Warren Buffett hands over CEO reins to Greg Abel after a six-decade run that transformed Berkshire Hathaway into a market powerhouse. Under Buffett’s leadership, Berkshire’s Class A share value soared from $19 to over $750,000 by 2025, delivering a compounded annual gain of 19.9% and an overall return of over 5.5 million percent.

Buffett’s departure sparks concerns among investors about the future of Berkshire Hathaway without his leadership. The company’s record is built on a simple formula of using insurance float as capital, investing in businesses with durable cash flows, and allowing time to drive growth. Seth Klarman notes Buffett’s retirement marks a significant shift in the investing world.

As Buffett steps back, Abel will take on more responsibilities, including writing Berkshire’s annual shareholder letters. Buffett’s annual letters and the annual shareholder meeting in Omaha were pillars of his influence, shaping Berkshire’s unique approach to investing and corporate governance. Shareholder attention now turns to the fate of Berkshire’s $300 billion equity portfolio and the company’s future strategy.

Read more at CNBC: A 5 million percent return