In his annual letter to shareholders on February 22, Warren Buffett reflected on the incredible transformation of Berkshire Hathaway over the past 60 years, turning a struggling New England textile firm into a vast and successful conglomerate. Despite the company’s vast achievements, Buffett acknowledged that his journey has not been without mistakes.
One further point in our CEO selections: I never look at where a candidate has gone to school. Never! In the letter Buffett said. He also highlighted that while many great managers come from prestigious schools, there are also plenty, like Pete, who may have gained more from attending a less renowned institution or even from not finishing school at all.
ALSO READWarren Buffett’s 2025 Letter: Berkshire’s strong performance, mistakes made and hint of leadership transition – Key takeaways
Buffett also shared his belief that while mistakes can fade, “a single winning decision can make a breathtaking difference over time” he added. He expressed confidence that these winning choices have played a crucial role in shaping the success of Berkshire Hathaway, and he emphasized that the company will continue to thrive, even as he passes on the reins to his successor, Greg Abel.
Buffett emphasised that while some of the businesses Berkshire buys are not always easy to understand, the key to success lies in finding the right managers. He praised the qualities of individuals like Pete, though he didn’t specify who he was referring to, and acknowledged his own occasional missteps in evaluating business opportunities and people.
However, Buffett also noted the many surprises that have contributed to Berkshire Hathaway’s success, both in business potential and in the ability and loyalty of its managers. He pointed to a few key decisions that made a monumental difference, such as the acquisition of GEICO, the appointment of Ajit Jain as a manager, and, of course, his partnership with Charlie Munger, whom he describes as “a one-of-a-kind partner, personal advisor, and steadfast friend.”
» Read More
