Warren Buffett Is Stepping Down As Berkshire Chairman. These Are Some Of His Most Memorable Quotes.

Warren Buffett is stepping down as chairman of Berkshire Hathaway, bringing another part of his six-decade leadership of the conglomerate to an end after handing the chief executive role to longtime deputy Greg Abel earlier this year.

The 96-year-old will become chairman emeritus effective immediately and remain on Berkshire's board, while his son Howard Buffett has been elected chairman under the company's long-standing succession plan, Berkshire Hathaway said Friday. Abel, who became CEO on Jan. 1, will continue running the company.

Buffett took control of Berkshire in 1965 when it was a struggling textile company and became chairman and CEO in 1970. Over the following decades, he built it into a $1.1 trillion conglomerate spanning insurance, railroads, energy, manufacturing and retail.

Alongside his investments, Buffett became known for his annual shareholder letters and lengthy appearances at Berkshire's meetings in Omaha. Here are five of his most memorable comments on investing, business and the economy.

1. "Our favorite holding period is forever."

Buffett wrote the line in his 1988 shareholder letter while discussing Berkshire's investments. The company has held some major positions for decades, including its stake in Coca-Cola, which Berkshire began buying in 1988.

2. "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."

The comment appeared in Buffett's 1989 shareholder letter, where he discussed lessons learned from buying businesses mainly because they appeared cheap. Buffett credited his longtime partner Charlie Munger with helping shift his focus toward buying stronger businesses.

3. "You only find out who is swimming naked when the tide goes out."

Buffett has repeatedly used the phrase when discussing businesses and financial risks that become visible when economic conditions deteriorate. He used it in Berkshire's 2001 shareholder letter while discussing problems in the insurance industry.

4. "The cardinal sin is delaying the correction of mistakes."

Buffett has also frequently acknowledged his own investment and management errors. In Berkshire's 2024 annual letter, he said mistakes were unavoidable but warned against delaying action after recognizing them.

5. "Trade should not be a weapon."

Buffett made the comment at Berkshire's 2025 annual meeting as President Donald Trump's tariffs disrupted global trade. He argued that the U.S. benefited when other countries prospered and said using trade as a weapon could have serious consequences.

His comments on trade have remained relevant as businesses deal with U.S.-China tensions and the economic effects of the Middle East conflict. Oil prices have risen sharply since fighting intensified in the region, while higher energy costs and tariffs have added to inflation concerns facing businesses and consumers.

Buffett's departure from the chairmanship follows the leadership transition he announced at Berkshire's annual meeting in May 2025, when he surprised shareholders by saying Abel should take over as CEO at the end of the year. Abel formally became chief executive in January, while Buffett remained chairman.

Howard Buffett, who has served as a Berkshire director since 1993, will now oversee the board. He has chaired the Howard G. Buffett Foundation since 1999, focusing on global food security and conflict mitigation, and previously served as a goodwill ambassador for the United Nations World Food Programme, Berkshire Hathaway said.

Buffett will retain a role at the company as a director and continue offering his "judgment and perspective," Berkshire said. His departure from the chairmanship also separates the company's operational leadership under Abel from the board role held by Howard Buffett.

The transition comes nine months after Abel took over as CEO and more than a year after Buffett began publicly pulling back from some of his long-standing responsibilities. In November 2025, Buffett said he would stop writing Berkshire's annual report and speaking at length at its annual shareholder meeting, describing the change as "going quiet."

Berkshire shares were down about 0.3% in premarket trading Friday after the announcement, while the company's price-to-book ratio has declined since Buffett first announced that he would relinquish the CEO position.