The world’s most renowned investor, Warren Buffett, is resigning as CEO of Berkshire Hathaway today, December 31st. The 95-year-old considers buying the company that made him the world’s ninth-richest person the “biggest mistake” of his life. Buffett bought the company out of anger, not for a business deal. Upon retirement, Buffett once said, “It’s impossible to even think about it. For me, it would be worse than death.” He still visits his headquarters in Omaha five days a week. Buffett said, “I won’t sit at home and watch soap operas.” Speaking to The Wall Street Journal, Buffett jokingly said, “I’m not going to sit at home and watch soap operas. My interests are still the same. I’ll be around as chairman and can be useful to Greg.” A company worth ₹98 lakh crore was built from a sinking textile mill. When Warren Buffett took control of Berkshire Hathaway in 1965, it was a struggling textile company. Buffett transformed it into one of the world’s largest companies. Today, Berkshire Hathaway is valued at $1.09 trillion, or approximately ₹98 lakh crore. It owns stakes in major brands like Coca-Cola, Kraft Heinz, and Apple, as well as companies like Geico and NetJets. Buffett once said, “Buying Berkshire was my biggest mistake.” Surprisingly, Buffett considers the company that helped him become one of the world’s top 10 richest people his biggest mistake. According to Buffett, he bought this company in 1962 only because its management had betrayed him. Buffett explains that in 1964, Berkshire’s owner, Mr. Stanton, promised to buy all of his Berkshire stock at $11.50. A few days later, when the letter arrived, the price was $11.375, 12 cents less than the agreed-upon price. This fraud so enraged Buffett that, instead of selling the stock, he bought the entire company and fired Stanton. Buffett considers this his “dumbest” deal, as he kept his money tied up in a failing textile business for years. “If I had invested that money directly in the insurance business, Berkshire’s value would have doubled today,” Buffett says. Buffett’s lessons, which CEOs around the world have adopted, are not just an investor but also a great teacher. Through his advice-filled “Investor Letters,” hours-long meetings, and his personal and professional decisions, Buffett has taught CEOs around the world how to run business and life. Now Greg Abel will take over. What changes will come? The market’s eyes are on Greg Abel. His biggest challenge is to properly utilize Berkshire’s cash holdings of over ₹34 lakh crore. Abel is not a stock picker, but is considered an expert in the operations and energy business. Another major challenge for him will be whether he will continue Buffett’s “hands-off” approach (not interfering in the operations of subsidiary companies) or make some changes. Warren Buffett will donate 99% of his wealth. Warren Buffett has pledged to donate 99% of his wealth. Recently, he donated $1.3 billion worth of shares to his children’s foundation. He believes, “Give children enough money to do anything, but not so much that they do nothing.” According to Forbes’ Real-Time Billionaires List, Warren Buffett’s net worth is ₹13.36 lakh crore. He ranks ninth among the world’s top ten richest people. Buffett’s 5 Golden Rules
