Buffett Steps Away. Berkshire Moves Forward.
Finally, the day has come when Warren Buffett fully steps back from his company, Berkshire Hathaway.
Today it was announced that, after retiring as CEO, he is now also stepping down as Chairman, effective immediately. His son Howard will replace him.
I guess it’s not that he suddenly became uninterested in the market or investing. He is simply a legendary, yet now very old man who has more than earned the right to leave it to others to continue what he built together with Charlie Munger.
Buffett is leaving with a One Pager in which he praises his successor, Greg Abel: „He has been making the decisions that matter for some time now, and I have not had to think twice about any of them.“
But he also knows where he stands, stating: „Father Time always wins.“ At the same time, he remains confident that Berkshire is in excellent hands.
My Berkshire position continues to grow as I DCA on a monthly basis. It may not do another 100,000x, but I’m confident myself that Berkshire will continue to perform better than the market over the long term.