"Billionaire Warren Buffett warned shareholders Monday that many companies will fare better than his Berkshire Hathaway in the decades ahead because of its massive size, though others might say the company's prospects will dim because "Father Time" is catching up with the 95-year-old icon who plans to step down as CEO in January. Buffett reflected on life and his health in a new letter to shareholders where he announced $1.3 billion in new charitable gifts to the four family foundations run by his children that-along with the Gates Foundation-have been helping steadily give away his fortune since 2006."
"Berkshire is known for consistently outperforming the stock market during the past 60 years under Buffett-which helped earn him legions of fans-although that has become harder to do in recent years because of the huge size of the conglomerate. Berkshire owns Geico insurance, BNSF railroad, several large utilities, and a diverse assortment of manufacturing and retail businesses, including such well-known brands as Dairy Queen, See's Candy, and Helzberg Diamonds. But Buffett also reassured shareholders that he remains confident in his successor."
Warren Buffett acknowledged that Berkshire Hathaway's enormous size will make it harder for the company to outperform many other firms in coming decades. He announced $1.3 billion in new charitable gifts to four family foundations run by his children, which alongside the Gates Foundation have been distributing his fortune since 2006. Berkshire's long record of market outperformance has become more difficult given its scale. Buffett will step down as CEO in January, with Greg Abel succeeding him and taking over the annual letter and meeting Q&A; Buffett will remain chairman and continue some communications.
Read at Fast Company
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