Buffett Steps Down as Berkshire Chairman, Leaves Investors Four-Word Warning: 'Father Time Always Wins'

Warren Buffett announced on Friday, September 18, 2026, that he is stepping down immediately as chairman of Berkshire Hathaway (BRK.A), ending a 61-year tenure. He will become chairman emeritus, with his son Howard Buffett, a 33-year board member, succeeding him. In his farewell letter, Buffett offered investors a four-word maxim: "Father Time always wins." The phrase reflects both human mortality and his core investment philosophy — a buy-and-hold strategy that harnesses time and compounding to build wealth. Berkshire grew into a trillion-dollar company under that approach. Buffett has long championed long-term holding, saying in 1996: "If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes." Over the past 50 years, the S&P 500 has gained 2,100%, or 4,530% with dividends reinvested. Buffett said time has been generous to him and expressed greater confidence in Berkshire's future than ever.