Berkshire Hathaway has experienced an unusual period in the recent stock market. Since the beginning of May, its Class A stock price has fallen by 14%, while the S&P 500 index has risen by 11%. This significant underperformance relative to the market has become the most notable in the company's decades.

This abnormal phenomenon seems to be related to the significant changes in the company's leadership. At the beginning of the month, Warren Buffett announced the transfer of control of the company to senior executive Greg Abel. This decision has triggered a reassessment by investors of the company's future direction.

For a long time, Berkshire's stock has enjoyed what is known as the "Buffett premium", which reflects the market's high trust in Buffett's personal investment ability. However, the current market reaction seems to suggest that this premium may not automatically transfer to the new leadership team.

It is worth noting that it is currently unclear who is selling Berkshire Class A shares. These shares are traditionally held mainly by families who invested in Buffett early on and are often passed down through generations. Quarterly reports from large institutional investors and hedge funds will not be released until the end of this month, at which point more clues may be provided.

This situation highlights the challenges that companies may face in succession, particularly for those that have been led by iconic figures for a long time. Investors appear to be reassessing the investment value and growth potential of Berkshire Hathaway in the post-Buffett era.

However, it should be noted that short-term fluctuations in stock prices do not necessarily reflect the long-term value of the company. Berkshire Hathaway's diversified business portfolio and robust financial condition remain the foundation of its long-term investment appeal. In the coming months, the market will closely watch the performance of the new leadership team and how they continue Buffett's investment philosophy and corporate culture.