Warren Buffett is stepping down as chairman of Berkshire Hathaway, ending a six-decade run in which he turned a failing textile company into a conglomerate worth more than $1 trillion. He will become chairman emeritus and remain on Berkshire’s board while his son Howard takes the chair.
Buffett’s investment philosophy has always sounded deceptively simple. Think of a stock as a piece of a business, buy it at a sensible price and let time do the work. What made that philosophy so difficult to follow was not the mathematics but the enemies inside the investor’s own mind.
