巴菲特“交棒”首日！股价跑输大盘，伯克希尔帝国迎来阿贝尔时代

Core Viewpoint - Warren Buffett expressed strong long-term confidence in Berkshire Hathaway, stating it has a better chance of enduring for a century than any other company he knows [1] Group 1: Leadership Transition - Warren Buffett officially stepped down as CEO of Berkshire Hathaway on January 1, 2023, after 60 years in the role, with Greg Abel taking over [1] - Buffett praised Abel's efficiency, claiming he could accomplish in a week what Buffett might take a month to do, and expressed willingness to entrust his personal funds to Abel over any top investment advisor [1] - Buffett will continue as chairman but will reduce public appearances, indicating that "everything will not change much" [1] Group 2: Market Reaction - Since Buffett announced his retirement plans in May 2025, Berkshire's stock has underperformed the market, with a 1.41% drop on January 2, 2023, compared to a 0.19% rise in the S&P 500 [2] - Investors have expressed concerns about Abel's ability to maintain Buffett's investment style and manage the complex business portfolio while sustaining the company's valuation premium [2] Group 3: Company Performance - Under Buffett's leadership, Berkshire Hathaway transformed from a struggling textile company to a trillion-dollar conglomerate with diverse operations in insurance, railroads, energy, and manufacturing [2] - As of September 30, 2025, the company had a record cash reserve of $381.6 billion [2] - From 1964 to 2024, Berkshire's annualized compound return was approximately 19.9%, nearly double the S&P 500's 10.4% during the same period [2] Group 4: Analyst Insights - Analysts suggest that given Berkshire's vast operations with nearly 400,000 employees across numerous subsidiaries, it is natural for Abel to make some operational adjustments, and adopting a more traditional management approach may be wise [2]