At 95 years old, he announced that he will stop writing Berkshire's annual letters and that Greg Abel will take over at the end of the year.
But his last letter is not just a goodbye.
It's a testament to his life.
- “I’m leaving. Sort of.”
Buffett begins by saying he will stop writing letters and holding annual meetings, but will continue writing Thanksgiving messages—for his children and shareholders.
And he asks the audience to join him in three reflections:
• A little memory
• What he will do with the stocks
• And what he has learned from life
- Escaping Death at Age 8.
In 1938, he had an abdominal crisis. The doctor thought it was temporary, but something wouldn't leave him alone.
Buffett underwent emergency appendicitis surgery—and survived.
During his recovery, he befriended the nuns.
And he devised a fantastical plan to…
collect their fingerprints.
- The obsession with fingerprints
He thought that if a nun committed a crime, the FBI would have her collection as the only source.
Later, he realized that the real risk was the FBI director: J. Edgar Hoover.
“I should have filed him too.”
- A tribute to Omaha.
Buffett remembers childhood friends, like Charlie Munger, who lived a block away—but only met him when he was 28.
He talks about the house where he still lives today.
About the neighbors who became legends (Stan Lipsey, Don Keough, Walter Scott).
And about the improbable encounters that only chance can explain.
- “Is there something in the water in Omaha?”
Even Ajit Jain (born in India) and Greg Abel (born in Canada) lived there.
Buffett says he had the chance to live in New York with Ben Graham, but returned to Nebraska in 1956. And never left again.
It was in Omaha that he met his wives.
Raised his children.
And built the Berkshire empire.
- “I pulled the longest straw in the world.”
Buffett speaks with brutal frankness about luck:
“I was born a man, white, American, healthy, and reasonably intelligent in 1930.” All attributes that were advantageous in the corporate world at that time.
He says his sisters were more intelligent and had better personalities—but had fewer opportunities.
- Old age came late. But it arrived.
He says he still works 5 days a week.
But he already feels the weight of age: balance, vision, memory.
And the constant presence of "Mr. Time"—who conquers all.
Even so, he says he has never felt so good about his own life.
- It's time to accelerate the donations.
His three children are 72, 70, and 67 years old.
And Buffett wants to ensure they can donate their entire inherited fortune during their lifetime.
Therefore, he will increase the contributions to family foundations.
But he will retain shares until Greg Abel gains the complete trust of the market.
- “They don’t need to be perfect. Just better than the government.”
Buffett doesn’t expect miracles from his children.
But he wants them to do better than the average public and private initiative.
And he reminds us that poorly done philanthropy also destroys value:
“I’ve seen many mistakes made by politicians, heirs, and eccentric donors.”
- And he leaves a rare warning about succession.
Buffett reinforces that Greg Abel is the right person to lead Berkshire — perhaps for decades.
But he warns:
• He has seen brilliant CEOs lose their lucidity
• He himself failed by not acting quickly
• The board needs to be attentive to signs of neurodegenerative diseases
- He also makes a sharp critique of the compensation system.
The attempt to expose CEO salaries only generated more greed.
Buffett says the effect was the opposite:
• A company's CEO started demanding more because a rival was earning more.
• Boards increased their own salaries.
• And no consultant suggested cuts.
“It is envy, not moderation, that has driven the system.”
- And he speaks clearly about the company's future.
• Berkshire should outperform
• But its size limits growth
• On the other hand, the risk of collapse is very low
• And the managers have no ambition to create dynasties or flaunt wealth
- The stock price could fall by 50%. And that's okay.
It's happened three times in the last 60 years.
And he reinforces: Berkshire will remain aligned with its shareholders.
Without depending on the government.
Without becoming a hostage to moral hazard.
And without deviating from what built the empire.
- The last piece of advice is human.
Buffett says he feels better in the second half of his life than in the first.
He made many mistakes, but learned from his friends.
And he leaves three phrases as his testament:
• The cleaning lady is worth as much as the CEO.
• The golden rule is unsurpassed.
• And kindness is free—but it's worth everything.
- “Yes, even the jerks: it’s never too late to change.”
Buffett concludes by wishing a Happy Thanksgiving even to the ungrateful.
And he reminds us that, however imperfect it may be,
America still offers the greatest opportunities.
The letter is his farewell. But also his last reminder:
“You will never be perfect, but you can always be better.”