Berkshire investors expect new era as Buffett plans exit

Berkshire Hathaway shareholders are mourning the departure of legendary investor Warren Buffett, but anticipate that the conglomerate he built over 60 years will retain its long-term focus and culture. However, there are worries about the loss of Buffett's vision and star power.

- REUTERS

Following Buffett's surprise announcement on Saturday that he would step down as chief executive by the end of the year, Berkshire shareholders and fans said that the Omaha, Nebraska-based firm will remain in good hands once Vice-Chairman Greg Abel takes the job.

But they said it remains unclear how the $1.16 trillion conglomerate, which has 189 operating businesses, $264 billion of stocks, and $348 billion of cash, will fare after the man so intertwined with it leaves the stage. Buffett made the announcement at the end of the Berkshire annual meeting after hours of taking shareholder questions. He said Berkshire's board of directors will meet on Sunday to discuss the transition.

"There has been a premium on Berkshire because of Buffett," said Mark Malek, chief investment officer at Siebert NXT.