Buffett’s Big Bets Will Haunt the Abel Era at Berkshire

Warren Buffett shared his usual wisdoms about patience, diligence, prudence and kindness in a CNBC interview the morning of Berkshire Hathaway Inc.’s annual meeting last Saturday, the first in many decades that the oracle did not lead. But the sign that hung above him spoke loudest.

It read “The Legacy Continues.” That legacy is Buffett’s track record of doubling the return of the S&P 500 Index over six decades, a singular achievement that makes him the greatest investor of all time. The continuity is a wish that Greg Abel, who took over for Buffett this year and presided over Berkshire’s annual meeting for the first time, will be able to replicate Buffett’s success.