RWH057: Celebrating Warren Buffett w/ Joel Greenblatt, Nick Sleep, Tom Russo, Christopher Bloomstran & Chris Davis
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You're listening to TIP. Hi folks, welcome back to the Richer, Wiser, Happier podcast. I'm thrilled to be here with you again today for a special celebratory episode that I hadn't planned at all, but that I decided to record because something really truly historic has happened. As I'm sure you know by now, a few days ago, on May 3rd, Warren Buffett made a massive announcement at the end of his annual shareholder meeting in Omaha. After six decades as CEO of Berkshire Hathaway, he declared that the time has arrived for Greg Abel to become the CEO of Berkshire,
at the end of this year. It's hard to overstate the importance of this milestone because it marks the end of a an era in the spectacular story of this legendary investor, business leader, and role model. The scale of Buffett's achievements is astounding. Over the last sixty years, he's built Berksh Hathaway into a behemoth with a market value of about $1.2 trillion, with almost 400,000 employees, with huge stakes in companies like Apple and American Express and Coca Cola, not to mention insurance operations, energy, railroads and consumer businesses like Dairy Queen and Duracell and Benjamin Moore and Fruit of the Loom.
Oh yeah, he's also sitting on almost $350 billion in cash. Since Buffett took control of Buckshathaway back in 1965, he's racked up an average return of 19.9% a year. versus 10.4% a year for the S<unk>P 500. According to Berkshire Hathaway's latest annual report, Berkshire's stock price has risen by 5,502,284% since 1965. That means Berkshire's stock has outperformed the S<unk>P by more than 5.46 million percentage points, so much for markets being so efficient that it's impossible to outperform them.
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