Howard “Howie” Buffett, Warren Buffett’s middle child and co-founder of Berkshire Hathaway, has been named the billionaire investor’s successor. The 70-year-old will assume the role of non-executive chairman of the USD 1 trillion conglomerate.
In an interview with The Wall Street Journal, the 94-year-old billionaire disclosed that almost all of his remaining assets would go to a new charitable trust. Having been “planning for decades” for the changeover, Howard Buffett has made sure that his three children—Susie, Howard, and Peter—will oversee the new trust rather than receive the majority of his wealth. The three will be in charge of USD 140 billion in Berkshire stocks allocated to charitable causes.
“He is getting it because he’s my son. I’m very, very, very lucky in the fact that I trust all three of my children,” Buffett said when discussing his choice of Howie as his successor.
Howie, who has been a director on the Berkshire board for more than 30 years, stated that he is prepared to assume the position.
“I feel I’m prepared for it because he prepared me. That’s a lot of years of influence and a lot of years of teaching,” he told The Wall Street Journal.
Early Life And Career Of Howie Buffett
According to a WSJ article, Howie Buffett faltered during his college years but eventually found his footing with his father’s help. Howie relocated to Los Angeles to work at Berkshire Hathaway’s See’s Candies in order to gain real-world business experience, per Warren Buffett’s advice. Before switching to farming, he later launched his own excavation company.
According to the WSJ, Warren Buffett bought a farm for Howie, who rented it from his father at market rates. With an emphasis on soil preservation and sustainable farming methods, Howie developed into a fervent supporter of no-till farming.
Howie Buffett joined the county board of commissioners in 1989. He then joined the Nebraska Ethanol Board, eventually rising to the position of chairman.
After serving as an auxiliary deputy, he was elected sheriff of Macon County, Illinois, from 2017 to 2018. Howie Buffett has been a director on the boards of numerous well-known businesses since 1993, including GSI Group, a manufacturer of agricultural equipment, Lindsay Corporation, Sloan Implement, ConAgra Foods, Berkshire Hathaway, and Coca-Cola Enterprises.
Howie Buffett founded a nonprofit organisation that prioritises conservation and other charitable endeavours. In addition, he is the author of eight books about wildlife, conservation, and related subjects. Howard Warren Buffett is the son of Howie Buffett and Devon Morse. Additionally, he has four stepdaughters from his union with Morse.
Buffett’s Long-term Success
Meanwhile, according to reports, Howard Buffett’s investments have benefited over the long term from the American stock market’s incredible bull run, which has lasted for more than two years. As of January 8, Buffett has managed a 5,477,866% total return on his company’s Class A shares, according to a report by The Motley Fool.
Both Buffett and stock market investors, including those with close ties to his company Berkshire Hathaway, have benefited from his sharp mind and long-term philosophy. His passion for dividend stocks has also been widely apparent, and Berkshire Hathaway holds a large number of dividend stocks in its portfolio. This includes companies like Occidental Petroleum, Bank of America, Coca-Cola, and many others.
Intriguingly, Coca-Cola has been one of Berkshire Hathaway’s oldest holdings and has yielded significant long-term benefits for the business. As per The Motley Fool’s report, the company is also among Buffett’s top dividend payers.
In 1965, as Warren Buffett took the reins at Berkshire Hathaway, he transformed the American multinational conglomerate into a financial powerhouse with a staggering USD 290 billion investment portfolio and an astonishing cash reserve of USD 325 billion. If one had invested USD 1,000 in Berkshire back then, it would, in 2025, be worth an extraordinary USD 42.5 million.
Talking about 2024, Wall Street has seen significant changes in Berkshire’s approach. He made surprising decisions, such as the notable reduction in his company’s investments. Notably, Berkshire slashed its Apple holdings, which once dominated its portfolio at over USD 170 billion but now account for just 24.5% of its value. The tech giant’s high price-to-earnings ratio, according to analysts, may have influenced this choice, as Buffett seeks to optimise returns for shareholders.
Along with Apple, Berkshire trimmed its stakes in several other companies, including Bank of America and Chevron. Buffett, however, refrained from his usual practice of buying back Berkshire stock. This strategic pause points to the investment behemoth’s caution about an increasingly expensive market, currently trading at a price-to-earnings ratio of 24.8—significantly above its historical average.
“As Berkshire sits on this enormous cash hoard, the investment community watches closely. With market fluctuations possibly on the horizon, Buffett may be positioning the company to seize new opportunities when prices drop. For now, the financial world awaits what may happen next,” Jomfruland.net reported.