Buffett Steps Down, but the "Omaha Steak" Remains: Berkshire Hathaway Prepares for a New Era

A new era is dawning in the world of big money and restless markets: Warren Buffett—the very Oracle of Omaha who spent 60 years explaining the difference between investing and gambling—has decided to pass the crown. Greg Abel, the current vice chairman, is already trying on a new jacket—he will become CEO of Berkshire Hathaway by the end of this year.

Buffett, whose stock portfolio weighs about as much as the state budget of a small country, isn’t leaving entirely—he promises to keep "whispering wise thoughts" to the board of directors. His partner Charlie Munger, unfortunately, has already departed for a world where dividends are not taxed.

The main intrigue: "What will happen to Berkshire?"—the question on the minds of everyone who has ever held an investment textbook. Despite the anxiety, Buffett recommends: "Don’t panic. The main thing is not to change your investment style as often as your socks." As for his successor, he says: "Greg is as reliable as an annual report."

The market has frozen in response: some are popping champagne, others are signing up for emergency meditation courses. But it seems Berkshire Hathaway under Abel will stick to its philosophy: no hyped-up startups, only time-tested, boring, and profitable companies.

Well, we’ll be watching to see if Greg quietly starts investing in TikTok or, say, an Omaha-style loaf factory.