Warren Buffett recently announced his plan to retire from his post as CEO of Berkshire Hathaway after 60 years on the job. Despite stepping down, the 94-year-old billionaire revealed that he intends to continue going into the office every day. Buffett insists he will remain active in contributing investment ideas, humorously noting, “I’m not going to sit at home and watch soap operas.
My interests are still the same.”
Buffett’s position will be taken over by Greg Abel, Berkshire Hathaway’s vice-chairman of non-insurance operations, whom Buffett named as his successor in May 2021. In a recent interview, Buffett acknowledged Abel’s superior capacity to accomplish tasks. “The difference in energy level and just how much [Abel] could accomplish in a 10-hour day compared to what I could accomplish in a 10-hour day became more and more dramatic,” Buffett noted.
Buffett to retire, Abel steps in
Despite turning over daily operations, Buffett believes his experience still makes him valuable, especially during market volatility. I will be useful here if there’s a panic in the market because I don’t get fearful when prices drop or when others get scared,” he said.
“And that really isn’t a function of age.”
Buffett has earned universal admiration for being a down-to-earth billionaire who has used his wealth to improve the world around him. He founded The Giving Pledge in 2010 with Bill and Melinda Gates, aiming to dedicate large portions of their wealth to those in need. Buffett has stated he intends to give 99% of his wealth to philanthropy during his lifetime.
In addition to his philanthropy, Buffett has charmed many by continuing to live simply despite his massive wealth. He lives in the same Nebraska home that he purchased in 1958 for $31,500 and still drives the 2014 Cadillac XTS that his daughter bought for him.
