Buffett's Berkshire Just Isn't the Same -- And Investors Are Starting to Notice

Berkshire Hathaway (BRK.B, Financials) is still one of the most iconic names in investing but ever since Warren Buffett (Trades, Portfolio)'s exit plans became official, the stock hasn't quite been keeping up with the market.

The S&P 500 has pulled ahead, and while that's not a crisis, it is a signal: investors are starting to rethink what Berkshire looks like without the man who built it into what it is today.

For decades, Buffett has been the guy making blockbuster bets on Coca-Cola (KO, Financials), Apple (AAPL, Financials), and American Express (AXP, Financials), all while preaching patience and compound returns. Now that he's getting ready to step back, Wall Street is doing what it does best: getting a little nervous.

To be clear, this isn't about bad management or shaky numbers. Berkshire still owns great businesses and sits on a mountain of cash. But with Buffett's name slowly coming off the door, the magic feels... a little less certain. Investors are wondering: Will the next generation stick to the playbook? Or take it somewhere new?

For now, Berkshire's stock performance suggests investors are holding back a bit waiting to see if this next chapter lives up to the legend.