Warren Buffett Bids Farewell to Berkshire Hathaway: What Happens Now?

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The “Oracle of Omaha,” once the wealthiest man alive, once dismissed Bitcoin as “rat poison.” Who’s laughing now? 🤡

The Oracle Hands Over the Reins, But Shares Plunge – Oh, What a Surprise!

The so-called efficient market theory suggests it’s impossible to beat the market consistently. Yet, Warren Buffett, CEO of Berkshire Hathaway, may be one of the few who proves that theory wrong—well, until he stepped down. As soon as the news broke, Berkshire’s stock took a dive of nearly 5%. Ouch. 😬

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(Gregory Abel, the lucky man who gets to replace Buffett. Lucky for him, right? / University of Alberta)

“I think the time has arrived for Greg to become the chief executive officer of the company at year-end,” Buffett said during the Berkshire annual general meeting on Saturday. “I think the prospects of Berkshire will be better under Greg’s management than mine.” Gotta love the self-awareness. 😂

As for Berkshire Hathaway shares? Well, they fell a modest 4.87% on Monday, closing at a cool $769,960.00. 🤑

The Humble Beginnings of a Legend

Buffett, unsurprisingly, started his journey as a child prodigy investor. At the ripe age of eleven, he was already picking up shares in Cities Service (now Citgo) for himself and his older sister Doris. High school saw him hustling used pinball machines, which he later sold for a princely sum of $1,200. Go ahead, take a moment to let that sink in. 😏

By 1962, Buffett was a millionaire running investment partnerships and snapping up undervalued companies, including the then-textile manufacturer Berkshire Hathaway. By 1965, he took control, exited the textile biz, and turned the company into the monstrous $1.1 trillion beast it is today. Some call it genius, others call it… well, genius. 😎

(Buffett with his lifelong partner Charlie Munger, circa 1977—back when the world didn’t know just how much they’d change it. / Rolexmagazine.com)

Buffett, a proud graduate of Columbia and Wharton Business Schools, is a disciple of Benjamin Graham, the “father of value investing.” That same philosophy helped rocket him to the world’s richest list in 1993 and to the top spot in 2008. All in a day’s work. 🏆

Today, Buffett’s fortune, a staggering $160 billion (according to Forbes), is mostly tied up in Berkshire stock, and he’s pledged to donate 99% of it. That’s right, 99%. Giving is truly the best investment. 📚

“More than 99% of my wealth will go to philanthropy during my lifetime or at death,” Buffett wrote in a 2010 letter to The Giving Pledge initiative, which he co-founded with Bill Gates. Couldn’t make it up if we tried. 😇

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2025-05-06 08:59