Warren Buffett is stepping down as chairman of Berkshire Hathaway, after more than 60 years guiding the firm that turned him into a household name for millions of investors worldwide.
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that → step → investors
Buffett was named chairman emeritus effective immediately, with his son Howard G. Buffett taking over as chairman, Berkshire said in a statement Friday.
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Berkshire → name → statement
“As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective,” Berkshire said.
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Berkshire → remain → judgment
The announcement comes just eight months after Buffett stepped down as CEO of the conglomerate he built into a trillion-dollar company.
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he → come → company
He was replaced as CEO by Greg Abel, his longtime lieutenant.
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He → replace → Abel
At the time, the company had said that Buffett planned to hold onto the chairman title.
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Buffett → say → title
“Father Time always wins,” Buffett wrote Friday in a letter to Berkshire’s shareholders.
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Buffett → win → shareholders
He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”
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what → give → point
Now 96, Buffett had still appeared in interviews with CNBC as recently as July.
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Buffett → appear → July
However, his voice sounded weak of late.
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voice → sound → ?
Buffett noted in the letter that he has “served Berkshire since 1965.”
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he → note → 1965
He became chairman in 1970.
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He → become → 1970
Since Buffett started to use Berkshire Hathaway as his primary investment vehicle in the 1960s, the company’s share price had risen more than 5,500,000% by the time he retired as CEO.
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he → start → CEO
Under Buffett’s leadership, Nebraska-based Berkshire thrived at the intersection of Wall Street and Main Street, with investments in industries ranging from railroads and insurance to candy and ice cream.
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Berkshire → base → candy
Berkshire currently owns the BNSF railroad, insurer Geico, and many other household brands such as Fruit of the Loom, Benjamin Moore, Duracell, and Dairy Queen.
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Berkshire → own → Loom
In July, Buffett told CNBC that he initiated an investment in Alphabet by Berkshire.
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he → tell → Berkshire
Buffett said he “made a mistake” by not investing in the tech giant earlier.
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he → say → giant
The investment is now worth more than $27 billion and ranks as Berkshire’s fifth largest holding.
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investment → rank → holding
The admission closely mirrored another investment Buffett was late to: Apple.
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Buffett → mirror → investment
Having often touted an invest-in-what-you-know strategy, Buffett said in 2012 that he wished he had bought shares of the iPhone maker.
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he → tout → maker
Still, just as he advised Main Street investors, Buffett took his advice to the boardroom of Apple and to legendary former CEO Steve Jobs, who asked him: “We’ve got all this cash, Warren, what should we do with it?”
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we → advise → it
Buffett said he advised Jobs to start buying back shares.
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he → say → shares
Not long after, Apple started its first-ever share buyback.
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Apple → start → buyback
After first buying shares in 2016, Apple has consistently ranked as Berkshire’s largest single holding, worth almost $80 billion as of Thursday.
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Apple → buy → Thursday
Ranked as the world’s 10th richest person, with a net worth of more than $145 billion, Buffett is also a major force in the world of philanthropy.
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Buffett → rank → philanthropy
Over the course of a decade, he donated almost $50 billion to the Bill & Melinda Gates Foundation.
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he → donate → Foundation
Buffett also helped to create “The Giving Pledge,” and signed up likeminded billionaires to give away nearly all of their wealth to charity.
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Buffett → help → charity
“More than 99% of my wealth will go to philanthropy during my lifetime or at death,” Buffett pledged.
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Buffett → go → death
The Aporia
