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legendary investor Warren Buffett Stepping down Berkshire Hathaway CEO Wednesday, six years after building his investment empire.
He will continue to serve as chairman, but Greg Abel will take over the leadership role.
Buffett, 95, said in May: “I think Greg should become CEO by the end of the year.”
Buffett shocked a crowd of shareholders in May when he revealed he would retire at the end of the year.
He made the announcement at the end of a five-hour question-and-answer session without answering any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who sat next to Buffett on stage, had no warning.
Even after giving away more than $60 billion over the past 20 years, Buffett’s personal fortune in Berkshire stock is still worth about $150 billion.
Over the years, the advice he offers on investing and life has helped him gain a legion of followers, who eagerly read his annual letters and took up a stage in them. Omaha I hear him speak every year at Berkshire Hathaway’s annual meeting.
Here is a collection of some of Buffett’s most famous quotes over the years:
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“I am fearful when others are greedy and greedy when others are fearful.”
This is how Buffett sums up his investing approach: Buy unpopular stocks and companies when they sell for less than what he estimates they are worth.
He also urged investors to stick to industries they believed were within their “competence,” offering this classic adage: “Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.”
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“After they have followed all the rules first, I want employees to ask themselves whether they are willing to have any expected behavior appear on the front page of the local newspaper the next day for their spouses, children and friends to read, and reported by an informed and critical reporter.
“If they follow this test, they don’t have to worry about the other messages I’m sending them: Losing money to the company, I’ll be understanding; losing a shred of reputation to the company, I’ll be ruthless.”
That’s the ethical standard Buffett explained to a congressional committee in 1991 that he would use when cleaning up the market. wall street Salomon Brothers Investment Company. He has reiterated the newspaper test many times over the years.
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“Only when the tide goes out do you know who’s been swimming naked.”
Many companies may do well in good times and when the economy is growing, but Buffett told investors that crises always reveal whether companies are making smart decisions.
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“Who you hang out with is very important. Don’t expect you to make every decision right. But your life will move in the general direction of the people you work with, who you admire, who become your friends.”
Buffett always tells young people that they should try to associate with people they think are better than themselves because it will help improve their lives. He says this is especially true when it comes to choosing a spouse, which can be the most important decision in life.
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“Our unwavering conclusion is: Never go short USA“.
Buffett always believes in his beliefs American capitalist system. He wrote in 2021, “There is no incubator for unlocking human potential like the United States. Despite some serious disruptions, our country’s economic progress remains stunning.”