Still, the news made headlines around the world.

For decades Buffett delivered outstanding results, consistently beating the market.

His performance and reputation earned him a loyal following, with investors watching his every move in an attempt to replicate his success.

So, with the Oracle of Omaha heading for the door who will fill the void?

Let's look at three high-performing investors who could be worth following in the years to come.    

Li Lu

Founder of Himalaya Capital, Li Lu, has been described as Asia's answer to Warren Buffett.

If fact, Li Lu once received a glowing endorsement from Warren Buffett's long-time partner, Charlie Munger.

I'm 95 years old. I've given Munger money to some outsider to run once in 95 years. That's Li Lu.

Li Lu's investments in numerous Chinese banks have delivered solid returns for Himalaya Capital over the years.

But its Li Lu's investment in BYD Company Ltd, a Chinese electric vehicle and battery manufacturer, that his fund is perhaps best known for.

His early stake in the company has yielded significant returns and demonstrates his focus on companies with strong growth potential in emerging industries.

Li Lu's strategy is aligned with the principles of Benjamin Graham, Warren Buffett, and Charlie Munger.

As such, Himalaya Capital embraces a value investing approach.

Chris Davis

Chris Davis, head of Davis Advisors, has seen his Davis Financial Fund consistently outperform the S&P 500 since its inception in 1991.

The fund's holdings include Meta Platforms (NASDAQ: META), Berkshire Hathaway, and Bank of New York Mellon (NYSE: BK).

The Davis Financial Fund has delivered annual returns for its class A shareholders of about 10% over the past 10 years.

The Fund invests in companies with "competitive advantages, strong balance sheets, solid free cash flows, earnings growth potential, and proven outstanding management".

Mohnish Pabrai

Mohnish Pabrai, founder of Pabrai Investment Funds, is another investor who has based his approach on Warren Buffet's principles.

And that approach has certainly paid off with his fund delivering annual returns exceeding 12% for more than two decades.

Pabrai's focus is on Asia and emerging markets.

He's made big bets on Alibaba Group (NYSE: BABA), Turkish holding company Reysas Logistics, and a range of Indian financials.

Foolish Takeaway

Buffett may be stepping away from the investing spotlight, but his legacy lives on.

Each of these investors offers unique insights and strategies rooted in value investing principles.

All are certainly worth studying.

Still, only time will tell if any will match the success of the outgoing CEO of Berkshire Hathaway.

The post Life after Warren Buffett: other successful investors still in the game worth following appeared first on The Motley Fool Australia.

Berkshire's latest 13F filing, which shows the quarterly investment activity of the fund, is well worth a read.

The filing was publically released this month on 15 May. It revealed that Berkshire sold a whopping US$13.3 billion ($20.42 billion) worth of US shares over the three months to 31 March 2023. Buffett also spent US$2.9 billion buying stocks, so it was a net sale of US$10.4 billion in stocks over the quarter.

$20 billion worth of stocks leave Berkshire's books

The largest sales in Berkshire's portfolio included Bank of New York Mellon, Taiwan Semiconductor Manufacturing Company, US Bancorp and RH. Other sales included Activision Blizzard, General Motors, Amazon and Chevron.

It's hard not to interpret these sales as a collective warning for all investors. After all, Buffett usually likes to be a net buyer of stocks. To see him converting stocks to cash is certainly a red light.

Earlier this month, we looked at the geopolitical reasons why Buffett offloaded the stake in Taiwan Semiconductor. But it's the bank sales that might just be the most illuminating here.

Bank shares are typically highly cyclical, with their fortunes closely tied to that of the overall economy. The fact that Buffett is washing his hands of both Bank of New York Mellon and US Bancorp says something.

Why is Warren Buffett selling his bank stocks?

In Berkshire's 2023 annual shareholders meeting, Buffett said in terms of owning banks, "events will determine their future". Here's more of what he told shareholders about bank shares:

The post Warren Buffett recently sold $20 billion in stocks. Here are his warnings for investors! appeared first on The Motley Fool Australia.