Buffett era began quietly on Friday, as shares slipped slightly after the “Oracle of Omaha” handed Greg Abel the top job following six decades at the helm.
The conglomerate must now protect its record without its chief architect, who remade modern investing and transformed the company from a struggling textile business into an investment giant worth more than $1 trillion.
“It’s hard to imagine that there will be the same cult following,” said Brian Jacobsen, chief economic strategist at Annex Wealth Management.
Known for a long-term strategy and a focus on buying high-quality businesses at reasonable prices, Warren Buffett delivered steady gains that outpaced broader markets and made him a trusted steward of capital.
But Buffett’s longtime lieutenant Greg Abel takes over at a sensitive time for the company. Berkshire shares underperformed the benchmark S&P 500 (.SPX), opens new tab index in 2025. and Buffett has said that it is difficult to find an acquisition capable of “moving the needle” for the conglomerate.
