Warren Buffett says he’s ‘going quiet’ after 60 years, bids farewell to Berkshire shareholders

In what marks the end of an era in global finance, Warren Buffett, the 95-year-old chairman and CEO of Berkshire Hathaway, has announced in his farewell letter to shareholders that he will no longer write annual reports or speak at the company’s meetings. He stated that, as the British would put it, he was “going quiet”, signalling his gradual retreat from the public eye after decades of leading one of the world’s most successful conglomerates.

Buffett will officially step down as CEO by the end of this year, handing over the reins to Greg Abel, who has long been regarded as his successor. Ahead of the transition, Buffett converted 1,800 Class A shares into 2.7 million Class B shares, which he distributed among four family foundations — 1.5 million shares to The Susan Thompson Buffett Foundation, and 400,000 shares each to The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation.

Although Buffett said he would stop writing detailed annual reports, he revealed that he would continue to send his Thanksgiving messages to shareholders and others who follow his insights. In his final letter dated 10 November, he shared personal reflections on his early life in Omaha, his business journey, and his thoughts on family, legacy, and gratitude.

Reflecting on his childhood, Buffett recalled growing up in Omaha and surviving a near-death experience in 1938 following an emergency appendectomy at St Catherine’s Hospital, where he was cared for by nuns. He spoke fondly of his long-time friend and business partner Charlie Munger, who lived just a block away from him, describing Munger as both a mentor and an elder brother who profoundly influenced his life and thinking. Buffett said that though they occasionally differed in opinion, they never argued, and that Munger’s wisdom and integrity shaped his own approach to business.

Buffett expressed deep appreciation for Omaha, saying the city gave him everything — his family, his business, and his grounding. He stated that both he and Berkshire fared better because of being based in Omaha rather than any major financial centre, calling it the ideal place to be born, raise a family, and build a business.

Writing about his children — Howard, Peter, and Susan Buffett — Buffett revealed that he had assured them they were under no pressure to perform miracles or fear failure, reminding them that disappointment and mistakes were part of life. He noted that his three children, now aged 72, 70, and 67, may not share his longevity, and therefore he intended to increase lifetime gifts to their respective foundations to ensure they manage his estate before alternate trustees step in. He confirmed that three alternate trustees had been appointed, without rank or specific child association, to oversee the estate if required.

Buffett also stated that he would retain Berkshire Hathaway Class A shares until shareholders had built sufficient confidence in Greg Abel’s leadership, adding that this confidence would not take long to develop given Abel’s competence and alignment with Berkshire’s values.

Concluding his farewell message, Buffett reflected that he felt more content with the second half of his life than the first. He advised readers not to dwell on past mistakes but to learn from them and move forward, remarking that it was never too late to improve and that success lay in choosing the right heroes and emulating them.