Warren Buffett Retired Without Buying His Favorite Stock for 19 Months

The Oracle of Omaha was unwavering in his value-focused investing approach, even with his most beloved company.

Published on Mar. 9, 2026

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After transforming Berkshire Hathaway into a trillion-dollar business over six decades, billionaire Warren Buffett retired as the company's CEO on December 31, 2025. Berkshire's full-year results show that Buffett did not purchase shares of his favorite stock - Berkshire Hathaway itself - for 19 months leading up to his retirement, despite spending $78 billion buying back the company's stock over the previous six years. Buffett's persistent net selling of stocks during his final three years as CEO reflects his unwavering focus on valuation and willingness to be patient until equity prices made sense.

Why it matters

Buffett's reluctance to buy his favorite stock in the final stretch of his legendary career underscores his disciplined, value-focused investment approach. Even with his most beloved company, the Oracle of Omaha refused to overpay, highlighting the challenges of finding attractive investment opportunities in the current market environment.

The details

Between July 2018 and June 2024, Buffett spent nearly $78 billion buying back shares of Berkshire Hathaway, taking advantage of a change in the company's share repurchase policy. However, in the 19 months leading up to his retirement, Buffett did not spend a dime on Berkshire buybacks, as the stock's premium to book value had risen to between 60% and 80% - levels Buffett considered too high. Buffett's net selling of stocks for 13 consecutive quarters until his departure reflects the historically expensive nature of the overall stock market.

  • Buffett spent $78 billion buying back Berkshire Hathaway shares from July 2018 to June 2024.
  • Buffett did not purchase any Berkshire shares in the 19 months leading up to his retirement on December 31, 2025.

The players

Warren Buffett

The billionaire investor known as the "Oracle of Omaha" who transformed Berkshire Hathaway into a trillion-dollar business over six decades before retiring as CEO at the end of 2025.

Greg Abel

The longtime Berkshire Hathaway executive who succeeded Buffett as CEO, and is expected to continue Buffett's value-focused investment philosophy.

Berkshire Hathaway

The conglomerate that Buffett built into a trillion-dollar company, owning dozens of subsidiaries and a large investment portfolio.

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What they’re saying

“Share repurchases are another important capital allocation option. We will buy back Berkshire shares when they trade below our estimate of intrinsic value, conservatively determined, ensuring that repurchases enhance per-share value for continuing owners.”

— Greg Abel, CEO, Berkshire Hathaway (Berkshire Hathaway Annual Letter)

What’s next

With Berkshire Hathaway's stock price recently dipping to a two-year low, new CEO Greg Abel has indicated he has resumed share buybacks, following in the footsteps of his predecessor Warren Buffett's value-focused approach.

The takeaway

Even with his most beloved company, the legendary Warren Buffett refused to overpay, highlighting his unwavering commitment to value investing. As Berkshire Hathaway transitions to new leadership under Greg Abel, investors can expect the company to continue pursuing a disciplined, patient approach to deploying capital and creating shareholder value.