Buffett admitted: I truly feel that I am getting old, thinking and reading are becoming increasingly difficult... He spoke for the first time about his decision to step down as CEO of Berkshire.

At Berkshire’s annual shareholder meeting just concluded this year, Buffett announced that he would step down at the end of the year and be taken over by current vice chairman Greg Abel, who recently gave an interview to the Wall Street Journal to reveal the process of making the decision. (Synopsis: Coca-Cola’s stock price bucked the trend and hit a new high!) Can learning Warren Buffett protect your investments from recessions? (Background added: Buffett is full of US debt!) Berkshire’s position exceeded $300 billion, far exceeding the Fed, what is the stock god making? Warren Buffett, an investment legend known as the “Prophet of Omaha,” announced at its annual shareholder meeting in May that he would step down as CEO at the end of this year and be replaced by current Vice Chairman Greg Abel, after six decades at the helm of Berkshire Hathaway. For stepping down, Buffett recently gave an exclusive interview to the Wall Street Journal, revealing that the decision is not only based on age and health considerations, but also a deep consideration of the company’s future sustainable operation and leadership inheritance. Warren Buffett’s departure: a legendary curtain call and forethought While many observers had expected Buffett to remain at the helm of Berkshire until his death, he clarified that he never considered himself the company’s CEO for life. I thought I’d stay CEO as long as I thought I was better able to play a role in that role than anyone else. Frankly, I’m also quite surprised that this went on for so long. As for the specific timing of the decision to hand over the leadership scepter of Berkshire to Greg Abel, Buffett himself admits that there is no specific “magical moment”, but he has observed that Abel shows a lot of energy in his daily work, compared to the fact that he feels that his physical strength has decreased with age, and the difference in the pace of operation between the two has become increasingly significant. There are no magical moments. How do you know what day you’re getting old? He says he doesn’t really feel the signs of aging until he is about 90 years old, and once the process begins, it can’t be reversed. The body occasionally loses its balance, remembering names sometimes becomes difficult, and even reading newspapers struggles. Over the past year, these feelings and considerations have become clear, culminating in the decision to step down. While Buffett acknowledges that his advanced age has diminished some of his abilities, he stresses that he still retains his most precious and rare talent as an investor. For things that I made decisions 20 years ago, 40 years ago, or 60 years ago, I still have no trouble making decisions now. If there’s panic in the market, I’m going to be able to play a role here, because I don’t when prices go down or when other people are afraid. “It’s really not about age.” Abel: At the helm Greg Abel, who will take over as Berkshire’s CEO, is 62 years old. He started his career at PwC and joined CalEnergy in 1992. In 1999, Berkshire acquired a majority stake in CalEnergy, and Abel joined Berkshire. He was promoted to CEO of MidAmerican Energy in 2008 and successfully renamed the company Berkshire Hathaway Energy in 2014. Buffett was impressed by Abel’s remarkable achievements in structuring the company’s energy business. As a result, in 2018, Buffett promoted Abel to vice chairman of the group, responsible for managing all of Berkshire’s non-insurance businesses. As of 2021, Abel has been established as Buffett’s preferred CEO successor. Warren Buffett gave it a very high rating: “Really good people are very rare. This is true in business, capital allocation, and almost every field of human activity you can think of.” In particular, he emphasized Abel’s excellent energy and efficient execution: “The difference in energy level and amount of work between what he can accomplish in a 10-hour workday and what I can accomplish in a 10-hour workday is becoming more and more obvious. He’s really more efficient in getting things done, driving management change when necessary, and helping people in need.” “It’s really unfair not to have Greg in this position. The more years of service Berkshire can get from Greg, the better for the company.” These words clearly reveal the deep considerations of Buffett’s choice of Abel to take the baton. Buffett not only recognized Abel as a managing talent, but also praised him as a successful transaction enabler, and confirmed that Abel also has a unique vision and insight in investment. The Prophet of Omaha’s Continued Influence Despite stepping down as CEO, Buffett is not leaving Berkshire entirely, and he will continue to serve as Chairman of the Company’s Board of Directors, bringing with his extensive experience to ensure stable operations during the transition period and to continue to exert his influence on major strategies and decisions. Currently, Buffett still owns about 14% of Berkshire, and as a significant shareholder of the company, his influence cannot be underestimated. Now that Berkshire’s Board of Directors has unanimously approved Abel’s appointment, it is widely believed that this succession planning will help ensure the continuity and stability of the company under his leadership. Buffett said that even after stepping down as CEO, he plans to continue working to maintain his passion for investing and business, and he plans to continue working in his office in Omaha. “I don’t sit at home and watch soap operas [after retirement]. My interests are still the same as before.” In the future, how Abel will inherit the solid “moat” built by Buffett, cope with the complex global economic environment, and effectively use Berkshire’s huge resources to create new value, will be the focus of global market attention. Although Buffett is no longer CEO, his role as chairman and spiritual leader will continue to shape Berkshire’s trajectory for the foreseeable future. Related reports Buffett is full of US debt! 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