Under the leadership of legendary investor Warren Buffett, Berkshire Hathaway left footprints all over Texas.
The $1 trillion conglomerate announced Friday that Buffet is stepping down from his role as chairman after more than six decades and his son, Howard Buffett, will immediately replace him. Warren Buffett was named chairman emeritus.
Although Buffett, 96, is known as the “Oracle of Omaha,” he has also spent years investing in the Lone Star State, with companies from Justin Industries to NetJets.
Through Berkshire Hathaway, Buffett has been investing in companies and stocks with strong ties to Texas for decades.
Among Berkshire Hathaway’s other well-known purchases was the Nebraska Furniture Mart in 1983, which has a beloved location in The Colony.
Under Buffett, Berkshire Hathaway has also invested significantly in airline stocks with Texas ties such as Southwest Airlines Co., American Airlines Group Inc. and United Continental Holdings.
Buffett has a massive following that cherished his words of wisdom on investing and life’s challenges alike.
They looked forward to his annual letters and Berkshire Hathaway’s crowded annual meetings in Omaha, Neb.
“Be fearful when others are greedy, and greedy when others are fearful,” Buffett once said about buying stocks and companies that were priced at less than he thought they were worth.
He also encouraged investors to focus on industries they’re familiar with and spoke to Congress about caring deeply for his firm’s reputation.
“If they follow this test, they need not fear my other message to them: Lose money for the firm and I will be understanding; lose a shred of reputation for the firm and I will be ruthless,” Buffett said while testifying before a Congressional committee in 1991 about cleaning up Wall Street investment firm Salomon Brothers.
Buffett told inventors that crises unveil a businesses’ competence and advised young people to surround themselves with people they look up to.