the staff of the Ridgewood blog
OMAHA NE, legendary investor Warren Buffett has officially announced that he will step down as CEO of Berkshire Hathaway by the end of 2025. The news broke during Berkshire’s widely watched annual shareholder meeting—often called the “Woodstock of Capitalism.” Buffett has named Greg Abel, vice chairman of non-insurance operations, as his chosen successor.
This transition marks the end of an era for the 94-year-old billionaire, who transformed Berkshire Hathaway from a struggling textile firm into one of the most valuable conglomerates in the world.
📈 A Look Back at Warren Buffett’s Iconic Career
Buffett, born in 1930 in Omaha, Nebraska, still resides in his hometown. His investing journey began early: he bought his first stock at age 11 and made his first real estate investment at 14. After being rejected by Harvard Business School, he studied under famed value investor Benjamin Graham at Columbia University.
Buffett took over Berkshire Hathaway in 1965, pivoting it away from textiles and into insurance and investments. Under his leadership, the company delivered average annual returns of nearly 20% for over five decades.
Today, Berkshire Hathaway owns major companies such as:
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GEICO
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Duracell
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Dairy Queen
And holds significant stakes in giants like:
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Apple
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Coca-Cola
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Bank of America
As of 2024, Berkshire’s Class A shares trade for over $500,000 apiece, with the company holding more than $350 billion in cash.
💡 Investment Philosophy: Value and Patience
Buffett is best known for his value investing strategy, which involves buying companies that are fundamentally undervalued. He prefers businesses with strong management, consistent profits, and understandable operations.
His strategy can be summed up simply: “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
Buffett rarely trades and often holds investments for decades. He believes in buying businesses—not just stocks—with a long-term mindset.
🤝 Philanthropy and Legacy
In 2010, Buffett committed to donating 99% of his wealth, primarily through the Bill & Melinda Gates Foundation. He co-founded The Giving Pledge, encouraging billionaires to dedicate most of their wealth to philanthropic causes.
In recognition of his contributions, Buffett received the Presidential Medal of Freedom from President Obama in 2011.
🧠 Buffett on Technology: Evolving Views
Though famously cautious about tech investments during the dot-com era, Buffett has since embraced selective tech stocks, most notably Apple, which is now one of Berkshire’s most valuable holdings.
Buffett has acknowledged missing out on early opportunities in companies like Amazon and Google, but remains committed to investing in businesses he understands.
🏡 A Humble Billionaire
Despite a net worth of $140 billion as of December 2024, Buffett still lives in the modest Omaha home he purchased for $31,500 in 1958. Known as the “Oracle of Omaha,” he is admired not just for his financial acumen but for his grounded lifestyle and ethics.
👥 What’s Next for Berkshire Hathaway?
As Greg Abel prepares to take the reins, investors and analysts will closely watch how Berkshire navigates its next chapter. While Buffett’s departure marks a significant shift, his disciplined legacy is expected to guide the company for years to come.
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