Long Live The Oracle: Warren Buffett's last day as CEO of Berkshire Hathaway tomorrow

In 1964, Buffett acquired Berkshire Hathaway at $7.50 per share, which means that at roughly $756,000 per share (Class A common), it has grown its market price at roughly 20% compounded annually, approximately double the CAGR of the S&P index over the same period.

Buffett changed my life in two ways:

First, his 1984 article in Hermes, the Columbia Business School paper, "[The Superinvestors of Graham-and-Doddsville](https://www.lewiscm.com/files/superinvestors.pdf)" introduced me to the writings of Ben Graham and David Dodd, and completely changed my capital allocation/investment management strategy.

Second, [this talk](https://www.youtube.com/watch?v=2MHIcabnjrA) given to a group of Florida University MBA candidates, specifically the introduction in which he discusses the importance of integrity.

I am confident in Greg Abel's abilities and in my fellow Berkshire shareholders' ability to continue holding Berkshire Management to Ben Graham's four key criteria, which I can recite from memory to this day:

*An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.*