On the last day of Buffett's tenure, Berkshire's stock price slightly declined, with a 60-year return of 61,000 times!
Since Warren Buffett took over Berkshire Hathaway in 1965, the company has generated approximately 6,100,000% total return for shareholders, far exceeding the S&P 500's return of about 46,000% (including dividends) during the same period. Throughout his tenure, Berkshire has maintained an astonishing record of never having a losing year
On the last trading day of Warren Buffett's tenure, Berkshire Hathaway Class A shares fell 0.1% to $754,800; Class B shares dropped 0.2% to $502.65, marking a calm conclusion to this extraordinary era.
On Wednesday, Warren Buffett concluded his 60-year tenure as CEO of Berkshire Hathaway, with the legendary investor who defined an era officially handing over the company's management to Greg Abel on Thursday.
Buffett leaves behind a return record that is worthy of being recorded in financial history. Since he took the helm of Berkshire in 1965, the company has generated approximately 6,100,000% total return for shareholders, far exceeding the S&P 500 index's return of about 46,000% (including dividends) during the same period.
However, even legends face cyclical challenges. In 2025 and over the past decade, Berkshire's stock performance has lagged behind the continuously soaring S&P 500 index. This reflects the unprecedented difficulties Buffett faces in finding acquisition targets that can impact performance for his massive empire, which has reached $1.08 trillion in size. Nevertheless, throughout his tenure, Berkshire has maintained an astonishing record of never posting an annual loss.
Transition Arrangements and Management Structure
Greg Abel, 63, joined Berkshire in 2000 with the acquisition of MidAmerican Energy (now Berkshire Hathaway Energy). Since 2018, he has served as Vice Chairman, fully responsible for managing the group's vast non-insurance business segment.
Warren Buffett, 95, will continue to serve as the company's Chairman after stepping down as CEO. He plans to go to the company office located about 3.2 kilometers from his home in Omaha, Nebraska, daily to support Abel's transition and decision-making.
With clear management divisions, Vice Chairman Ajit Jain will continue to oversee the insurance business on a day-to-day basis; Abel's responsibilities will focus on the oversight of BNSF Railway, manufacturing, and energy businesses. Additionally, the consumer goods, services, and retail businesses previously managed by Abel will be directly overseen by Adam Johnson, CEO of the luxury aircraft division NetJets. This structure aims to ensure a smooth leadership transition and focused business operations.
Portfolio Management Succession Unresolved
Berkshire Hathaway has yet to officially announce who will lead the management of its $283.2 billion (as of September 30) stock investment portfolio, which includes core holdings such as Apple and American Express.
Previously, the market anticipated that Todd Combs and Ted Weschler, who have long assisted in managing the portfolio, might be successors. However, Todd Combs left this month to join JP Morgan, creating uncertainty in the succession arrangement. Buffett publicly stated in May 2024 that successor CEO Greg Abel is capable of handling this task, providing a key clue regarding the allocation of investment authority
