Many years later, as the world watched the sun set on the reign of Warren Buffett, the echoes of his investments would be felt in the quiet corners of Berkshire Hathaway, where the scent of aged stock reports mingled with the hum of a ticker tape that had long since stopped. For six decades, he had been the alchemist of capital, turning leaden dollars into golden returns, though not always with the precision of the S&P 500. Yet, in the aggregate, his Class A shares had grown to a number so vast it seemed to defy arithmetic, a testament to the patience of a man who believed in the slow burn of fortune.
But as the poet Geoffery Chaucer once whispered from the shadows of time, “All good things must come to an end.”
At the annual shareholder meeting in May, the Oracle of Omaha, with the solemnity of a man who had seen the tides of markets and the fickle nature of men, declared his intention to step down by year’s end. The clock had begun its final countdown, and the 100 days until his retirement felt less like a countdown and more like the final act of a play whose script had been written in the ink of decades.
Greg Abel, the chosen heir, vowed to honor the philosophies of his predecessor-long-term bets, prudent buybacks, and the unwavering pursuit of value. Yet, as the sun sets on one era, the moon rises on another, and the shadows of change loom large.
When the 100 days fade into memory, three transformations will unfold in the labyrinth of Berkshire Hathaway.
1. The Investing Lieutenants Take the Stage
Buffett’s legacy was etched in the permanence of his holdings, a man who bought great companies and held them as one might hold a loved one. But even the most steadfast hearts can stir with the promise of action. Todd Combs and Ted Weschler, his trusted lieutenants, may soon find themselves dancing to a different rhythm. Where Buffett once moved with the deliberation of a sculptor, they may now wield the chisel with more frequency, adding and trimming positions with the precision of gardeners tending a vast, overgrown orchard.
Their trades, once mere whispers in the portfolio, could grow louder. A 5% addition here, a 3% sale there-small ripples in the pond of a once-still lake. The Form 13F filings, those arcane scrolls of investment intent, may soon reveal a tapestry of activity more vibrant than the ones we’ve known.
2. The Healthcare Reawakening
The second shift will see healthcare stocks reclaim their place in Berkshire’s pantheon, a sector long dormant but now ripe for revival. For years, the company’s gaze was fixed on the familiar: financials, consumer staples, and the occasional tech marvel. Apple, that modern-day albatross, became the largest holding, not for its innovation but for the loyalty it inspired in consumers, a loyalty as enduring as the sun’s daily pilgrimage across the sky.
Yet, as Buffett’s years stretched into their ninth decade, the complexities of clinical trials and regulatory storms became a burden too heavy to bear. Abel, Combs, and Weschler, with their fresher eyes, may now turn to healthcare, where the valuations are more forgiving. The S&P 500’s forward P/E of 22.7 pales beside the 16.4 of its healthcare sector, a discount as inviting as a shaded bench on a sweltering day.
Pfizer, once a fleeting shadow in Berkshire’s portfolio, now offers a forward P/E of less than 8, a discount so steep it feels like a secret whispered between the pages of a forgotten ledger. With a yield that outshines the S&P 500, it is a treasure waiting to be claimed, a relic of a bygone era that may yet find new life in the hands of a new generation.
3. The Unraveling of Holdings
The third transformation will be the departure of one or more of Berkshire’s core holdings, a decision as inevitable as the turning of the seasons. The “indefinite” holdings-Coca-Cola, American Express, Occidental Petroleum-will remain, steadfast as the mountains. But Apple, the once-revered titan, may find itself cast aside. Its valuation, now 36 times earnings, no longer aligns with the value-oriented creed that once guided Buffett’s hand. The 69% of the stake sold since 2023 is but a prelude to what may come.
Bank of America, too, may face the same fate. Once a bargain at a 68% discount to book value, it now trades at a 38% premium, a transformation as sudden as a storm breaking over a tranquil sea. The days of its being a “slam-dunk” are behind it, and the board may soon decide that even the most storied institutions must evolve.
And so, as the 100 days slip away, the world watches with bated breath. The market, that capricious lover, will continue its dance, but the rhythm will shift. Berkshire Hathaway, ever the phoenix, will rise anew, its wings shaped by the hands of those who follow. The story is not ending-it is merely beginning a new chapter, one written in the ink of change and the parchment of legacy.
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2025-09-23 10:18