✌️ Stat of the Day: A 63-Year Tenure Comes to an End

At long last, the Oracle of Omaha foresees a new future. Warren Buffett, 94, announced this weekend in front of thousands of fans and investors at Berkshire Hathaway’s annual meeting that he will be stepping down as CEO of the investment juggernaut at year’s end.

When Buffett—arguably the world’s greatest investor not named Bobby Axelrod—purchased Berkshire in 1962 it was a failing textile maker. The conglomerate, now worth ~$1.1 trillion, owns 60+ companies, including Geico, Duracell, Fruit of the Loom, NetJets, and Dairy Queen, as well as major stakes in Apple, Coca Cola, Bank of America, and American Express.

Who’s replacing him? Buffett is recommending to Berkshire’s board that Greg Abel take over as CEO starting in 2026. Abel joined Berkshire in 2000, and since 2018 has been in charge of Berkshire’s non-insurance operations, which include BSNF, one of America’s largest railroads.

Big picture: Buffett, who has given away three-plus commas to charity, was ranked last month by Bloomberg as the world's fourth-wealthiest person (net worth: ~$154 billion).

🤔 Did You Know? India pale ale (IPA) got its name in the early 1800s after English brewers added extra hops and a higher alcohol content to help the beverage last the long sea voyage from England to India. The higher hop content acted as a natural preservative, giving the ale a distinct bitterness still recognized in craft brews today.

📰 Worth a Read: I recorded everything I said for three months. AI has replaced my memory.