Warren Buffett stepped down as chairman of Berkshire Hathaway last week, with his son Howard succeeding him in the role. Glenview Trust Company CIO Bill Stone called the move the completion of a succession plan Buffett set in motion at the 2025 annual meeting, noting that Buffett will no longer run the company day-to-day but will remain to protect the culture and values his father brought to the firm. Stone, who said Buffett is 71 years old, called him the greatest investor of all time. On Berkshire's stock, Stone attributed its recent lag behind the S&P 500 largely to expected pressure on operating earnings this year, primarily in the insurance business, which faces difficult comparisons after blowout prior-year results and more industry capital. He said he expects third-quarter operating earnings growth of only low to mid single digits, but sees more limited downside than many companies because Berkshire trades at such an attractive valuation.
Berkshire Hathaway IncBuffett steps down as chairman with son Howard succeeding, completing a succession plan; Stone notes operating earnings pressure in insurance but attractive valuation.
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