support charitable causes. In a 2023 farewell letter, he admitted that he was not quite ready to retire the baton. As he put it, that’s when he discovered he was “playing in extra innings.”
Four years ago, Buffett personally handpicked Greg Abel as his successor. I believe it’s time for Greg to become the company’s chief executive, replacing me by year’s end. This decision signals a significant shift in leadership for Berkshire Hathaway, which operates over 60 companies, including major brands like Geico, Duracell, and Dairy Queen.
In this move, Buffett confirmed his commitment to his investments. He announced, “I will never, ever sell a share, zero, of Berkshire Hathaway stock. It’s going to be donated. This means that he still has faith in the long-term vision of the mother company and its sub-companies.
Buffett has been an outspoken critic of his own industry and his shrewd instincts on the political landscape. He’s done a complete reversal on this subject, having led the charge against former President Donald Trump’s tariffs. He cautioned against ever employing trade as a bludgeon against other countries. He called for a more collaborative model of international trade. “We need to be able to trade with the rest of the world,” he continued. “We need to stick to doing what we’re best at, and they need to stick to doing what they’re best at.”
By all accounts his prodigious success and fortune has not caused Buffett to stray from a modest lifestyle. He has lived the last 65 years in the same quiet, unpretentious home in Omaha. This decision is an indication of his highly developed taste for the minimalist over the opulent.