On May 4, 2025, an era ended—not with silence, but with the resounding applause of more than 40,000 investors gathered in Omaha, Nebraska. The 2025 Berkshire Hathaway Shareholders Meeting marked the final public appearance of Warren Buffett as the active CEO of the company he transformed from a struggling textile firm into one of the most successful conglomerates in history. At 94 years old, Buffett received the longest standing ovation in the history of Berkshire’s annual meetings.

‍

Some investors stood for over five minutes, clapping with a mix of reverence and emotion. And rightly so: under Buffett’s stewardship since 1965, Berkshire Hathaway achieved an astonishing 5,500,000% gain in market value. For context, $1,000 invested in Berkshire at the beginning of Buffett’s tenure would now be worth over $55 million. Even as Warren Buffett said his final words as CEO, a new chapter began with the announcement of his successor: Greg Abel.

The Next Oracle: Who is Greg Abel?

Though the transition had been in the works for several years, Buffett formally endorsed Greg Abel, vice chairman of Berkshire Hathaway’s non-insurance operations, as the next CEO. The decision reflects more than mere succession planning—it’s a calculated handover to someone who shares the same core principles that built Berkshire.

Abel, a Canadian native and former CEO of Berkshire Hathaway Energy, is known for his operational rigor, long-term thinking, and Buffett-like restraint in chasing short-term profits. Colleagues have often praised his “low ego, high output” style—a perfect fit for a company that eschews flashiness in favor of enduring value.

Buffett’s logic is characteristically simple but profound:

“Greg understands the culture. He’s got the trust of the managers. And he’ll do what’s right, not what’s popular.”(paraphrased)

As we bid farewell to Warren Buffett in his formal role, we honor not only a man but a method. Below are ten principles that defined his success, each illustrated with a story that showcases how Buffett built his legacy.

1. Invest in What You Understand

Story: Buffett famously avoided investing in technology stocks during the 1999 dot-com bubble. While others chased skyrocketing prices, he stuck to what he called his “circle of competence.” Instead, he invested in companies like Coca-Cola and Gillette—brands he understood and believed in.

Result: When the bubble burst in 2000, Buffett’s portfolio stayed largely intact, while others lost billions. His strategy underscored a fundamental belief: understanding trumps trendiness.

2. Be Fearful When Others Are Greedy, and Greedy When Others Are Fearful

Story: During the 2008 financial crisis, when panic overtook the markets, Buffett invested $5 billion in Goldman Sachs and $3 billion in General Electric—both deals structured to give Berkshire favorable terms.

Result: These investments yielded massive returns when the markets recovered. More importantly, they reinforced Buffett’s contrarian mindset—buying value when others sell in fear.

3. Build a Reputation Over Decades, and Guard It with Your Life

Story: In 1991, when Salomon Brothers was caught in a bond-trading scandal, Buffett took over as interim chairman. His first message to employees:

“Lose money for the firm, and I will be understanding. Lose a shred of reputation, and I will be ruthless.”

Result: The culture of integrity he promoted helped restore credibility to the firm. Buffett’s focus on ethics wasn’t just personal—it was strategic.

4. Think Long-Term, Always

Story: Buffett bought See’s Candies in 1972 for $25 million. Rather than scaling aggressively or selling quickly, he focused on sustainable growth and preserving the brand’s culture.

Result: Over the decades, See’s has produced over $2 billion in pre-tax earnings for Berkshire. The lesson? Compounding takes time—and patience is profit.

5. Delegate, But Stay Informed

Story: Buffett famously lets his managers run their companies independently. However, he reads five newspapers a day and thousands of pages of reports annually.

Result: This balance of trust and vigilance allows him to remain strategically aware without micromanaging. It also enables Berkshire’s decentralized structure to thrive.

6. Cash Is Not Trash

Story: In 2020, while other CEOs spent cash on stock buybacks, Buffett kept over $100 billion in reserve. Critics accused him of stagnation.

Result: When the pandemic caused a market crash, Buffett had the liquidity to make smart moves. He didn’t—because the deals weren’t right. But the discipline to wait showed that cash is not a burden; it’s optionality.

7. Live Below Your Means

Story: Despite being one of the richest men alive, Buffett still lives in the Omaha home he bought in 1958 for $31,500. He drives a modest car, eats McDonald’s, and prefers Cherry Coke to fine wine.

Result: This personal frugality sends a powerful message to employees and investors alike: success isn’t about consumption—it’s about consistency.

8. Choose Partners Wisely

Story: Buffett and Charlie Munger’s partnership spanned over six decades. Their intellectual chemistry was built on mutual respect, candid debate, and shared values.

Result: This duo built a culture of rational decision-making that permeated Berkshire. The trust between them served as a compass in times of uncertainty.

9. Never Stop Learning

Story: Buffett reads 80% of his day. From newspapers and annual reports to books on history and finance, he maintains a voracious appetite for knowledge.

Result: This learning habit kept him adaptable across economic cycles—from post-WWII recovery to the digital age. “The more you learn,” he says, “the more you earn.”

10. Make Your Passion Your Profession

Story: Buffett bought his first stock at age 11. At 14, he filed his first tax return. Investing wasn’t just a career—it was a calling.

Result: His joy in what he does infused Berkshire’s culture. Employees felt it. Shareholders felt it. And the world noticed. When passion meets purpose, longevity follows.

A Final Word to Founders and Entrepreneurs

Warren Buffett didn’t build his empire with rocket science, insider tips, or hyper-automation. He built it on principles — simple, timeless, and true. In an age of rapid disruption, his success reminds us that patience, integrity, and clarity of thought are still competitive advantages.

For founders and entrepreneurs who dream of building something enduring, remember this: you don’t have to be the next Buffett—but you can be the first you. Anchor your venture on values. Invest in understanding. Learn relentlessly. And when in doubt, think long-term.

The Oracle of Omaha may have passed the torch, but his fire still burns—for those willing to walk the slow path to greatness.

‍