Warren Buffett represents everything that is good about American capitalism and America itself—investing in the growth of our nation and its businesses with integrity, optimism and common sense. – Jamie Dimon
At Berkshire’s 60th annual shareholder’s meeting in Omaha, Nebraska, Warren Buffett held his last question and answer session as the CEO of Berkshire Hathaway. In the last 5 minutes of the shorter-than-usual 4 hour session, Buffett sprang a surprise to the world.
Greg Abel will become the CEO of Berkshire Hathaway by year’s end.
Berkshire shareholders will know, this is hardly a surprise. In 2021, Charlie Munger let slip that Abel will be the successor-in-waiting.
“Greg will keep the culture,” Munger said in response to a question about how to manage Berkshire’s growing complexity as a decentralized conglomerate.
GOAT
Many have written about Buffett’s legacy, and Munger’s.
The success of Warren Buffett’s $1.1 trillion empire is such that its scale overwhelms the S&P 500 return in a line chart, you can barely see the line.
New coach, new season
With ~$340 billion1 in cash built up, Berkshire has a war chest ready for this new era.
Target, Nike’s, Lowe’s, CVS, and United Airlines.
Berkshire’s war chest can afford to buy all 5 of these companies at today’s prices.
It is safe to say this chapter of American capitalism has come to a close, and there will never be another one like it. In finance, size is returns’ worst enemy.
Here are 4 hours of his final Q&A session as CEO
To the Oracle of Omaha, let’s raise a Coke and have a McDonald’s burger in his honor.