On Buffett's last day in office, Berkshire's stock price slipped slightly, with a 60-year return of 61,000 times!

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On Buffett’s last trading day in office, Berkshire Hathaway Class A shares slipped 0.1%, closing at $754,800; Class B shares fell 0.2%, closing at $502.65, marking a quiet end to this extraordinary era.

On Wednesday, Warren Buffett concluded his six-decade tenure as CEO of Berkshire Hathaway. This legendary investor, who defined an era, will formally hand over management of the company to Greg Abel on Thursday.

Buffett leaves behind a track record fit for the financial history books. Since 1965, when he took over Berkshire, the company has delivered a total return of about 6,100,000% to shareholders, far surpassing the S&P 500’s approximately 46,000% (including dividends) over the same period.

However, even legends face cyclical challenges. In 2025 and over the past decade, Berkshire’s share performance has lagged behind the surging S&P 500. This reflects unprecedented difficulties Buffett faces in finding acquisition targets impactful enough for a giant empire now valued at $1.08 trillion. Nevertheless, throughout his tenure, Berkshire maintained the astonishing record of never posting an annual loss.

Succession Arrangements and Management Structure

Greg Abel, now 63, joined Berkshire in 2000 when MidAmerican Energy (now Berkshire Hathaway Energy) was acquired. Since 2018, he has served as Vice Chairman, overseeing the group’s vast non-insurance businesses.

At 95, Warren Buffett will remain Chairman after stepping down as CEO. He plans to visit the company office in Omaha, Nebraska, about 3.2 kilometers from his home, daily to support Abel’s transition and decision-making.

With a clear division of responsibilities, Vice Chairman Ajit Jain will continue daily supervision of the insurance businesses; Abel’s duties will focus on overseeing BNSF Railway, manufacturing, and energy businesses. Consumer products, services, and retail—previously managed by Abel—will now be overseen directly by NetJets CEO Adam Johnson. This framework aims to ensure a smooth leadership transition and streamlined business operations.

Unresolved Portfolio Management Transition

Berkshire Hathaway has yet to formally announce who will take the lead in managing its $283.2 billion (as of September 30) stock portfolio, which includes core holdings such as Apple and American Express.

Previously, the market expected long-time portfolio managers Todd Combs and Ted Weschler to be successors. However, Todd Combs resigned this month to join JPMorgan Chase, adding uncertainty to succession plans. In May 2024, Buffett publicly stated that incoming CEO Greg Abel is capable of handling this responsibility, providing a crucial clue about the future control over investments.

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