On his final day as CEO of Berkshire Hathaway, Charles Payne, host of FOX Business, took a moment to reflect on Warren Buffett’s monetary successes.
The day after Buffett’s retirement, Berkshire Hathaway’s stock saw a decline. After an impressive 60 years, Buffett stepped down from his role on Thursday.
At 95 years old, he officially resigned, with Greg Abel, who became vice chairman in 2000, stepping in as his successor on Friday.
By 3 PM ET on Friday, Berkshire Hathaway’s Class A shares were down 1.5% during trading.
In Buffett’s last year heading the company, Berkshire experienced a notable 10.9% growth, as highlighted by CNBC.
In his farewell letter to shareholders, Buffett expressed confidence that “Berkshire is less likely to suffer a catastrophic disaster than any other company I know.” He also mentioned that the company has a management team that prioritizes shareholder interests.
He commented on Berkshire’s commitment to maintain a positive impact on the U.S. and avoid practices that could lead to criticism. Buffett added, “Over time, our managers should become quite wealthy, but we don’t aspire to dynastic wealth or ostentatious displays.”
On a more personal note, he concluded his letter with a message about greatness: “It’s not about amassing large sums of money or great publicity. Helping others in countless small ways contributes to a better world.” He mentioned that kindness is invaluable and suggested treating others as one would like to be treated.
Buffett had positive remarks about Abel, stating, “Greg Abel has more than met my high expectations.” He praised Abel’s quick understanding of the company’s various businesses and his ability to learn rapidly.
When discussing his choice of successor, Buffett asserted he couldn’t envision a better candidate than Abel to manage their investments.
As chairperson, Buffett intends to stay involved. He has been grooming Abel for this role for years, previously stating that the board agreed on Abel’s readiness for leadership.
During the annual shareholder meeting, Buffett indicated he would step down by the year’s end, asserting it was time for Abel to take over as CEO.
Buffett, who began leading Berkshire in 1965 alongside business partner Charlie Munger, has transformed the company into a $1 trillion conglomerate. Despite his wealth exceeding $168 billion, he still resides in a modest Nebraska home he purchased in 1958 for $31,500.
