The spite acquisition that launched Warren Buffett

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  NPR.

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  2025 will be remembered as the year Warren Buffett finally stepped away as CEO of Berkshire Hathaway.

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  Buffett announced his plans to retire at his shareholder meeting in the spring of 2025.

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  And when he did announce it, 20,000 people rose to their feet applauding.

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  And Buffett responded with one of his self-deprecating jokes.

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  Okay, we wanted to take a look back at Buffett's career today and tomorrow.

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  And not just because he got insanely rich.

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  Around $150 billion.

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  Yes, but because he changed the way people thought about investing and how public companies operate.

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  This is The Indicator from Planet Money.

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  I'm Waylon Wong, and my co-host today is Robert Smith,

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  longtime Planet Money host and now host of the new podcast, Business History.

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  It's a show about the history of business, get it?

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  You probably know Warren Buffett as a grandfatherly figure spouting wisdom,

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  investigating classic companies like Coca-Cola and Dairy Queen.

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  But when Warren Buffett was a young man, he was a shark.

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  Buffett spotted a critical flaw in the public markets.

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  and exploited that flaw to become very, very rich.

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  To understand how young Warren Buffett cracked the code of the stock market,

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  you have to put old Warren Buffett out of your mind.

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