Warren Buffett has announced he will retire from his position as CEO of Berkshire Hathaway at the end of the year at age 94. Under his leadership since 1965, Berkshire Hathaway built a $700 billion empire and delivered a compound annual growth rate of 19.8% from 1965 to 2023, compared to 10.2% for the S&P 500. As of May 2025, Buffett’s net worth is estimated at $160.2 billion. Berkshire Hathaway’s A shares are now valued at $771,315, and the company had only 11 negative performance years in 58 years. Following the retirement announcement, Berkshire Hathaway shares declined by 9%, reflecting investor uncertainty about the company’s ability to sustain its historical outperformance without Buffett’s leadership. This has led investors to seek alternative companies that might replicate Berkshire’s business model and long-term returns. A recent Barron’s report identified six companies positioning themselves as potential successors to Berkshire Hathaway: Fairfax Financial Holdings ($40 billion valuation, 19.2% annual return since 1985), Markel Group ($25 billion, 15% average annual return since 1986), Loews ($19 billion), White Mountains Insurance Group ($4.7 billion), Howard Hughes Holdings ($4 billion), and Greenlight Capital Re ($500 million). These firms share similarities with Berkshire in areas such as insurance operations, diversified investments, and a focus on long-term value creation. Bill Ackman has outlined plans to build a conglomerate modeled after Berkshire Hathaway, notably through his involvement with Howard Hughes Holdings. His approach centers on acquiring minority stakes in companies and supporting operational improvements. Buffett’s investment philosophy, emphasizing patience, decisiveness, and a focus on businesses with durable competitive advantages, has influenced investors and business leaders. Buffett describes himself and his late partner Charlie Munger as 'business-pickers,' not stock-pickers.