Buffett's Retirement Announcement
Legendary investor Warren Buffett will officially step down on December 31, 2025, concluding a career spanning over 60 years.
In a November letter to shareholders, he stated he will hand off the duties of writing Berkshire Hathaway's annual report and speaking at shareholder meetings to his successor, Greg Abel.
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.
Successor Greg Abel
Greg Abel will become the boss at year-end. He is a great manager, a tireless worker, and an honest communicator. Buffett and the board chose him as successor, wishing him an extended tenure.
Buffett expressed confidence in Abel, noting that he has more than met high expectations and understands many of the businesses and personnel better than Buffett does now.
Abel is described as a very fast learner about matters many CEOs don't even consider. Buffett stated he can't think of anyone he would select over Greg to handle savings.
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 our savings and mine.
Continued Involvement and Philanthropy
Buffett will continue talking to shareholders and his children about Berkshire via his annual Thanksgiving message. He highlighted that Berkshire's individual shareholders are a very special group, unusually generous in sharing their gains with others less fortunate.
He plans to accelerate the sale of his Berkshire shares to speed up giving to his children's foundations, emphasizing that this in no way reflects any change in his views about Berkshire's prospects.
Buffett also intends to retain some of his A shares until shareholders develop comfort with Greg Abel, similar to what he and Charlie Munger enjoyed. He believes that level of confidence shouldn't take long.
I will continue talking to you and my children about Berkshire via my annual Thanksgiving message. Berkshire's individual shareholders are a very special group who are unusually generous in sharing their gains with others less fortunate. I enjoy the chance to keep in touch with you.
Reflections on Business and Life
Buffett noted that Berkshire's businesses have moderately better-than-average prospects, led by a few non-correlated and sizable gems, with less chance of a devastating disaster than any business he knows.
The Oracle of Omaha reflected on his good fortune in business and life, encouraging readers to take mistakes in stride, learn from them, and move on, as it is never too late to improve.
He asserted that greatness does not come from accumulating great amounts of money, publicity, or power in government. Instead, helping someone in thousands of ways helps the world. Kindness is costless but priceless, and the Golden Rule is hard to beat as a guide to behavior.
Buffett admitted to being thoughtless countless times and making many mistakes but becoming lucky in learning from wonderful friends how to behave better, though still far from perfect. He reminded that the cleaning lady is as much a human being as the Chairman.
In closing, he wished all readers a very happy Thanksgiving, even the jerks, as it's never too late to change. He urged remembering to thank America for maximizing opportunities, though it is capricious and sometimes venal in distributing rewards. Choose heroes carefully and emulate them; you will never be perfect, but you can always be better.
Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any thousands of ways, you help the world. Kindness is costless but also priceless. Whether you are religious or not, it's hard to beat The Golden Rule as a guide to behavior.
