Warren Buffett steps down from Berkshire: What investors need to know

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• Berkshire should beat S&P 500 over 3-5-10 year period but days of extraordinary returns are behind

  80% confidence

• Recent deals haven't been good with exception of Allegheny, partly due to size and PE competition

  80% confidence

• More about managing the conglomerate than finding big investments

  80% confidence

• There's probably a lot of fat to cut and divisions that could be consolidated under Abel

  80% confidence

• The operations and culture will stay the same under Abel but challenging to get next generation of disciples

  80% confidence

• Need 3-5 year period to judge if Abel is doing good job

  80% confidence

• Greg Abel should buy extremely large amount of Berkshire stock personally to prove commitment

  80% confidence

• Buffett used shareholder letters for social engineering to create long-term investor base

  80% confidence

• Buffett was one of the greatest investors of all time with very low cost capital from insurance float

  80% confidence

• Warren Buffett is hands-off manager with decentralized structure, not the best manager but greatest capital allocator and investor

  80% confidence

• Buffett viewed wealth accumulation as duty to give it all away to society

  80% confidence

• Few very good decisions was majority of great performance, while avoiding disastrous decisions

  80% confidence

• Don't try to be Warren Buffett - focus on growing operating earnings, decreasing share count, and finding big opportunities

  80% confidence

• Buffett invested primarily in monopolies and oligarchies rather than innovation-based competition

  80% confidence

• Berkshire still reasonably valued compared to high US large cap valuations

  80% confidence

• Risk of losing Buffett premium as some core investors are in Buffett rather than fundamentals

  80% confidence

• Geico is the total engine behind Berkshire Hathaway, more important than See's Candy story

  80% confidence

• Would not expect major changes, dividend, or aggressive capital allocation

  80% confidence

• Would like Berkshire to deemphasize stock picking and start paying dividend

  80% confidence

• Would view any dip from Buffett leaving as opportunity to buy more

  80% confidence

• Cautiously bullish on post-Buffett bench despite Todd Combs departure

  80% confidence

• Buffett is greatest value investor of all time due to longevity and discipline from 1950s-60s to today

  80% confidence

• Berkshire is lower risk alternative to owning broader market with cyclical and countercyclical businesses

  80% confidence

• All investing is value investing - what you pay matters whether growth or value

  80% confidence