TLDR
Warren Buffett, 94, announced he will step down as Berkshire Hathaway CEO at the end of 2025, with Greg Abel as his successor
Under Buffett’s leadership since 1965, Berkshire Hathaway stock rose by 5,502,284% compared to the S&P 500’s 39,054%
Buffett has been a vocal critic of Bitcoin, famously calling it “rat poison squared” and a “gambling token”
While dismissive of Bitcoin, Buffett has acknowledged the importance of blockchain technology
Buffett’s career advice includes prioritizing people over salary, finding your passion, and setting clear boundaries
Warren Buffett, the 94-year-old investment legend, announced at Berkshire Hathaway’s annual shareholder meeting that he plans to step down as CEO at the end of 2025. The news came as a surprise to many, with longtime lieutenant Greg Abel set to take over the reins of the company Buffett has led since 1965.
Buffett’s tenure has been marked by stunning success. Under his leadership, Berkshire Hathaway stock rose by over 5.5 million percent, far outpacing the S&P 500’s 39,054% return over the same period. This performance has cemented his reputation as one of history’s most successful investors.
Despite his prowess in traditional markets, Buffett has been one of Bitcoin’s most vocal critics. He famously described the cryptocurrency as “rat poison squared” in a 2018 CNBC interview. This harsh assessment has become one of the most quoted anti-Bitcoin statements in financial circles.
His skepticism about cryptocurrency never wavered. As recently as 2023, Buffett called Bitcoin a “gambling token,” suggesting people invested in it were simply chasing easy money. “People want to play the roulette wheel,” he said of Bitcoin investors.
Buffett’s Investment Philosophy
The Oracle of Omaha’s approach to investing has always been centered on understanding the fundamental value of businesses. He built his fortune by identifying undervalued companies with strong competitive advantages, buying their shares, and holding them for the long term.
Buffett has consistently advised career seekers to prioritize working with good people over high salaries. “Don’t worry too much about starting salaries, and be very careful who you work for, because you will take on the habits of the people around you,” he said at this year’s shareholder meeting.
He credits much of his success to learning from mentors like Benjamin Graham, revealing he didn’t even know his salary when he took a job with the value investing pioneer. Buffett discovered it only when he received his first paycheck.
Finding your passion early is another key to success, according to Buffett. He compares choosing the right career to a band finding its “sound.” Buffett was fortunate to discover his love for investing at a young age, allowing him to pursue work that didn’t feel like work.
The Blockchain Distinction
While consistently negative about Bitcoin, Buffett’s stance on blockchain technology has been more nuanced. In a 2019 CNBC interview, he acknowledged that “blockchain was important,” even as he dismissed Bitcoin as “a delusion” in the same conversation.
This position mirrors the early stance of financial services leaders like JP Morgan CEO Jamie Dimon and BlackRock CEO Larry Fink. Both initially praised blockchain while criticizing Bitcoin, though their firms have since launched crypto-focused initiatives.
During a 2020 dinner with Tron founder Justin Sun, Buffett elaborated on his views. “Bitcoin cannot capture the value of blockchain,” he stated. “Just because something has value doesn’t make it a good investment.”
His skepticism about Bitcoin may stem partly from his traditional investment approach. Buffett has historically avoided commodities like gold and oil, preferring businesses that produce goods and services rather than stores of value.
The legendary investor believes in setting clear boundaries and saying “no” to distractions. This principle has helped him maintain focus throughout his career. “The difference between successful people and really successful people is that really successful people say ‘no’ to almost everything,” Buffett noted.
His schedule reflects this philosophy. When author Gillian Zoe Segal arranged an interview with him, she was surprised to find large blocks of available time in his calendar. “I realized he is who he is because he guards his time,” she observed.
The announcement of his retirement marks the end of an era in the investment world. As Buffett prepares to hand over leadership to Greg Abel, his legacy as both an investment genius and a Bitcoin skeptic remains intact.
Bitcoin has defied Buffett’s pessimistic predictions so far, reaching all-time highs despite his criticism. The cryptocurrency traded at $94,271 at the time of his retirement announcement, showing continued growth in the face of skepticism from traditional finance figures.
Greg Abel will take over a conglomerate that has no exposure to cryptocurrencies, as Buffett maintained his promise: “We don’t own any, we’re not short on any, we’ll never have a position in them.”
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