As Warren Buffett retires, uncertainty looms for Berkshire Hathaway

THE first time he “retired”, in 1956, Warren Buffett was 25. Benjamin Graham, the famous stock-picker who employed him, had closed his fund. The oracle of Omaha, as Buffett would later become known, went home to Nebraska. His break from work was brief; he soon started an investment partnership of his own.

But then in 1969, aged 38, Buffett retired for a second time, telling investors he was “not attuned to this market environment” so would shut down his fund. His attention shifted to Berkshire Hathaway, a struggling textile concern he controlled. It has since been among the greatest successes in the history of business.

On Dec 31, Buffett, who is 95, will retire for a third – and presumably final – time. He will step down as chief executive of America’s ninth-most-valuable company, and its most unique.