After Buffett, What's an Investor to Do?
So, the old man has finally written his last letter. Warren Buffett, the Oracle of Omaha, is preparing to hand over the reins at Berkshire Hathaway, and a certain kind of investor is feeling a bit lost. For decades, you could just buy a slice of Berkshire and let him do the thinking for you. It was a wonderfully simple, and profitable, arrangement. But what now? Where does one find that same blend of patient, value-driven investing in a world obsessed with the next big thing?
To me, the answer is rather obvious. You stop looking for the next Warren Buffett, because there isn't one. That's a fool's errand. Instead, you should look for the companies that have clearly been paying attention to his lessons. You look for the 'mini-Berkshires', the businesses that have already baked his philosophy into their very DNA.