Farewell: Buffett Releases Final Letter to Shareholders (Full Text)
Berkshire Hathaway — Reflections and Transition
Date: 2025-11-12 08:32 Shanghai
Source: Compiled from the official website of Berkshire Hathaway
---
Letter to Our Shareholders
I will no longer write Berkshire’s annual report or speak extensively at the annual meeting. In British terms, I will “remain silent”—more or less.
Greg Abel will take over at the end of the year. He is an outstanding manager, tireless in work, and candid in communication. I wish him a long, successful tenure.
I plan to continue communicating with you—and my own family—through my annual Thanksgiving message. This year, I’ll:
- Share a brief reminiscence.
- Outline my plan for distributing Berkshire shares.
- Offer personal and business reflections.
---
Early Memories
As Thanksgiving approaches, I am grateful and mildly surprised to have reached age 95. In my youth, it never seemed likely.
- 1938, Omaha: I suffered severe stomach pain and needed an emergency appendectomy.
- Stayed at St. Catherine’s Hospital for three weeks—developed fond connections with the nuns, collected their fingerprints, and envisioned myself helping the FBI solve crimes.
- Learned later it might have been better to fingerprint J. Edgar Hoover instead.
Neighbourhood Connections
Over time, I discovered many remarkable Omaha natives lived nearby and shaped my life profoundly:
- Charlie Munger — Friend of 64 years, one block away in early years. Never an argument, never an “I told you so.”
- Stan Lipsey — Revived Buffalo Evening News business. Grew up five blocks from me.
- Walter Scott, Jr. — Brought MidAmerican Energy into Berkshire. Lifelong friend and philanthropist.
- Don Keough — Future President of Coca-Cola, lived close to Charlie. Oversaw the “New Coke” reversal gracefully.
- Ajit Jain and Greg Abel — Both lived in Omaha during the late 20th century before their Berkshire leadership roles.
Is there something magical in Omaha’s water?
---
Omaha Roots and Lifelong Impact
- Bought my first and only home in Omaha in 1958.
- Proximity to family, Nebraska Furniture Mart, and National Indemnity Company shaped Berkshire’s growth.
- Lifelong friends, strong public education, and a supportive community contributed to Berkshire’s culture of integrity and stewardship.
---
On Advanced Age
My family longevity record was 92—until me. Luck, good doctors, and avoiding hazards played major roles.
Father Time inevitably wins; balance, eyesight, hearing, and memory gradually decline.
Still, I work five days a week and occasionally have useful ideas.
---
Shaping My Legacy
Children: Ages 72, 70, and 67 — all beyond normal retirement age, but at their peak experience and wisdom.
Plans
- Accelerate lifetime donations to three foundations for smoother estate execution.
- Retain substantial “A” shares until shareholders have Greg-level confidence close to that Charlie and I shared.
- Avoid posthumous micromanagement—trust their adaptability and judgment.
Guardianship:
- Three alternate guardians (non-ranked, unrelated, without conflicting motives).
- Goal: Improve on typical governmental or private philanthropy outputs.
---
Enduring Business Insights
- Greg Abel’s leadership surpasses expectations; deep operational knowledge ensures Berkshire’s strength.
- Avoid CEOs who prioritize retirement deadlines, celebrity status, or dynastic ambitions.
- Vigilance required at CEO and subsidiary levels to prevent leadership decline due to illness.
- CEO pay disclosures often feed envy rather than restraint.
- Berkshire’s risk of catastrophic loss is lower than others and management remains shareholder-focused.
Volatility Warning:
- Share price may drop by 50% occasionally. Have confidence—America (and Berkshire) will recover.
---
Final Reflections
I’ve enjoyed my later years more than earlier ones.
Advice:
- Don’t dwell on mistakes—learn and move forward.
- Choose role models wisely, emulate them.
- Plan your obituary through your actions.
- Greatness comes from deeds, not wealth or fame.
- Kindness is priceless.
Thanksgiving:
- Wish everyone a happy holiday—even critics.
- Give thanks to America for opportunities, despite imperfect reward distribution.
---
Role Models and Continuous Improvement
Choosing great role models means identifying traits you can truly adopt.
Incremental improvements lead to lasting success.
---
AiToEarn Platform for Creators
In today’s creator economy, tools like AiToEarn官网 help creators:
- Generate, publish, and monetize AI-driven content.
- Cross-post to Douyin, Kwai, WeChat, Bilibili, Xiaohongshu, Facebook, Instagram, LinkedIn, Threads, YouTube, Pinterest, and X/Twitter.
- Access analytics and model rankings.
This blends local-rooted storytelling with global digital reach.
---
---
---
Brand Promotion | Training Cooperation | Business Consulting | Runmi Mall | Reposting Authorization
Reply “Cooperation” in the Official WeChat Account backend to get in touch.
---
For Brands & Consultants
AI content generation with cross-platform publishing is a high-leverage approach to:
- Expand reach
- Analyze performance
- Improve ROI
AiToEarn官网 is one such open-source global AI content monetization platform.
---
