'Going quiet': Buffett pens final letter to Berkshire Hathaway shareholders
What's the story
Warren Buffett, the legendary CEO of Berkshire Hathaway, has announced his retirement from writing annual shareholder letters and making public appearances. In his final note released yesterday, the 95-year-old billionaire said he will continue sending his annual Thanksgiving letter to family and shareholders. However, he will no longer write Berkshire's detailed yearly reports as he's "going quiet, sort of," or "talk endlessly" at shareholder meetings.
Health update
Unchanged views on Berkshire Hathaway
Buffett shared that while he feels the effects of aging on his balance, sight, hearing, and memory, he still goes to work five days a week. He also said despite ramping up donations to his children's charitable foundations, his view of Berkshire Hathaway remains unchanged. He plans to hold a "substantial portion" of his Class A shares until investors are comfortable with his successor as CEO.
Succession plan
Buffett praises successor Greg Abel, reflects on friendship with Munger
Buffett praised Greg Abel, his longtime deputy, who will take over as CEO of Berkshire Hathaway, calling him a "great manager," "tireless worker," and "honest communicator." He expressed hope that Abel's health would remain good for decades. Buffett also reflected on his life in Omaha, dedicating nearly two pages of his letter to the successes and wisdom of fellow Nebraskans including Charlie Munger, his friend for 64 years.
Life lessons
Reflecting on life, mistakes, and humanity
In his final letter, Buffett reflected on life, mistakes, and humanity. He advised readers not to dwell on past mistakes but learn from them and move forward. The billionaire emphasized that greatness doesn't come from wealth or power but from helping others in various ways. "Kindness is costless but also priceless," he wrote, adding that "the cleaning lady is as much a human being as the Chairman."