Core Insights - Warren Buffett, the CEO of Berkshire Hathaway, will retire at the end of 2025, passing control of the company's $300 billion investment portfolio to Greg Abel [1][2] - Under Buffett's leadership, Berkshire Hathaway's Class A shares have gained over 6,086,000% since he became CEO approximately 60 years ago [2] - Buffett has been a selective buyer in a historically expensive stock market, with a notable exception being his consistent purchases of Domino's Pizza stock over the last five quarters [4][10] Company Performance - Domino's Pizza has seen its shares rally 6,400% since going public in July 2004, including dividends [10] - The company has successfully executed a marketing strategy that improved its product perception, contributing to its stock performance [12][13] - Domino's has a robust capital-return program, having increased its base annual dividend for 13 consecutive years, which appeals to long-term investors [15] Investment Strategy - Buffett's investment philosophy emphasizes long-term value, sustainable competitive advantages, and strong management teams, with a critical focus on valuation [5][6] - The "Buffett Indicator" recently reached an all-time high of 223%, indicating a historically expensive stock market [6] - Despite being a long-term investor, Buffett has sold $184 billion more in stocks than he has purchased over the last three years, leading to a cash pile of approximately $382 billion [7][8] Valuation Metrics - As of November 20, shares of Domino's Pizza were valued at 20 times forward-year earnings, representing a 25% discount to its average forward price-to-earnings ratio over the past five years [16]