Is Warren Buffett's true successor Bill Ackman?
Warren Buffett's latest shareholder letter contains the usual folksy mix of wisdom and humor. But it also strikes a more contemplative tone, reflecting on the divergent mortality of the company and its chief architect. On Berkshire Hathaway Inc., Buffett is upbeat. “Companies die for many reasons but, unlike the fate of humans, old age itself is not lethal. Berkshire today is far more youthful than it was in 1965,” he writes.
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On his own longevity, he is more circumspect: “At 94, it won’t be long before Greg Abel replaces me as CEO and will be writing the annual letters.”
Shareholders would be right to wonder how Berkshire will survive the transition. It’s a risk the company itself flags in its annual report: “If for any reason the services of our key personnel, particularly Mr. Buffett, were to become unavailable, there could be a material adverse effect on our operations.” While they know Abel well – he was nominated as Buffett’s successor in 2021 and appeared alongside him at last year’s annual general meeting – he lacks Buffett’s pedigree as an investor.
Indeed, the true successor to Buffett’s legacy as market oracle may be operating outside of Berkshire.
One contender is Bill Ackman, who founded Pershing Square Capital Management in 2004. Ackman has been a fan of Buffett for many years. “I first learned about Warren Buffett from a college
