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Warren Buffett, the billionaire investor who turned an aging textile mill into a more than $1 trillion conglomerate, said he’s “going quiet,” marking the end of an era for one of the business world’s most-watched investing gurus.
In a letter disclosing that he’s donating more than $1.3 billion to four family foundations, the 95-year-old investor, who is stepping down from his role of chief executive officer at the end of the year, said he’s going to stop writing Berkshire Hathaway Inc.’s annual letters and speaking at its meetings
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And while he said he generally feels “good,” he is planning to “step up the pace” of his charitable giving to his kids’ foundations while he’s still alive.
“Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people,” Buffett said in the letter released Monday. “Occasionally, I get a useful idea or am approached with an offer we might not otherwise have received. Because of Berkshire’s size and because of market levels, ideas are few – but not zero.”
Buffett is expected to hand his role of CEO to his successor Greg Abel at year-end. Letters such as the one released Monday, along with the ones that accompany the firm’s annual results, have become a must-read for his fans, who seek out the pearls of wisdom, investment advice and witticisms that drew a legion of fans to the billionaire investor.
Today's show features:
- Bloomberg News Senior Editor, Equities Americas Eric Weiner on Warren Buffett's final weeks at the helm of Berkshire Hathaway
- Henrietta Treyz, Co-Founder and Director of Economic Policy at Veda Partners, on what a potential end to the shutdown could mean for SNAP recipients and the Affordable Care Act
- Alli McCartney, Managing Director of Wealth Management with Alignment Partners at UBS, on whether the equities market can sustain recent gains
- Swamy Kotagiri, Chief Executive Officer of Magna International, on recent earnings, the global automotive market and the impact of tariffs
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