Warren Buffett Announces Final Letter to Berkshire Shareholders

Warren Buffett has announced he will stop writing Berkshire Hathaway’s annual reports and speaking at annual meetings in his farewell letter to shareholders. The 95-year-old investor confirmed Greg Abel will succeed him as CEO by year-end while revealing major share transfers to family foundations.

The Final Farewell

In his November 10 letter, Buffett declared an end to his decades-long tradition of writing detailed annual reports and speaking extensively at meetings.

“I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m “going quiet.” Sort of,” he said.

Major Share Distribution

Buffett converted 1,800 Berkshire A shares into 2.7 million B shares for distribution to four family foundations:

• 1.5 million shares to The Susan Thompson Buffett Foundation
• 400,000 shares each to The Sherwood Foundation, The Howard G Buffett Foundation, and the NoVo Foundation

Reflections on Omaha and Charlie Munger

Buffett reflected on his life in Omaha, recalling a 1938 emergency appendectomy and his friendship with Charlie Munger.

“Charlie had a huge impact on me and could not have been a better teacher and protective “big brother.” We had differences, but never had an argument,” he remembered.

He credited Omaha as the ideal base for building Berkshire Hathaway.

“Looking back, I feel that both Berkshire and I did better because of our base in Omaha than if I had resided anywhere else,” Buffett noted.

Advice to His Children

Addressing his three children – Howard, Peter, and Susan – Buffett offered reassuring guidance.

“I have assured my children that they do not need to perform miracles nor fear failures or disappointments. These are inevitable, and I have made my share,” he wrote.

Estate Planning and Succession

With children aged 72, 70, and 67, Buffett plans accelerated lifetime gifts to their foundations to ensure proper estate management. Three alternate trustees are designated for unforeseen circumstances.

He confirmed holding A shares until shareholders gain confidence in Greg Abel, noting

“That level of confidence shouldn’t take long.”

High Praise for Greg Abel

Buffett expressed complete confidence in his successor.

“Greg Abel has more than met the high expectations I had for him… I can’t think of a CEO, a management consultant, an academic, a member of government – you name it – that I would select over Greg to handle your savings and mine,”

he stated.

Parting Wisdom

In closing, Buffett shared life lessons from his remarkable journey.

“I’m happy to say I feel better about the second half of my life than the first. My advice: Don’t beat yourself up over past mistakes – learn at least a little from them and move on. It is never too late to improve,”

he concluded, marking the end of an era at Berkshire Hathaway .