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Warren Buffett, the legendary investor best known for turning a failing textile firm into the massive conglomerate Berkshire Hathaway, retired as CEO on Tuesday in Omaha, NBC News has confirmed. He was 95.
His successor, Greg Abel, is set to take the helm of the business on Thursday. Buffett will remain chairman. Reflecting on the ethical standards he demanded during his tenure, Buffett once famously testified to Congress: "Lose money for the firm and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless." His distinct combination of immense financial success and folksy sagacity redefined investing for the American public.
Nebraska-born Buffett was a prolific capitalist who was a frequent collaborator of the late Charlie Munger, appearing with him for decades at the "Woodstock for Capitalists" annual meetings. He built a vast empire with diverse investments in the BNSF railroad, insurer Geico, and well-known consumer brands such as Benjamin Moore, Duracell, Fruit of the Loom, Oriental Trading, Helzberg Diamonds and See's Candy.
Across many of his years, he developed a reputation for his unpretentious lifestyle, living in the same house he bought for just over $30,000 in the late 1950s. He preached the philosophy of investing in what you know, though he eventually embraced tech. He advised Steve Jobs on buybacks, and Apple became Berkshire's largest holding, valued at over $65 billion. He was known for his love of Cherry Coke and Dairy Queen. Buffett often noted to his followers that kindness is "costless but also priceless."
Buffett also played a major role in global philanthropy alongside Bill Gates and had massive holdings in American Express, Bank of America, and oil major Chevron. He championed index funds for the average investor, betting they would outperform professionals. He dedicated much of his $150 billion fortune to the Giving Pledge, promising to donate the majority of his wealth to charitable causes rather than hoarding possessions.
In his final years leading the company, Buffett emphasized patience, noting his favorite holding period is "forever." He leaves behind a company valued at over $1 trillion, distinct from his early days buying stock at age 11, leaving an indelible mark on global
