Buffett Plots Retirement

Famed investor Warren Buffett will step down as CEO of Berkshire Hathaway by the end of the year. The 94-year-old made the announcement at the company's annual shareholder meeting, a widely anticipated event referred to as the "Woodstock of Capitalism" (see overview). Buffett seeks to install Greg Abel, vice chairman of noninsurance operations, as his replacement.

Born and raised (and still residing) in Omaha, Nebraska, Buffett took the lead at Berkshire Hathaway—then a struggling textile company—in 1970. Since then, the company has grown into a wide-ranging conglomerate with controlling shares in roughly 70 companies. Known for his dedication to value investing (which emphasizes finding undervalued stocks), the company has delivered average returns of almost 20% since Buffett took over. More recently, the company has stockpiled cash, with close to $350B on hand. 

Buffett's longtime business partner, Charlie Munger, passed away at age 99 in late 2023. Explore the best resources from across the internet on Buffett's life and career here.