Good morning. The Warren Buffett era is soon coming to an end.
When the legendary investor announced in May 2025 that he would step down as CEO of Berkshire Hathaway (No. 6 on the Fortune 500) effective Jan. 1, 2026, it marked a shift in decades of leadership. Buffett will be succeeded by Greg Abel as CEO, who has been vice chairman of Berkshire’s non-insurance operations. Buffett will remain with the company as chairman of the board after the transition.
For six decades, Berkshire shareholders have never needed to study Buffett’s investing aptitude. They could just buy Berkshire stock and let him do the work, with amazing results. In his new Fortune feature article, my colleague Geoff Colvin examines what life will be like for shareholders and the company after Buffett steps down.
Colvin raises the following questions: Is Berkshire Hathaway so immersed in Buffett’s way of investing that his successors will carry it on institutionally? Or is Buffett unique in so many ways that Berkshire can never hope to continue his staggering performance?
He suggests that Buffett’s 1977 letter to shareholders may offer an answer.
