95-year-old Warren Buffett already announced that he will be stepping down from Berkshire Hathaway at year end. In February, successor Greg Abel will pen a annual shareholder letter but the WSJ reports today that Buffett will publish two letters on November 10 -- one to Berkshire Hathaway shareholders and one to his three children, presumably about his wealth.
Buffett will step down as CEO but will remain chairman.
Buffett is known for a willingness to pay up for quality but here is a chart showing that his big bets were at levels far below what major companies are trading at now. That helps to explain why Berkshire is holding so much cash.
We will have to see if Greg Abel operates differently.
