Here's a company that sustainably manages to trade above its book value, in dire contrast to the upstart fad bitcoin treasury companies where their mNAV crashed down to (and below) 1. (#1062151, #1217842)
It's long been known that Buffett, held by some to be this generation's best investor (#1232905, #978652), is handing over the reins to Abel Greg... and in doing so, much of the Buffett magic seems to go away:
The succession plan will also bring big changes to several treasured traditions for Berkshire watchers, many of whom treat Buffett’s words of wisdom on business and investing as gospel. Abel will take over writing the annual letter to Berkshire’s shareholders, Buffett’s assistant confirmed to The Wall Street Journal, and will lead Berkshire’s annual meeting in Omaha, Neb. Starting next year, Buffett, still chairman, will sit with the company’s other directors.
"There is another consequence to Buffett’s retirement, especially to Berkshire shareholders, and it is already happening: Berkshire is losing its “Buffett premium,” or the higher price investors are willing to pay to own Berkshire’s stock thanks to the longtime chairman and CEO’s presence."
“There are people that have developed enormous confidence in Warren Buffett,” says Meyer Shields, who co-wrote the note. “For them, that’s where the investment thesis starts and stops.”
Buffett is still chief executive for two more months and will continue sharing his thoughts to the investing world (and other subjects). A Thanksgiving letter to his three children and shareholders will be released Nov. 10, according to Buffett’s assistant.
Looking forward to that one! @remindme in 5 days
Archive failed me for this one, so I guess you'll just have to trust-me-bro that the quotes are accurate.
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