Usually, a 95-year-old retiring would trigger a slice of cake and a sweet note in an all-company email. But when that nonagenarian is Warren Buffett—the legendary investor who turned Berkshire Hathaway into such a force it's often considered a proxy for the US economy—it’s a much bigger deal.

And perhaps no one besides Roy O. Disney knows what it feels like to be Greg Abel, Buffett’s handpicked successor, who took over as CEO yesterday after Buffett finished his last day on Wednesday (though Tim Cook and Andy Jassy may have some idea).

Looking to the future without an Oracle

Abel’s got his work cut out for him, as it’s now on him to figure out what to do with the $358 billion Berkshire is holding in cash besides filling a pool like Scrooge McDuck. Under Buffett, Berkshire has sold more stocks than it bought for the last 12 quarters, likely signaling that he considered stock prices too high.

While Buffett has expressed confidence in Abel, investors are wary:

• Berkshire’s share price ended 2025 up more than 11%, but it concluded the year lower than it was when Buffett announced his retirement in May.
• Abel doesn’t have the Oracle of Omaha’s public record of picking winning stocks, and investors were further rattled by the departure of Todd Combs, a long-tenured Berkshire employee with a solid record of picks, who left for JPMorgan last month.

Now, investors are waiting to see exactly who’ll be calling the shots.

Getting the keys to the kingdom: During his 60 years leading the company, Buffett and the late Charlie Munger grew it from a failing textile firm into a massive conglomerate that’s one of only two non-tech companies to have crossed the $1 trillion value threshold. While Buffett was known for big equity investments like buying up Apple stock, Berkshire also owns companies from Dairy Queen to Geico.

You haven’t heard the last of Warren Buffett: He may not be picking the stocks anymore, but Buffett’s staying on as Berkshire’s chair and intends to keep the folksy wisdom coming in his annual public letters.

Getting gifts is fun. Less fun is braving the mall parking lot or post office to return two of the three copies of the same book you received because your family members all know your taste so well. So, more people are opting out of the latter experience by leaving it to the professionals. The Wall Street Journal reports:

• In November and December, Taskrabbit had a 62% spike in people booking workers to complete returns for them compared to last year.
• And the demand is expected to stay strong into the early months of the new year: ReturnQueen, a startup that focuses on exactly what its name suggests, anticipates a 15%–20% uptick in bookings this month and next, which are typically the most popular times for returns.

The market still has no solution for what to do about that handmade sweater your aunt (whose creativity exceeds her knitting skills) gave you, other than wearing it with a smile the next time you see her.

Decipher: The first Decipher of the year is called “New Year’s aphorism,” and asks you to decode a message from an absolute legend. Play it here.

Friday puzzle

What do the following words have in common?

Feminine

Kindergarten

Canine

Threaten

Cobblestone

Height

Done

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