As Warren Buffett Steps Down - What Made Him So Great

Warren Buffett, one of the greatest investors of all time and a much-admired businessman and philanthropist, announced last week that he was stepping down as Chairman of the Board of Berkshire Hathaway to become Chairman of the Board Emeritus. His son, Howard Buffett, will succeed him as Chairman of the Board. Buffett announced earlier in the year that Greg Abel would become CEO. In his farewell letter, Buffett said, with his gift of common sense, “Father Time always wins.” But he noted, at 96 years old and with his usual insight, “He has been very good to me.” It is very true.Buffett’s financial achievements at Berkshire Hathaway have made him one of the richest people in the world, but he is perhaps even more admired for his courage, philosophy, wisdom, and humor—especially humor. He has done it all while living rather simply in his hometown of Omaha, Nebraska. His fame has been global, and each year tens of thousands come from around the world to hear the man who has become known as the Oracle of Omaha at the Capitalist Woodstock.They come for the celebration, but also for the chance that they will hear something that will make them, yes, better investors, but perhaps also wiser at life. Who doesn’t want to be a richer and better person? It is not about recommending a stock, but about suggesting a way of doing things.Warren Buffett is too honest with himself and his audience not to acknowledge some failures of omission and choice, but there is one fact that stands out: He is one of a kind, and there is no one on the horizon who is considered the next Warren Buffett. There may be a few with better investment records, but none who combine all his qualities in one person.As we look at a world full of conflict and risk from technology, biology, nuclear threats, and climate, it is a moment to ask: What are the essential qualities we need for the future?We will talk about all the attributes necessary for the challenges ahead and how we convince ourselves to demand the best of them.I have had the good fortune to know Warren Buffett well and to talk to him often on camera and many, many times simply on the phone. Here is one of those conversations on camera from 4/15/2022.