21深度｜阿贝尔接棒 “后巴菲特时代”伯克希尔巨轮驶向何方

Core Viewpoint - The transition of leadership at Berkshire Hathaway marks the end of an era dominated by Warren Buffett, with Greg Abel set to take over as CEO in 2026, continuing the legacy of value investing established over the past 60 years [1][3][10]. Group 1: Leadership Transition - Warren Buffett, who has led Berkshire Hathaway since 1965, is gradually stepping back due to age, with Greg Abel poised to succeed him [3][10]. - Abel has demonstrated strong management capabilities, particularly in the energy sector, and is expected to maintain the company's investment philosophy while introducing his own style [6][7][10]. - Buffett has praised Abel's hands-on management approach, which is seen as more effective for the diverse subsidiaries under Berkshire's umbrella [3][7]. Group 2: Performance Metrics - From 1964 to 2024, Berkshire Hathaway achieved a total return of 5,502,284%, significantly outperforming the S&P 500's return of 39,054% during the same period [1]. - The annualized compound return for Berkshire from 1965 to 2024 is 19.9%, compared to the S&P 500's 10.4% [1]. - Berkshire's stock investment portfolio is valued at $283.2 billion as of September 30, 2025, including major holdings like Apple and American Express [4][9]. Group 3: Future Outlook - The upcoming leadership change has led to mixed reactions among investors, with some expressing concerns about the potential decline in Berkshire's stock price and performance post-Buffett [10][11]. - Analysts predict that Abel's management style may be more flexible and hands-on compared to Buffett's, which could positively impact performance [10][11]. - Berkshire's significant cash reserves, amounting to $381.7 billion, raise questions about future investment strategies and the possibility of dividend payments or stock buybacks [12][13].