Warren Buffett said goodbye to Berkshire Hathaway shareholders in a letter on November 10th, making it clear he’s stepping back in a big way. No more annual reports from him. No more speaking at shareholder meetings. ‘As the British would say, I’m going quiet. Sort of,’ he joked, looking back at decades of leading and building businesses. He’s 95 now, and while he’s handing off the big responsibilities, he says he’ll still send out his Thanksgiving messages for anyone who wants to read them.
Buffett’s officially stepping down as CEO by the end of the year, and Greg Abel will take his place. In a major move, Buffett converted 1,800 A shares into 2.7 million B shares and gave them to four family foundations: 1.5 million to The Susan Thompson Buffett Foundation, and 400,000 each to The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation.
He took a moment to reminisce about his life in Omaha, the city that shaped him. He talked about growing up there, raising his family, and building Berkshire Hathaway from the ground up. He even shared a story from 1938, when he was just a kid and almost died from appendicitis. He spent three weeks in St. Catherine’s Hospital, where the nuns took great care of him. Buffett also spoke about Charlie Munger, his lifelong friend and mentor—the ‘big brother’ who always looked out for him and helped shape his views on business and life.
Buffett’s grateful for everything Omaha gave him, both personally and professionally. He ended with a heartfelt message to his kids—Howard Graham, Peter, and Susan Alice—telling them not to worry about failing or chasing after miracles. Just do a little better than most, he said. That’s been his approach all along: steady, honest progress.
