A 5 million percent return in 60 years leaves Warren Buffett’s legacy unmatched

## The End of an Era: What Happens After Buffett?

Warren Buffett, the investing world’s most celebrated figure, has stepped down as CEO of Berkshire Hathaway after an extraordinary six-decade run. This transition marks a significant moment for investors, raising questions about the future of the company and the legacy of its iconic leader. Here’s a breakdown of what the article highlights:

• Buffett’s Legacy: Buffett transformed Berkshire Hathaway from a textile company into a market powerhouse, achieving a compounded annual gain of 19.9% since 1964, nearly double the S&P 500’s performance.
• The Buffett Formula: His success was built on a simple yet effective strategy: using insurance float for capital, acquiring businesses with strong cash flows, and a long-term investment horizon.
• The Transition: Greg Abel has taken over as CEO, while Buffett remains chairman. Buffett is “going quiet” but will continue to pen a Thanksgiving message.
• Loss of Influence: The article highlights the loss of Buffett’s annual shareholder letters and the annual shareholder meeting, both of which were cornerstones of his influence.
• Berkshire’s Future: The company’s culture of patient, long-term investing is expected to remain, but the future of its $300 billion equity portfolio is uncertain.
• Market Conditions: Berkshire currently holds a record amount of cash, reflecting Buffett’s caution in a richly valued market.
• Buffett’s Advice: Buffett has cautioned shareholders not to panic during market volatility, emphasizing the long-term resilience of both America and Berkshire.

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