Warren Buffett has written what is expected to be his final letter to Berkshire Hathaway shareholders, signaling the close of one of the most influential chapters in modern business. At 95, the legendary investor announced he will no longer write Berkshire’s annual report or speak at its shareholder meetings, saying simply, “As the British would say, I’m ‘going quiet.’”
For more than half a century, Buffett’s annual letters have served as essential reading for investors, offering plainspoken insights into markets, leadership, and human behavior. His final message reflects both gratitude and transition, capturing a moment when Berkshire Hathaway moves from its founding era into a new generation of leadership.
Reflections on Life and Legacy
In his eight-page letter, Buffett looked back on his childhood in Omaha, Nebraska, the mentors who influenced his path, and the values that guided his decisions. The note carried a reflective tone, filled with humility rather than nostalgia. “To my surprise, I generally feel good,” he wrote. “Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people.”
Buffett has long framed business as an exercise in rationality and integrity. His farewell letter continues that theme, reminding readers that long-term thinking and ethical consistency remain central to sustainable success. Beyond the numbers, it underscores a belief that leadership should rest on trust, patience, and clarity rather than trends or speculation.
The Transition to Greg Abel
As Buffett steps aside, Greg Abel will assume the dual role of chairman and CEO in early 2026. Abel, who currently oversees Berkshire’s non-insurance operations, was personally selected by Buffett after years of mentorship. “Greg Abel has more than met the high expectations I had for him,” Buffett wrote. “He understands many of our businesses and personnel far better than I now do, and he is a very fast learner about matters many CEOs don’t even consider.”
Buffett’s confidence in Abel reassures investors about Berkshire’s continuity. Since taking control in 1965, Buffett has transformed the firm from a struggling textile manufacturer into a global conglomerate spanning insurance, energy, rail, and consumer goods. Today, Berkshire ranks as the ninth-largest U.S. company by market value, behind only giants like Nvidia and Amazon. Abel’s appointment signals that the company’s philosophy of disciplined, decentralized management will continue under a new steward.
Philanthropy and the Road Ahead
Alongside the leadership transition, Buffett confirmed that more than 2.7 million Berkshire shares will be donated to four family foundations. The Susan Thompson Buffett Foundation will receive 1.5 million shares, while The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation will each receive 400,000 shares. These gifts, worth billions of dollars, extend Buffett’s decades-long commitment to philanthropy and his pledge to give away more than 99% of his wealth.
His note also contained a personal message for shareholders: he will continue sending an annual Thanksgiving letter to maintain a sense of connection. “Berkshire’s individual shareholders are a very special group who are unusually generous in sharing their gains with others less fortunate,” he wrote. The tone reflects his ongoing dedication to community and long-term stewardship, even as he steps back from daily management.
Final Words of Wisdom
Buffett closed with simple yet enduring advice that distills a lifetime of leadership into a few sentences. Among his final remarks were reminders to stay humble, kind, and self-aware:
- “Don’t beat yourself up over past mistakes — learn at least a little from them and move on.”
- “Kindness is costless but also priceless.”
- “Keep in mind that the cleaning lady is as much a human being as the Chairman.”
- “Choose your heroes very carefully and then emulate them.”
With those words, Warren Buffett leaves the investing world with both a blueprint and a challenge — to lead with integrity, think for the long term, and remember that success measured only in money is never complete.
