Take a Bow, Mr. Buffett
Author: The editor's desk
May 8, 2025
Warren Buffett’s impending retirement as Berkshire Hathaway’s Chief Executive Officer marks the end of what is arguably the most successful career in stock investing of the past 100 years. Yet his legacy and influence on a generation of investors is sure to live on long after he hands over the reins to his successor Greg Abel at the end of the year.
The “Oracle of Omaha” has made an indelible impression on many members of AGF’s investment management team, including those who espouse entirely different investment philosophies and some who consider him a role model as well as the reason they got into the investment profession in the first place. So, take a bow, Mr. Buffett. Your contributions to the art of investing are legendary. They will not be forgotten by us, or many others, anytime soon.
Buffett’s decision to hang up his boots at the ripe age of 94 is truly an end-of-an-era moment. Not only has he built Berkshire Hathaway from what was once a struggling textile manufacturer into a US$1-trillion conglomerate, but he’s also inspired countless investors, changing the investing profession forever. Buffett’s impacts go far beyond the market soundbites he is perhaps best known for. In transforming Berkshire Hathaway, he has created a unique business that effectively owns a large swath of the U.S. economy, through his ownership both of equities and of whole businesses. Buffett has also advanced the importance of fundamental-driven research. “Price is what you pay, value is what you get” may be his most revered and perceptive aphorism—and it has proven to be a timeless one, particularly in frothy markets.
On a more personal note, Buffett was the reason I got into this profession. As a young geologist working in the field a decade ago, I was inspired by reading his letters, and he has served as a role model ever since. So, I would like to extend him a congratulations on his retirement. He has built a formidable legacy like no other, and he has, in his own way, sought to use that success and legacy to improve the lives of others.
- Pulkit Sabharwal, Analyst, AGF Investments
Buffett’s disciplined value investing approach, wit and integrity transformed finance and inspired millions. In high school, Buffett’s philosophy captivated me, sparking a passion for investing.
Studying his shareholder letters and strategies, I learned the power of patience and long-term thinking. This foundation led me to a fulfilling career in the investment industry, where I strive to emulate his principles of rigor and ethics. Buffett’s legacy endures, guiding future generations.
Thank you, Mr. Buffett, for shaping my path and countless others.
- Wai Tong, Senior Analyst, AGF Investments
Early in his career, Buffett followed Ben Graham and the “cigar butt” philosophy: buy very cheap, often struggling companies for one last puff of value! Later, however, he shifted to favouring high-quality businesses with durable growth prospects, and he adopted a nuanced stance towards growth stocks.
“Most analysts feel they must choose between two approaches customarily thought to be in opposition: ‘value’ and ‘growth,’” he once said. “In our opinion, the two approaches are joined at the hip: Growth is always a component in the calculation of value, constituting a variable whose importance can range from negligible to enormous and whose impact can be negative as well as positive.”
- Vishal Bane, Portfolio Manager, AGF Investments
Although we couldn’t be more different in terms of our approach (my quant versus Warren Buffett’s very deep old-school fundamental), I’ve always appreciated the fact that he brought investment into pop culture in many ways. He became a character, almost the stuff of folk legend, in our industry. Among other things, that created more interest in the investment market. It encouraged people to do things their way, whatever their beliefs and convictions were.
I also appreciated the fact that he was known for a good chunk of his career as an opportunistic buyer when there was real fear in the market. That part of his approach tended to recede in recent years, but twenty years ago, near the beginning of my career, he was a staunch and tactical bargain hunter.
- Stephen Duench, Portfolio Manager, AGF Investments
I was a bit befuddled when Buffett invested in a certain Chinese automaker in 2008. It seemed to be more of a China growth bet than an in-depth view on the company. In hindsight, he picked one of the primary winners in the electric vehicle transformation that is still in its early innings.
- Martin Grosskopf, Portfolio Manager, AGF Investments
My encounter with Buffett was more casual, so I don’t have any big “lessons” or memorable quotes to share—but it did leave an impression. He used to meet with business students from various universities, and my school was one of them. We’d listen to him speak, ask questions, and then have lunch together at his favourite steakhouse. Each of us even got a chance to take an individual photo with him, which I found surprisingly generous—these photo sessions alone took up a lot of time!
I was also lucky enough to be picked by lottery to ride in his car. He drove himself—and a few of us—and it really struck me how down-to-earth and approachable he was, with a great sense of humour as well.
- Cally Cheung, Data Engineering, AGF Investments
When I first started at AGF almost 10 years ago, I remember many of the analysts quoting Buffett to me. Many of his sayings still resonate today, but there are two in particular that have stuck with me the most:
“The first rule of an investment is, Don’t lose (money). And the second rule of an investment is, Don’t forget the first rule.”
“That’s how knowledge works. It builds up, like compound interest.”
- Wyeth Wright, Senior Analyst, AGF Investments
As a value manager, Buffett is perhaps the ultimate benchmark to be measured against—and a tough benchmark at that.
Professionally, we did overlap on one occasion. I was in South Korea visiting one of our holdings, the largest steel company in the country. Prior to our meeting, it came out that Buffett had recently bought a large position in the company, so I asked if they had much contact with him. Their response was that, after his holding was announced, they received a nicely worded letter personally from him asking that they not increase the number of shares in the company. Simple as that.
Among his beliefs that I bring into my investment philosophy were buying stocks with a “moat,”— i.e., a sustainable competitive advantage, in a business you can understand at a discount to its intrinsic value—and then holding that stock for an extended period of time. It sounds simple, but it is definitely not easy. The fact that Buffett could do it for such an extended time with so much consistency is very impressive indeed.
- Richard McGrath, Portfolio Advisor, AGF Investments
The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds, or investment strategies.
Commentary and data sourced from Bloomberg, Reuters and other news sources unless otherwise noted. The commentaries contained herein are provided as a general source of information based on information available as of May 7, 2025. It is not intended to address the needs, circumstances, and objectives of any specific investor. The content of this commentary is not to be used or construed as investment advice, as an offer to buy or sell any securities, and is not intended to suggest taking or refraining from any course of action. Every effort has been made to ensure accuracy in these commentaries at the time of publication, however, accuracy cannot be guaranteed. Market conditions may change and AGF Investments Inc. accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained herein.
This document may contain forward-looking information that reflects our current expectations or forecasts of future events. Forward-looking information is inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed herein.
For Canadian investors: Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFI is registered as a portfolio manager across Canadian securities commissions. AGFA and AGFUS are registered investment advisors with the U.S. Securities Exchange Commission. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.
AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm, individuals and/or product is registered or authorized to provide such services.
Investment advisory services for U.S. persons are provided by AGFA and AGFUS. In connection with providing services to certain U.S. clients, AGF Investments LLC uses the resources of AGF Investments Inc. acting in its capacity as AGF Investments LLC’s “participating affiliate”, in accordance with applicable guidance of the staff of the SEC. AGFA engages one or more affiliates and their personnel in the provision of services under written agreements (including dual employee) among AGFA and its affiliates and under which AGFA supervises the activities of affiliate personnel on behalf of its clients (“Affiliate Resource Arrangements”).
® ™ The “AGF” logo and all associated trademarks are registered trademarks or trademarks of AGF Management Limited and used under licence.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
For further information, please visit AGF.com.
© 2025 AGF Management Limited. All rights reserved.
