Buffett Bows Out: Berkshire's $360 Billion Portfolio Lives On
Warren Buffett has officially stepped down as chairman of Berkshire Hathaway after an epic 61-year run. In his farewell letter to shareholders, Buffett wrote, 'Father Time always wins,' adding that he has been given a rare opportunity to see the company thrive.
Buffett's son, Howard, will replace him as chairman of the board of directors, while Greg Abel is now chief executive officer.
Buffett took over Berkshire Hathaway in 1962 and turned it into one of the world's largest conglomerates. Despite his departure, three of his favorite stocks are expected to remain in the company's nearly $360 billion equity portfolio for decades to come.
The three stocks are Apple, American Express, and Coca-Cola. Berkshire invested heavily in these companies over the years, with Apple accounting for 21.8% of its portfolio at one point, followed by American Express (12.9%) and Coca-Cola (9.8%).
Apple is known for its strong brand, great products, and shareholder-friendly CEO. American Express has a special brand that earns customer loyalty, while Coca-Cola is a rock-solid business with an elite dividend payout history.