Angered by the deception, Buffett had bought Berkshire: This company became the owner of ₹ 98 lakh crore; 95 year old Buffett retires today after 60 years

The world’s greatest investor Warren Buffett is resigning from the post of CEO of Berkshire Hathaway today (31 December). The story of the end of this six decade long journey of 95 year old Buffett is very interesting. He considers buying the company on the basis of which he became the 9th richest person in the world as the ‘biggest mistake’ of his life.

Buffett bought this company not for any business deal, but out of anger. On retirement, Buffett said that it is impossible to even think about retirement. For me, that would be worse than death.” He still goes to the headquarters in Omaha five days a week.

Buffett said – no intention of sitting at home and watching soap operas

Buffett jokingly told The Wall Street Journal, “I’m not going to sit at home and watch soap operas. My interest is still the same as before. I will be around as chairman and can prove useful to Greg.

60 year journey: 1 trillion dollar empire built from a sinking textile mill

When Warren Buffett took control of Berkshire Hathaway in 1965, it was a struggling textile company. Buffett turned it into one of the largest companies in the world.

Today Berkshire Hathaway is a company with a value of 1 trillion dollars i.e. about Rs 90 lakh crore. It has stakes in big brands like Coca-Cola, Kraft Heinz and Apple, as well as companies like Geico and NetJets are also included in its portfolio.

Buffett had said- ‘Buying Berkshire was my dumbest decision’

The surprising thing is that Buffett considers the company on the basis of which he became one of the top 10 richest people in the world, his biggest mistake. According to Buffett, he bought this company in 1962 only because its management had betrayed him.

Buffett explains – In 1964, Mr. Stanton, the owner of Berkshire, had promised that he would buy all the Berkshire stock he owned at a price of $ 11.50.

When the letter arrived a few days later, the price was $11.375. Buffett was so enraged by this fraud that instead of selling the stock, he bought the entire company and fired Stanton.

Buffett considers this his ‘dumbest’ deal, because he kept his money locked up for years in a failing textile business. Buffett says, “If I had invested that money directly in the insurance business, Berkshire would be worth twice as much today.”

Buffett’s lessons, which the world’s CEOs adopted

Warren Buffett has been not just an investor but also a great teacher. Buffett has taught CEOs around the world how to run business and life through his advice-filled ‘investor letters’, hours-long meetings and decisions about his work and personal life.

Warren Buffett will donate 99% of his wealth

Warren Buffett has promised to donate 99% of his wealth. Recently he has donated shares worth $1.3 billion to his children’s foundation. His belief is, “Give kids enough money to do anything, but not so much that they do nothing.”

According to Forbes Real Time Billionaires List, Warren Buffett’s net worth is Rs 13.36 lakh crore. He is the ninth neighbor among the top ten richest people in the world.

Now Greg Abel will take command, what changes will come?

Now the eyes of the market are on Greg Abel. The biggest challenge he faces is to properly utilize the huge cash of Berkshire, amounting to $ 380 billion i.e. more than Rs 34 lakh crore. Abel is not a stock picker, rather he is considered an expert player in operations and energy business.

The big challenge before him will also be whether he will continue Buffett’s ‘hands-off’ approach (not interfering in the work of subsidiary companies) or make some changes.