8 ms·

Berkshire Hathaway Announces Leadership Appointments [pdf]

78 points by kamaraju 10mo ago

deleted 10mo ago
[deleted]
Traubenfuchs 10mo ago
After a lackluster year the market did NOT like this move at all.
- gbacon 10mo ago
  Had to be expected. Buffett was a once in several generations talent.
  - unsupp0rted 10mo ago
    Is there a write-up somewhere of how much of an outlier he really was?
    - NaOH 10mo ago
      I would recommend the 2021 three-part Acquired podcast series on Berkshire. Episodes are long, though there are transcripts if you prefer reading over listening. https://www.acquired.fm/episodes/berkshire-hathaway-part-i https://www.acquired.fm/episodes/berkshire-hathaway-part-i https://www.acquired.fm/episodes/berkshire-hathaway-part-ii https://www.acquired.fm/episodes/berkshire-hathaway-part-ii https://www.acquired.fm/episodes/berkshire-hathaway-part-iii https://www.acquired.fm/episodes/berkshire-hathaway-part-iii That said, I'll note this quote from Buffett: >“I'm somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I've ever made,” Buffett told the audience, referencing the remarkable 680% surge in Apple's stock since Berkshire first began acquiring shares in early 2016. https://finance.yahoo.com/news/warren-buffett-says-embarrassed-tim-030137920.html https://finance.yahoo.com/news/warren-buffett-says-embarrass...
- beambot 10mo ago
  This is classic Buffett year, being fearful when others are greedy & building a massive war chest for when a correction inevitably occurs. When it comes to Buffett (and Berkshire), it's really only reasonable to look at 5-year returns. 1-year or YTD are too susceptible to market sentiment rather than true value. Eg the Buffett indicator (stock market value / GDP) is 2x std dev above the norm right now -- way overpriced by historical standards.
  - lotsofpulp 10mo ago
    BRK-B doesn't seem much different than SP500 on 10, 15, and 20 year returns. BRK-B's 5 year return is 2% per year more than SP500. https://dqydj.com/sp-500-return-calculator/ https://dqydj.com/sp-500-return-calculator/ https://dqydj.com/stock-return-calculator/?ticker=BRK-B https://dqydj.com/stock-return-calculator/?ticker=BRK-B If my goal is to not sell for a decade or more, I'm not sure what BRK offers over SP500, except more risk.
    - StopDisinfo910 10mo ago
      > BRK-B's 5 year return is 2% per year more than SP500. > If my goal is to not sell for a decade or more, I'm not sure what BRK offers over SP500, except more risk. I think you have already answered your own question. Historically, BRK-B has very often outperformed the SP500. Plus, their investment philosophy is pretty clear. It's a solid alternative if you distrust tech which is today very heavy in the SP500.
      - lotsofpulp 10mo ago
        >Historically, BRK-B has very often outperformed the SP500. Huh? The point I was trying to make that the returns seem to equalize the further back we go. > It's a solid alternative if you distrust tech which is today very heavy in the SP500. The only reason BRK kept up with SP500 over the last 10 years is because of its outsized investment in Apple in 2016 or so, after the disastrous results of sitting out of tech in the 2000s and early 2010s and pursuing other investments such as Kraft Heinz or whatever. As of September 2025, Apple is still 21% of BRK's publicly listed holdings: https://www.cnbc.com/berkshire-hathaway-portfolio/ https://www.cnbc.com/berkshire-hathaway-portfolio/
- kristofferc 10mo ago
  Down 2% in the last 5 days?
chollida1 10mo ago
Not sure why this is posted on hackernews. Maybe the OP thought this was announcing Buffett's successor or that Buffett himself was stepping down? I guess the one big thing is that Todd Combs is out at Geico which is pretty bad news for the firm as he was tremendous at running Geico and helping Buffett and Munger in an investment capacity. Who ever gets the new CIO role at Berkshire is going to have a field day. They currently hold about $382B in cash. You can invest in alot with a 1/3 of Trillion dollars and you can outright buy the vast majority of companies with a bank roll that big. My theory is that Buffett is hoping for one last large crash before he retires so he can go shopping for distressed companies. With so many long term people announcing they will be leaving within the next 2 years this announcement sets the table nicely for a new CEO(probably Greg Abel) and new CIO to pick their team.
- itsthecourier 10mo ago
  I think the same, we maybe entering the state of market Munger grew up in. Dalio has been calling it for years. if it happens on Buffet watch and he manages it successfully it would be a text book example of resiliency in a kind of centenarian almost-black swam scenario. Wonder if he can pull it just as he did with Solomon Brothers
- ikidd 10mo ago
  Buffet is stepping down at the end of the year. https://www.berkshirehathaway.com/news/nov1025.pdf https://www.berkshirehathaway.com/news/nov1025.pdf
  - chollida1 10mo ago
    agreed. That had been previously reported
- jodrellblank 10mo ago
  > "My theory is that Buffett is hoping for one last large crash before he retires so he can go shopping for distressed companies." There was a video of a QA session with him recently where he was asked something like that and he answered (paraphrased) "we are keeping cash so that we can buy cheap things when they come up. Some people think I'm waiting so Greg Abel(?) can have a nice opportunity when he takes over, but I'm not that nice, if I see something I will buy it". And reiterated the commonly stated idea that Charlie Munger thought they'd have done better if they only ever made ~5 carefully chosen investments in the lifetime of the company, and that investing too freely, quickly, often, was a bad idea. I think that leaves a difficult situation for the next CEO, people are going to expect them to do something and probably the best thing they can do is as much nothing as possible, reading, watching and waiting. Without Buffet and Munger's history of that it might be hard to defend.
itsthecourier 10mo ago
Seems like they're splitting the responsibilities even more, Buffet will step down as CEO in this year's end. He has been a role model in many areas of my life and it hurts to see how his best friends and wife died already. would have loved seen Charlie reach 100 years old age. Visited Buffet's home in Omaha and accepted a well lived life can be one following your own set of values, specially when they do not conform to the normal. I know more about Buffet and Munger lifes than my own grandparents whom died relatively young in my childhood. Cannot explain how anything related to Charlie and Warren had hit me, I think they really feel like close wise elders in my spirit
- Mistletoe 10mo ago
  How did you visit his home?
  - gordonzhu 10mo ago
    Just a guess, but Buffett would often host undergrad and grad students at his home. https://www.nasdaq.com/articles/warren-buffett-hosts-15-wharton-business-school-students-2015-11-30 https://www.nasdaq.com/articles/warren-buffett-hosts-15-whar...
  - calmbonsai 10mo ago
    FWIW, in 2015 I happened to be in Omaha and I made a point to try and at least "see" it. It's just in a regular neighborhood. I parked up the street and, trying not to be too intrusive, I just walked by it. The only unusual element I saw were some ropes deliberately blocking off the driveway. From a prior news article, I was aware he employed a PSD, but I didn't see any obvious security presence on the property--likely they're very deliberately low-key.
- mtgentry 10mo ago
  In a world of Chamaths, be a Buffet
- aanet 10mo ago
  Lucky you to have visited Buffet's house! I "visited" Buffet's house about a decade ago or so when I drove from Chicago to the Bay Area to move there. "Visited" is rather generous - I went by it, saw some security, took some selfies and pics, and paid my respects at the Steakhouse :) Now I wish I had sought an opportunity to visit him in person. Anyhow... BRKB has been in my portfolio for 20+ years. (Now dwarfed by other Tech equity)
jksmith 10mo ago
Aside: The 1.3B investment in UHC suggests BH thinks Obamacare will be around for awhile. That, or reversing healthcare costs will not happen for the time being.
- kristianp 10mo ago
  1.3B is peanuts for them really. More likely that Berkshire thinks its share price has reached a low enough point that it is good value.
nabla9 10mo ago
Todd Combs leaving is the biggest news, but expected. Everybody always talks about Buffet and late Charlie Munger, but they also knew how to hire talents like Todd Combs and Ted Weschler.
missedthecue 10mo ago
Jamie Dimon is lining up his successor
jll29 10mo ago
[Admittedly off-topic, but relevant to the readers of the post] Since this post is about financial investments, equity trading and M&A activities, I wonder is anyone shorting AI stocks to profit from the current bubble? I would be interested on people's stance (yes/no/why), and which instruments they use (if yes).
- cmcaleer 10mo ago
  Being short anything AI now seems like shotgun tasting unless you really want to give Citadel and Jane Street money since the options premiums are so high, but I have been trying to get a bit less exposed to tech over the last few months and just been buying other ETFs that are less exposed to tech.
- thekid314 10mo ago
  I’m curious to know which you believe is overvalued. Is it the model creators, who are essentially producing a commoditized product that will never generate the current inflated values? Or is it the individuals who build useful tools that are only incrementally better than previous solutions? Or is it the companies that are attempting to develop groundbreaking products, but they are perpetually six months to two years away from delivery?

78 points by kamaraju 10mo ago

deleted 10mo ago

[deleted]

Traubenfuchs 10mo ago

After a lackluster year the market did NOT like this move at all.

gbacon 10mo ago
Had to be expected. Buffett was a once in several generations talent.
- unsupp0rted 10mo ago
  Is there a write-up somewhere of how much of an outlier he really was?
  - NaOH 10mo ago
    I would recommend the 2021 three-part Acquired podcast series on Berkshire. Episodes are long, though there are transcripts if you prefer reading over listening. https://www.acquired.fm/episodes/berkshire-hathaway-part-i https://www.acquired.fm/episodes/berkshire-hathaway-part-i https://www.acquired.fm/episodes/berkshire-hathaway-part-ii https://www.acquired.fm/episodes/berkshire-hathaway-part-ii https://www.acquired.fm/episodes/berkshire-hathaway-part-iii https://www.acquired.fm/episodes/berkshire-hathaway-part-iii That said, I'll note this quote from Buffett: >“I'm somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I've ever made,” Buffett told the audience, referencing the remarkable 680% surge in Apple's stock since Berkshire first began acquiring shares in early 2016. https://finance.yahoo.com/news/warren-buffett-says-embarrassed-tim-030137920.html https://finance.yahoo.com/news/warren-buffett-says-embarrass...
beambot 10mo ago
This is classic Buffett year, being fearful when others are greedy & building a massive war chest for when a correction inevitably occurs. When it comes to Buffett (and Berkshire), it's really only reasonable to look at 5-year returns. 1-year or YTD are too susceptible to market sentiment rather than true value. Eg the Buffett indicator (stock market value / GDP) is 2x std dev above the norm right now -- way overpriced by historical standards.
- lotsofpulp 10mo ago
  BRK-B doesn't seem much different than SP500 on 10, 15, and 20 year returns. BRK-B's 5 year return is 2% per year more than SP500. https://dqydj.com/sp-500-return-calculator/ https://dqydj.com/sp-500-return-calculator/ https://dqydj.com/stock-return-calculator/?ticker=BRK-B https://dqydj.com/stock-return-calculator/?ticker=BRK-B If my goal is to not sell for a decade or more, I'm not sure what BRK offers over SP500, except more risk.
  - StopDisinfo910 10mo ago
    > BRK-B's 5 year return is 2% per year more than SP500. > If my goal is to not sell for a decade or more, I'm not sure what BRK offers over SP500, except more risk. I think you have already answered your own question. Historically, BRK-B has very often outperformed the SP500. Plus, their investment philosophy is pretty clear. It's a solid alternative if you distrust tech which is today very heavy in the SP500.
    - lotsofpulp 10mo ago
      >Historically, BRK-B has very often outperformed the SP500. Huh? The point I was trying to make that the returns seem to equalize the further back we go. > It's a solid alternative if you distrust tech which is today very heavy in the SP500. The only reason BRK kept up with SP500 over the last 10 years is because of its outsized investment in Apple in 2016 or so, after the disastrous results of sitting out of tech in the 2000s and early 2010s and pursuing other investments such as Kraft Heinz or whatever. As of September 2025, Apple is still 21% of BRK's publicly listed holdings: https://www.cnbc.com/berkshire-hathaway-portfolio/ https://www.cnbc.com/berkshire-hathaway-portfolio/
kristofferc 10mo ago
Down 2% in the last 5 days?

chollida1 10mo ago

Not sure why this is posted on hackernews. Maybe the OP thought this was announcing Buffett's successor or that Buffett himself was stepping down? I guess the one big thing is that Todd Combs is out at Geico which is pretty bad news for the firm as he was tremendous at running Geico and helping Buffett and Munger in an investment capacity. Who ever gets the new CIO role at Berkshire is going to have a field day. They currently hold about $382B in cash. You can invest in alot with a 1/3 of Trillion dollars and you can outright buy the vast majority of companies with a bank roll that big. My theory is that Buffett is hoping for one last large crash before he retires so he can go shopping for distressed companies. With so many long term people announcing they will be leaving within the next 2 years this announcement sets the table nicely for a new CEO(probably Greg Abel) and new CIO to pick their team.

itsthecourier 10mo ago
I think the same, we maybe entering the state of market Munger grew up in. Dalio has been calling it for years. if it happens on Buffet watch and he manages it successfully it would be a text book example of resiliency in a kind of centenarian almost-black swam scenario. Wonder if he can pull it just as he did with Solomon Brothers
ikidd 10mo ago
Buffet is stepping down at the end of the year. https://www.berkshirehathaway.com/news/nov1025.pdf https://www.berkshirehathaway.com/news/nov1025.pdf
- chollida1 10mo ago
  agreed. That had been previously reported
jodrellblank 10mo ago
> "My theory is that Buffett is hoping for one last large crash before he retires so he can go shopping for distressed companies." There was a video of a QA session with him recently where he was asked something like that and he answered (paraphrased) "we are keeping cash so that we can buy cheap things when they come up. Some people think I'm waiting so Greg Abel(?) can have a nice opportunity when he takes over, but I'm not that nice, if I see something I will buy it". And reiterated the commonly stated idea that Charlie Munger thought they'd have done better if they only ever made ~5 carefully chosen investments in the lifetime of the company, and that investing too freely, quickly, often, was a bad idea. I think that leaves a difficult situation for the next CEO, people are going to expect them to do something and probably the best thing they can do is as much nothing as possible, reading, watching and waiting. Without Buffet and Munger's history of that it might be hard to defend.

itsthecourier 10mo ago

Seems like they're splitting the responsibilities even more, Buffet will step down as CEO in this year's end. He has been a role model in many areas of my life and it hurts to see how his best friends and wife died already. would have loved seen Charlie reach 100 years old age. Visited Buffet's home in Omaha and accepted a well lived life can be one following your own set of values, specially when they do not conform to the normal. I know more about Buffet and Munger lifes than my own grandparents whom died relatively young in my childhood. Cannot explain how anything related to Charlie and Warren had hit me, I think they really feel like close wise elders in my spirit

Mistletoe 10mo ago
How did you visit his home?
- gordonzhu 10mo ago
  Just a guess, but Buffett would often host undergrad and grad students at his home. https://www.nasdaq.com/articles/warren-buffett-hosts-15-wharton-business-school-students-2015-11-30 https://www.nasdaq.com/articles/warren-buffett-hosts-15-whar...
- calmbonsai 10mo ago
  FWIW, in 2015 I happened to be in Omaha and I made a point to try and at least "see" it. It's just in a regular neighborhood. I parked up the street and, trying not to be too intrusive, I just walked by it. The only unusual element I saw were some ropes deliberately blocking off the driveway. From a prior news article, I was aware he employed a PSD, but I didn't see any obvious security presence on the property--likely they're very deliberately low-key.
mtgentry 10mo ago
In a world of Chamaths, be a Buffet
aanet 10mo ago
Lucky you to have visited Buffet's house! I "visited" Buffet's house about a decade ago or so when I drove from Chicago to the Bay Area to move there. "Visited" is rather generous - I went by it, saw some security, took some selfies and pics, and paid my respects at the Steakhouse :) Now I wish I had sought an opportunity to visit him in person. Anyhow... BRKB has been in my portfolio for 20+ years. (Now dwarfed by other Tech equity)

jksmith 10mo ago

Aside: The 1.3B investment in UHC suggests BH thinks Obamacare will be around for awhile. That, or reversing healthcare costs will not happen for the time being.

kristianp 10mo ago
1.3B is peanuts for them really. More likely that Berkshire thinks its share price has reached a low enough point that it is good value.

nabla9 10mo ago

Todd Combs leaving is the biggest news, but expected. Everybody always talks about Buffet and late Charlie Munger, but they also knew how to hire talents like Todd Combs and Ted Weschler.

missedthecue 10mo ago

Jamie Dimon is lining up his successor

jll29 10mo ago

[Admittedly off-topic, but relevant to the readers of the post] Since this post is about financial investments, equity trading and M&A activities, I wonder is anyone shorting AI stocks to profit from the current bubble? I would be interested on people's stance (yes/no/why), and which instruments they use (if yes).

cmcaleer 10mo ago
Being short anything AI now seems like shotgun tasting unless you really want to give Citadel and Jane Street money since the options premiums are so high, but I have been trying to get a bit less exposed to tech over the last few months and just been buying other ETFs that are less exposed to tech.
thekid314 10mo ago
I’m curious to know which you believe is overvalued. Is it the model creators, who are essentially producing a commoditized product that will never generate the current inflated values? Or is it the individuals who build useful tools that are only incrementally better than previous solutions? Or is it the companies that are attempting to develop groundbreaking products, but they are perpetually six months to two years away from delivery?