At 95 years old, Warren Buffett has penned what looks like his final letter as the CEO of Berkshire Hathaway. In a message that’s both humble and deeply reflective, Buffett announced that he is “going quiet” — stepping back from his public role, yet reaffirming his faith in the company’s future and naming his successor.
A Soothing Exit: “Going Quiet”
Buffett begins poignantly:
“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.”
With his trademark humility, he frames this not as a dramatic exit, but a gentle retreat — more a slowing down than a full stop.
Endorsement of the Next Leader
In the letter, Buffett confirms that Greg Abel will take over as CEO at the end of the year:
“Greg Abel will become the boss at year-end. He is a great manager, a tireless worker and an honest communicator. Wish him an extended tenure.”
He reflects on Abel’s deep understanding of Berkshire’s businesses, saying:
“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.”
In Buffett’s words:
“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.”
That’s high praise — and a clear signal of his confidence in Abel’s ability to lead Berkshire into its next chapter.
Reflecting on Life and Legacy
Buffett doesn’t shy away from introspection. He muses on mortality, the passage of time, and the role of luck in his success. He even jokes:
“Father Time now finds me more interesting as I age. And he is undefeated; for him, everyone ends up on his score card as wins.”
He acknowledges the frailties that come with age — “balance, sight, hearing, and memory … on a persistently downward slope” — yet expresses gratitude for still being actively involved:
“Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people.”
Philanthropic Acceleration
A major part of the letter is devoted to his plans for giving. Buffett converted 1,800 Class A shares into 2.7 million Class B shares to donate to four family foundations: The Susan Thompson Buffett Foundation, The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation.
He frames this not as a loss of faith in Berkshire, but as a deliberate acceleration of his philanthropic mission:
“The acceleration of my lifetime gifts to my children’s foundations in no way reflects any change in my views about Berkshire’s prospects.”
Wisdom and Advice for Shareholders
Buffett closes with a handful of his signature aphorisms, blending business guidance with personal philosophy. Some of his counsel:
- “Don’t beat yourself up over past mistakes — learn at least a little from them and move on.”
- “Get the right heroes and copy them.”
- “Decide what you would like your obituary to say and live the life to deserve it.”
- “Keep in mind that the cleaning lady is as much a human being as the Chairman.”
- “Kindness is costless but also priceless.”
He leaves shareholders with this closing insight:
“Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better.”
Passing the Torch: Greg Abel
Who is Greg Abel? Buffett’s choice to succeed him is not just symbolic — Abel is a longtime Berkshire executive with deep experience. He currently serves as Vice Chairman of Berkshire’s non-insurance operations and has overseen major parts of the business, including BNSF Railway, See’s Candies, and Dairy Queen.
The board officially appointed him President and CEO, effective January 1, 2026, while Buffett will remain Chairman of the Board.
Abel is known for a low-profile leadership style, combining hard work and integrity — qualities that Buffett values deeply.
What This Means for Berkshire’s Future
Buffett’s exit marks the end of an unparalleled era. But his letter is also a mission statement of continuity: he believes in a successful future under Abel, and he’s not stepping away entirely. By retaining significant shares and continuing his philanthropy, Buffett remains invested — in more ways than one.
His “going quiet” is not a silence of surrender but a quiet handover. He leaves behind not just a massive conglomerate, but a deeply held set of values: long-term thinking, humility, generosity, and the belief that business can serve more than just profit.
Thanks for reading. Cecilia
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