The 94-year-old billionaire has been at the helm of Berkshire Hathaway for 60 years. (Credit: X / @HiddenGemsInves and X / @DrParsaSalehi)
legendary investor warren buffett issued a letter to shareholders on Monday informing them that his successor, Greg Abel, will be handing over the duties of preparing Berkshire Hathaway’s annual report and speaking at shareholder meetings.
Buffett, 95-year-old chairman and CEO Berkshire Hathawaywrote, “I will no longer write Berkshire’s annual report or speak endlessly at annual meetings. I will, as the British say, ‘be silent.'” In a way. ”
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| BRK.B | Berkshire Hathaway Co., Ltd. | 496.98 | -2.08 |
-0.42% |
“Greg Abel will become president at the end of the year. He is a great manager, a tireless worker, and an honest communicator, and I look forward to his continued tenure,” Buffett wrote of Abel, whom he and the board of directors have chosen to succeed him.
“I will continue to tell you and my children about Berkshire through my annual Thanksgiving message. Berkshire’s individual shareholders very A special group of people who are unusually generous in sharing their profits with the less fortunate. I enjoy the opportunity to stay in touch with you,” Buffett added.
Berkshire Hathaway CEO Warren Buffett sent a letter to shareholders about his plans as he prepares to step down. (Christopher Goodney/Bloomberg via Getty Images)
Buffett writes: Abel leads Berkshire HathawayAbel said, “He has more than lived up to the high expectations I had for him when I first thought he should be Berkshire’s next CEO.”
Warren Buffett has named insider Greg Abel to succeed him as CEO of Berkshire Hathaway. (Daniel Acker/Bloomberg via Getty Images)
“He understands much of our business and our people much better than I do, and he can learn very quickly about things that many CEOs don’t even consider. CEOs, management consultants, academics, government members, you name it, I can’t think of anyone I would choose to handle your savings or my savings over Greg,” he added.
Buffett said he plans to accelerate the sale of Berkshire stock to accelerate the pace of giving to his children’s foundation, and said the transaction “in no way reflects any change in my view of Berkshire’s prospects.”
Who is Greg Abel, Warren Buffett’s successor at Berkshire Hathaway?
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| BRK.A | Berkshire Hathaway Co., Ltd. | 744,500.10 | -3,819.90 |
-0.51% |
He also said he intended to hold on to some of his Berkshire ‘A’ shares “until Berkshire shareholders have Charlie’s comfort with Greg.” [Munger] And I have enjoyed it for a long time. It shouldn’t take long to gain that level of trust. ”
Buffett said Berkshire’s business “has a slightly better-than-average outlook, driven by a small number of uncorrelated, large, blue-chip companies,” and that the conglomerate is “less likely to suffer a catastrophic disaster than any company I know.”
A man nicknamed “.”Oracle of Omaha”, reflecting on his good fortune in business and life. He encouraged readers to accept their mistakes, “learn at least a little from them and move on.” It’s never too late to improve. ”
Buffett gave readers some advice in his letter to shareholders. (Daniel Zuchnik/Wire Image)
“Greatness does do not have This is accomplished by amassing large sums of money, great publicity, or great power in government. When you help someone in a thousand ways, you help the world. Kindness doesn’t cost money, but it’s also something you can’t spend money on. “Whether you’re religious or not, it’s hard to beat the Golden Rule as a guide to behavior,” Buffett wrote.
“I write this as someone who has made countless indiscretions and mistakes, but who has been very fortunate to learn from some wonderful friends how to behave better (although we are far from perfect). Please remember that the cleaning lady is just as human as the chairperson,” he added.
“Good luck to everyone reading this happy thanksgiving. Yes, even jerks. It’s never too late to change. Don’t forget to thank America for making the most of your opportunity. But it is inevitably capricious and sometimes malicious in distributing rewards,” he writes.
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Buffett writes, “Choose your heroes carefully and emulate them. You’ll never be perfect, but you can always be better.”
