On December 31, 2025, Warren Buffett—the Oracle of Omaha—officially stepped down as Chief Executive Officer of Berkshire Hathaway, marking the end of an extraordinary 60-year tenure leading one of the most successful investment enterprises in history. While Buffett will remain chairman, his resignation as CEO represents the conclusion of an era that reshaped American capitalism and inspired generations of investors.
From Textile Mill to Trillion-Dollar Titan
Buffett’s journey is the stuff of legend. Born in Omaha in 1930, he bought his first stock at age 11 and, after studying under famed value investor Benjamin Graham, launched the Buffett Partnership in 1956. By 1965, Buffett gained control of Berkshire Hathaway (BRK.A/B), then a struggling textile manufacturer. Over the next six decades, he transformed it into a sprawling global conglomerate with interests in insurance, railroads, energy, manufacturing, and a massive portfolio of publicly traded stocks.
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Under Buffett’s leadership, Berkshire’s culture (disciplined value investing, long holding periods, and a focus on intrinsic business quality) became iconic. Annualized returns from 1965 through 2023 averaged nearly 20%, nearly doubling the S&P 500 over the same span. Berkshire’s Class A shares, famous for their stratospheric price, reflected that success, rising from a mere 19 to over 742,000 at the time of writing.
A Story of Unrivaled Performance
Berkshire’s growth was fueled by patience, capital discipline, and Buffett’s masterful use of insurance “float” — money held from underwriting profits that could be invested elsewhere. He turned modest beginnings into a company worth over $1 trillion in market capitalization and one of the U.S.’s largest employers.
Though the company’s recent decade saw Berkshire’s annualized returns roughly in line with the broader market, its long-term record remains extraordinary. Throughout his time at the helm, Buffett built a legacy of strategic patience, repeated value creation, and corporate integrity that few in the financial world can rival.
The Portfolio Buffett Leaves His Investors
One of Buffett’s most enduring legacies is the Berkshire Hathaway equity portfolio — a concentrated set of large, durable companies held for the long term.
As of the most recent 13-F filing, here are the portfolio’s five largest holdings (ranked by the percentage of the portfolio that each represents):
Berkshire Hathaway’s Top 5 Holdings
Apple Inc. (AAPL): 20.9%
Often Berkshire’s largest single position, Apple reflects Buffett’s willingness to embrace strong, cash-generating brands that define modern life.
American Express Company (AXP): 17.8%
A financial stalwart with a powerful network and customer loyalty, fitting Buffett’s preference for durable competitive advantages.
Bank of America Corporation (BAC): 10.0%
This major U.S. bank underscores Buffett’s confidence in America’s financial system.
The Coca-Cola Company (KO): 8.8%
A classic Buffett holding, emblematic of long-term consumer brands with global reach. Famously, Berkshire earns more each year in dividends from KO than it paid for the original position in its entirety.
Chevron Corporation (CVX): 5.9%
Representing essential energy infrastructure, this holding aligns with Buffett’s belief in tangible, productive, economy-driving assets.
These holdings reflect Buffett’s core investment philosophy: Buy great businesses at sensible prices and hold them through economic cycles. They also illustrate his faith in the long-term prospects of the U.S. economy and corporate America.
While five holdings do not a diversified portfolio make, you’d be hard-pressed to find a better group of stocks to make up the core holdings of a moderate, U.S.-based portfolio.
Buffett is, by my estimation at least, our greatest living investor. He made value investing a household name, mentored other iconic investors, and championed a philosophy that emphasized rational thinking, ethical conduct, and long-term performance.
His annual letters to shareholders were perennial “must-reads” for amateur and professional investors alike.
Even as Berkshire enters a post-Buffett era under CEO Greg Abel, Buffett’s principles remain deeply embedded in the company’s DNA. His belief in America’s entrepreneurial spirit and economic resilience lives on through the companies he chose and the stewardship culture he nurtured.
Whether Abel can carry the torch remains to be seen, of course, but it’s hard to imagine a more difficult task for any successor CEO.
So, as we kick off a new year, here’s to Warren Buffett and his legacy, and here’s wishing good luck to new CEO Greg Abel and good fortunes to Berkshire Hathaway’s shareholders.
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