Berkshire Hathaway's stock declined in only 11 years from 1965 through 2025, with a total return of 6,099,294% (19.7% compounded annually), versus 46,061% (10.5% annually) for the S&P 500 including dividends. Under Warren Buffett, Berkshire grew from a textile manufacturer into one of the largest conglomerates, with an investment portfolio of nearly $365 billion and cash and equivalents above $365 billion at the end of the second quarter. Greg Abel became CEO earlier this year and said decentralized management and a concentrated long-term portfolio would remain. The article argues investors may expect Abel to allocate capital and return more to shareholders than Buffett did, since Berkshire's size makes large returns harder to find. The stock is now at an all-time high.
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