Warren Buffett Bought $78 Billion of His Favorite Stock Like Clockwork for 6 Years -- but He's Now Gone 9 Months Without Buying a Single Share
The Oracle of Omaha has gone cold turkey on a company that's near and dear to his heart.
This has been a monumental week for investing extraordinaire Warren Buffett and his company, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B).
This past Saturday, May 3, at Berkshire Hathaway's annual shareholder meeting, the Oracle of Omaha thrust an announcement on the roughly 40,000 in attendance that he aims to step down as CEO by the end of the year and allow his predetermined successor, Greg Abel, to grab the reins. It was an inevitable announcement for the 94-year-old who's overseen a nearly 20% annualized return his company's Class A shares (BRK.A) over 60 years.
Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.
