Subject: Fortune piece on WEB/ Berkshire
The Warren Buffett era is ending. Here are five investing lessons from the GOAT

https://archive.ph/2025.11.21-...

“…Berkshire shareholders have never needed to study Buffett’s investing magic. They could just buy Berkshire stock and let him do the work, with spectacular results. But that option evaporates on Jan. 1, 2026, leaving the great question: Is Berkshire Hathaway so immersed in Buffett’s way of investing that his successors will carry it on institutionally? Or is Buffett unique in so many ways that Berkshire can never hope to continue his staggering performance?
Buffett’s 1977 letter to shareholders may suggest an answer. He described the criteria of a truly great, enduring business, as understood by him and his longtime business partner, Charlie Munger. The criterion of “enduring,” he wrote, “eliminates the business whose success depends on having a great manager…Of course, a terrific CEO is a huge asset for any enterprise…But if a business requires a superstar to produce great results, the business itself cannot be deemed great.”
Buffett is obviously a superstar, and it’s hard to see any inherent factors, other than Buffett, that have made Berkshire Hathaway so hugely successful. He seems to have chosen excellently with Abel and Berkshire’s other top executives. But the world won’t know how good they really are until they’re on their own.
Has Buffett picked a successor as superbly as he picks stocks? After 60 years, it’s the hardest call Berkshire’s shareholders have ever had to make.”