Squawk on the Street SOTS 2nd Hour: End of An Era At Berkshire, Top Tech Picks, and Milken: Day 1 with Blackstone’s Jon Gray 5/5/25
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May 5, 2025 Jon Gray, President and COO of Blackstone, dives into the financial landscape with insights on Warren Buffett stepping down at Berkshire Hathaway and what that means for investors. He explores the growing importance of AI in various sectors and discusses strategic investment opportunities in private credit and emerging markets like Japan and India. The conversation also touches on the latest developments from the Milken Institute, highlighting how economic strategies are evolving amidst global market challenges.
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Buffett Steps Down as CEO
- Warren Buffett plans to step down as Berkshire Hathaway CEO at the end of 2025.
- Greg Abel will succeed Buffett, who will remain chairman, ending a 60-year leadership era.
Buffett's Investment Evolution
- Buffett popularized long-term buy and hold investing, emphasizing quality companies with moats.
- He shifted from value to quality investing, notably buying Apple on Charlie Munger's advice.
Tim Cook's Impact on Berkshire
- Jon Gray shared that Tim Cook made Berkshire Hathaway more money than he did.
- Steve Jobs chose Tim Cook, who successfully developed Apple after Jobs' passing.