Warren Buffett, at 94, is retiring as CEO of Berkshire Hathaway, a decision met with shock and admiration from business leaders. Under his leadership, Berkshire's Class A stock skyrocketed 5,500,000% since 1965, vastly outperforming the S&P 500. Buffett's heir apparent, Ajit Jain, has been preparing for this moment and is expected to carry on Buffett's legacy. However, the transition may prove challenging as stakeholders ponder how the company will adapt to life without its iconic leader.
They'd eventually rally to give him two standing ovations (something Buffett, never one to miss a joke, pointed out could be interpreted a couple of different ways).
The adulation is well deserved. Berkshire's Class A stock has risen roughly 5,500,000% under Buffett from 1965 through 2024, compared to around a 39,000% increase for the S&P 500.
But the question remains: What's life without Warren going to be like? Luckily for Berkshire backers, Buffett spent the past few years succession planning.
Abel even has a similar small-town vibe as Buffett. He lives in Des Moines, Iowa, a far cry from the usual corporate enclaves.
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