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FollowingWarren Buffett steps down as chairman of Berkshire Hathaway, opening a new chapter in leadership
Warren Buffett officially steps down as chairman of Berkshire Hathaway (NYSE: BRK.A, BRK.B), marking the end of another page in his leadership career that began in 1965. He announced the decision in a letter to shareholders on Friday. The company said Buffett would immediately serve as "honorary chairman" and remain on the board.
According to Berkshire's long-established succession plan, Buffett's son Howard Buffett will take over as chairman. Susan Decker will continue to serve as lead independent director.
As previously reported, Buffett faced the issue of age in his letter and wrote: "Time is merciless, and it will eventually win. However, it has also been generous to me, giving me the opportunity to see Berkshire grow to where it is today, and I am more confident in the future than ever before."
Buffett disclosed his intention to leave to shareholders as early as May 2025 at Berkshire's annual general meeting. Although the company has been facing succession issues for years, this still surprised thousands of attendees.
Greg Abel runs the business, Howard Buffett protects the culture
Currently, Greg Abel runs Berkshire's businesses, while Howard Buffett oversees the board of directors. The company said the arrangement follows long-standing succession structure planning.
"The culture Buffett built and the values it upholds will remain at the heart of Berkshire, and Howard will be the guardian of those values," Gregg said in a company statement.
Buffett describes these two responsibilities more directly: "Greg runs the company; Howard guards its culture and values, both of which are worth far more than any asset on our balance sheet. Think of Howard as a 'policy' held by shareholders and hopefully never need to be used."
Berkshire's starting point is completely different. At the age of 34, Buffett took over the troubled New England textile manufacturer. The textile business is ultimately only a small part of Berkshire's story. Over the next six decades, Berkshire grew into a huge group covering insurance, energy, railways, manufacturing, retail and other fields.
Greg Abel is under pressure to effectively use $365.5 billion in cash reserves
Berkshire's stock performance has been flat since 2026. Shares rose only about 1%, while the S & P 500 returned nearly 11%. High oil prices have affected parts of the market, and investors have increased their investment in faster-growing companies.
The bigger question for Berkshire shareholders is how Gregg will use the company's capital. Berkshire has $365.5 billion in cash reserves, which provides a new CEO with huge funding room.
其中一种方式是通过回购伯克希尔股票。格雷格在第二季度期间总共回购了45亿美元的伯克希尔股票。
巴菲特对格雷格目前的业绩表示满意：“从一开始我对他的期望就极高，而他超越了这些期望。公司正由优秀的人才掌管，我期待作为股东与你们并肩同行。”他在信末写道。
沃伦·巴菲特的投资启蒙与教育历程
巴菲特与资本市场的渊源始于伯克希尔时代之前几十年。童年时，他经常在其父亲经营的经纪公司附近的客户区度过时光。父亲鼓励他对商业和投资的兴趣，并在他10岁时带他参观了纽约证券交易所。
巴菲特在11岁时进行了第一次股票购买。他为自已购买了3股Cities Service Preferred股票，并为姐姐多丽丝·巴菲特（Doris Buffett）购买了另外3股。
他的青少年时期充满了小型赚钱项目。15岁时，巴菲特通过投递《华盛顿邮报》每月赚取超过175美元。折算成2025年的货币，这相当于每月约3,130美元。
“投资的基本理念是将股票视为企业，利用市场的波动为自己谋利，并寻求安全边际。本杰明·格雷厄姆教给了我们这些。一百年后，它们仍将是投资的基石。”——沃伦·巴菲特
早期实践与学术探索
在伯克希尔出现之前多年，巴菲特就已建立了他的投资习惯。高中毕业前，他就开始购买实物资产。14岁时，他用1,200美元的积蓄购买了一块由佃农耕作的40英亩农场。这笔金额在2025年约合21,947美元。高中期间，他还投资于父亲拥有的企业。
大学毕业后，巴菲特存下了9,800美元，相当于2025年的约132,608美元。
他的正规教育始于1947年宾夕法尼亚大学的沃顿商学院。虽然巴菲特更倾向于专注于商业活动，但父亲坚持让他上大学。他在沃顿待了两年，并成为Alpha Sigma Phi兄弟会的成员。
随后，他转入内布拉斯加大学，于1951年获得工商管理理学学士学位，主修投资方向。
然而，在这次毕业之前，还有一所机构拒绝了他——1950年春，哈佛商学院拒绝了他的申请。这次被拒后，巴菲特得知投资者本杰明·格雷厄姆（Benjamin Graham）正在哥伦比亚大学商学院任教。
他于1951年从哥伦比亚大学获得经济学硕士学位。此后，巴菲特在纽约金融学院继续深造金融知识。
格雷厄姆的投资理念成为这位被谷歌评为“在世最伟大投资者”思考投资方式的核心。如今，伯克希尔的价值约为1万亿美元。
