On November 11, in an annual message as CEO of Berkshire Hathaway - a tradition dating back to 1965, Mr. Warren Buffett announced that he would "go into hiding" after resigning at the end of this year.
Mr. Buffett will no longer write a familiar message at the beginning of the company's annual report, but he will continue to send a message at the annual gratitude ceremony. More importantly, he will step up his charitable activities, giving away the $149 billion Berkshire Hathaway shares he still holds.
The "sion of Omaha" has become an investment symbol, a billionaire who diligently builds the image of the people, especially through letters to shareholders. Although his market moves have been closely watched by investors around the world, Mr. Buffett has always shown himself to be an supporter of the United States, of ordinary Americans and of capitalism.
Buffett will be succeeded next year by Greg Abel, 63. Mr. Abel is currently the vice president in charge of Berkshire's non-insurance operations and has been appointed to this position by Mr. Buffett since 2021.
In the letter, Mr. Buffett praised his successor once again, affirming that Mr. Abel "had exceeded the high expectations" he had.
Mr. Buffett also updated his health status. He admitted that despite his slow travel and increasingly difficult reading, he still feels surprisingly well and still goes to the office 5 days a week to work with his colleagues.
However, the 95-year-old billionaire admitted that his remaining time is limited. With the desire to give away a huge fortune, Mr. Buffett said he had just converted 1,800 shares, worth a total of 1.35 billion USD, into cheaper B shares of the company and donated them to 4 charity funds of his family.
Mr Buffett expects that the group he has led for 6 decades will continue to grow after his resignation. Berkshire Hathaway ( BRK.B) shares have increased by more than 10% this year, bringing the company's market capitalization to $1 trillion.
He also frankly admitted: "In general, Berkshire businesses have a slightly better outlook than average. However, in 1 or 2 decades, there will be many companies that do better than Berkshire".
For decades, Warren Buffett has become a unique symbol, combining the image of a relentless investor with a kind grandfather, or giving practical advice.
Berkshire Hathaway's annual "Woodstock of the Capital" meetings, where he personally eats Dairy Queen ice cream for promotion, have become legends, just like his value-hunting investment strategy and patient "holding the money".
much of Berkshire's identity has been associated with its CEO. While Mr Buffett expects the company to continue to thrive, it is difficult to imagine a "ten-year-old" successor Greg Abel doing the same. "Woodstock of the Capital" will probably be less crowded from now on.
