
Warren Buffett may still be calling the shots in Omaha, but the stock market appears to be pricing in a world without him – and fast.
During the second quarter of 2025, Berkshire Hathaway's (NYSE:BRK) (NYSE:BRK) Class B shares underperformed the S&P 500 Index by a historic margin, lagging the benchmark by nearly 18 percentage points since the May 3rd shareholder meeting, when Buffett reiterated his retirement succession plan.