By Stephen DeAngelis
“There’s only one Warren Buffett,” writes journalist Jason Zweig, “and there will never be another. … There are three reasons why he has no equal and never will: the person, the period and the package.”[1] Zweig was reacting to Buffett’s announcement that he would be stepping down as chief executive of Berkshire Hathaway at the end of the year. Why did Buffett’s announcement garner so much attention? Journalist Michael J. de la Merced explains, “Warren E. Buffett has been at the forefront of American capitalism for decades as the chief executive of Berkshire Hathaway, the conglomerate he built into a $1.1 trillion colossus.”[2] That simple statement, however, captures neither the man nor the impact he has had on the world. The simple, clear, and critical-thinking-based reasoning that he used to build Berkshire Hathaway, was on full display at every annual shareholders’ meeting. During those meetings, he explained the company’s business strategy, investment performance, and plans for the future — those plans were defined in terms of decades, not quarters. Observing from afar, his straight-forward style of communication is the most lasting impression that I have of Warren Buffet’s tenure, along with his management philosophy of investing in companies with great teams of managers.
The Person
Zweig writes, “Let’s start with the person. Buffett is not only brilliant, but he has also spent nearly his entire long lifetime obsessed with the stock market.” This may sound like someone from the 2013 movie “The Wolf of Wall Street”; however, Buffett is the antithesis of a decadent, drug-using stockbroker. Introducing Buffett during a 2013 interview, Rebecca Jarvis observed, “His humble tastes have humble origins.”[3] During that interview, Buffett told Jarvis, “I could buy any house in the world and I don’t want any other house than the one I’m in. … That house is in a middle-class neighborhood. … I don’t need fancy clothes. I don’t need fancy food.” According to Forbes, as of May 2025, Buffett's estimated net worth stood at US$168.2 billion, making him the sixth-richest individual in the world.
Buffett’s business success has earned him the nickname “the Oracle of Omaha.” Nevertheless, his global impact goes far beyond the world of investing. In 2007, he was listed among Time Magazine's 100 Most Influential People in the world. In 2011, President Barack Obama awarded him the Presidential Medal of Freedom. And, in Foreign Policy's 2010 report, Buffett and Bill Gates were named the most influential global thinkers. Buffett and Gates are good friends and love playing bridge together. This relationship has also impacted Buffett’s philanthropic endeavors. He once commented, "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing." To that end, Buffett has often stated his intention to give away his fortune to charity, and in June 2006, he announced his intention to give 83% of it to the Bill & Melinda Gates Foundation.
The Period
Zweig writes, “Imagine enjoying [being obsessed with investing] almost every waking moment ever since Harry Truman was in the White House. That’s how unusual Buffett is.” Following the Second World War, the world changed dramatically. During those difficult years, America assumed international leadership in foreign and economic policy. Because of the changing economic landscape, Buffett believes he was lucky to be born when he was. Zweig explains, “[Buffett] has said many times, he won ‘the ovarian lottery’ by being born when and where he was. Had Buffett been born in Omaha in (say) 1880 instead of 1930, he would have had to invest in livestock instead of stocks. Had he been born in 1930 in Omsk instead of Omaha, he wouldn’t have owned railways; he probably would have worked on the Trans-Siberian Railway.” Being born in the Midwest at a time of great geopolitical and economic change was the right place and the right time.
Buffett was studied and ready when trillions of dollars started pouring into the stock market from index funds and other large institutional investors. According to Zweig, “He built his phenomenal early track record by fishing where no one else was even looking to catch anything. He fed on the tiniest plankton of the stock market. … From 1957 through 1968, such obscure bets helped produce an average return of 25.3% annually, compared with 10.5% for the S&P 500. Buffett was able to outperform the market by stepping outside the market as most other professional investors then defined it.”
The Package
According to Zweig, “Buffett placed his investments in a package like none other. Berkshire Hathaway operates as a publicly traded holding company, a receptacle for whatever he has thought worth owning: other publicly traded stocks, Treasury bonds, private companies. At one point it was even one of the world’s largest holders of silver; now it holds more than $330 billion in cash.” In a recent interview, Buffett noted, “I think you can make some very good arguments for the fact that balanced trade is good for the world. … In the United States, we should be looking to trade with the rest of the world. … Trade should not be a weapon.”[4]
He told Berkshire Hathaway shareholders, “Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices.”[5] De la Merced and his colleagues, Maureen Farrell and Lauren Hirsch, explain, “This method — known as value investing — had existed long before Mr. Buffett, now 94, began his career. But no one did it as well — or for as long — as he did. And in the process, he influenced generations of financiers, including Wall Street hedge fund moguls, and promoted the now-common advice about investing for the long term.”[6] De la Merced observes that this value investing philosophy has resulted in “a conglomerate that runs a huge insurance operation, a major railroad, dozens of consumer companies and oversees a vast stock portfolio.”
Concluding Thoughts
Although Buffett is 94, the tributes he is receiving are not a eulogy. His health is good for his age and his mind remains sharp. Nevertheless, his retirement marks the end of an era. Zweig concludes, “Almost anyone with a reasonable amount of luck can beat the market over a year. So far as I know, no one in history has beaten the market by so wide a margin over a period of six decades — because only Buffett has combined extraordinary investment skill with such extraordinary longevity. … Pigs will sprout feathers before anybody has the daring to try truly emulating Warren Buffett.” De la Merced and his colleagues, add, “[Buffett’s] unparalleled success earned Mr. Buffett millions of admirers around the world.” Consider me one of those long-time admirers.
Footnotes
[1] Jason Zweig, “Why There Will Never Be Another Warren Buffett,” The Wall Street Journal, 3 May 2025.
[2] Michael J. de la Merced, “Warren Buffett Says He Plans to Step Down as Head of Berkshire,” The New York Times, 3 May 2025.
[3] Rebecca Jarvis, “Just a regular billionaire,” CBS Sunday Morning, 20 January 2013.
[4] Staff, “Warren Buffett knocks tariffs and protectionism: 'Trade should not be a weapon',” CNBC, 3 May 2025.
[5] Michael J. de la Merced, Maureen Farrell, and Lauren Hirsch, “How Warren Buffett Changed the Way Investors Think of Investing,” The New York Times, 4 May 2025.
[6] Ibid.
