Warren Buffett retires today: Tracing his illustrious investing journey
What's the story
Warren Buffett, the legendary investor known as the "Oracle of Omaha," will retire from his role as CEO of Berkshire Hathaway today. The move ends an extraordinary 60-year era in global investing. Buffett (95) will continue to serve as chairman of the company, while Greg Abel will take over as CEO on January 1, 2026.
Background
Buffett's early life and education
Born in 1930 in Omaha, Nebraska, Buffett is the son of US Congressman Howard Buffett. He bought his first stock at age 11 and filed his first tax return at 13. Despite being rejected by Harvard Business School, he earned a master's degree in economics from Columbia University under the tutelage of Benjamin Graham, the father of value investing.
Business evolution
Buffett's transformation of Berkshire Hathaway
Buffett started buying shares of Berkshire Hathaway, a struggling New England textile company, in 1962 at about $7.60 per share. He eventually turned the company into a $1 trillion diversified holding firm, using its cash flows to fund acquisitions and investments. Under his leadership, Berkshire became an empire with companies like Geico, Duracell, and Dairy Queen, among others. It also owns significant stakes in publicly listed giants such as American Express, Apple, and Coca-Cola.
Philanthropy
Buffett's wealth and philanthropic efforts
Despite his massive wealth, Buffett is known for his frugal lifestyle. He still lives in the same Omaha home he bought in 1958 and drives himself around. However, he has pledged to give away more than 99% of his wealth and has already donated nearly $65 billion through the Gates Foundation and children's foundations. In 2010, he co-founded the Giving Pledge with Bill Gates, urging billionaires to donate at least half of their fortunes to charity.