Some Warren Buffett wisdom on his last day leading Berkshire Hathaway
AP News••business
Key Points:
- Warren Buffett is stepping down as CEO of Berkshire Hathaway after six decades, with Greg Abel set to take over leadership while Buffett remains chairman.
- Buffett’s famous investing advice includes buying undervalued stocks during fearful market conditions and sticking to industries within one’s “circle of competence,” emphasizing the importance of never losing money.
- He stressed high ethical standards for employees, advocating the “newspaper test” to ensure actions can withstand public scrutiny without damaging reputation.
- Buffett highlighted that economic crises reveal the true strength of companies, famously saying, “You only find out who is swimming naked when the tide goes out.”
- He encouraged associating with people who inspire improvement and maintained a strong belief in the American capitalist system as an unparalleled driver
