News about leadership transition

Warren Buffett, who built Berkshire Hathaway into a $1.1 trillion company, handed the chairmanship to his son Howard and remains as chairman emeritus at age 96. In a 2014 letter, he said the chance of permanent capital loss for patient shareholders is as low as can be found among single-company investments, because intrinsic value per share is almost certain to advance over time. Greg Abel, a longtime Berkshire manager who has led its energy operations, was chosen as successor CEO, and Buffett said in his farewell letter that his expectations for Abel were sky high and have been exceeded. Buffett also said he has never felt better about what comes next. The article notes BRKB's forward P/E of 25.6 is above its five-year average of 21.2, and considers the shares reasonably valued or a bit overvalued.