‘Going quiet’: Warren Buffett pens final letter, plans to ‘step up’ philanthropy
In his final annual message to Berkshire Hathaway shareholders, a tradition he has maintained since 1965, investing icon Warren Buffett announced he will be “going quiet” after stepping down as CEO at the end of this year.
The 95-year-old billionaire, known as the ‘Oracle of Omaha’, confirmed he will no longer pen the widely-read letter that has become a cornerstone of his folksy yet formidable public image.
While he is stepping back from his most visible role, Buffett made it clear he is not disappearing entirely and plans to accelerate his philanthropic endeavors.
A transition of power and a vote of confidence
Buffett will be succeeded by Greg Abel, 63, who has served as the vice chairman of Berkshire’s non-insurance operations and was officially designated as the heir apparent in 2021.
In his final letter, Buffett offered another strong endorsement of his successor. He wrote that Abel “has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO.”
While Buffett’s shareholder letters are ending, he will continue to deliver an annual Thanksgiving message.
He also provided a brief update on his health, admitting that while he moves slowly and reads with difficulty, he remains active.
“To my surprise, I generally feel good,” he wrote, “I am at the office five days a week where I work with wonderful people.”
Stepping up the pace of giving
A central theme of Buffett’s final message was his plan to give away his vast fortune. Acknowledging his limited time, he announced he is accelerating the pace of his lifetime gifts to his family’s foundations.
As a first step, he recently converted 1,800 Berkshire shares, worth a combined $1.35 billion, into the company’s “B shares” and delivered them to the foundations.
“To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts to their three foundations,” he said.
Buffett still holds approximately $149 billion in Berkshire Hathaway stock.
A sober outlook for a corporate behemoth
As he prepares to depart, Buffett offered a characteristically candid and realistic assessment of the future for the conglomerate he built over six decades.
He expressed confidence that Berkshire Hathaway will continue to thrive, but acknowledged the challenges posed by its immense size.
“In aggregate, Berkshire’s businesses have moderately better-than-average prospects, led by a few non-correlated and sizable gems,” he wrote.
However, a decade or two from now, there will be many companies that have done better than Berkshire; our size takes its toll.
The end of an era: Woodstock for capitalists without its star
For decades, Warren Buffett has cultivated a unique dual identity: a relentless capitalist and dealmaker with an avuncular, down-to-earth persona.
His annual letters and the massive Berkshire Hathaway shareholder meetings—dubbed “Woodstock for Capitalists”—have been central to that image.
It is hard to imagine the famously low-profile Greg Abel putting his face on merchandise or eating Dairy Queen ice cream for a crowd of adoring fans.
As Buffett’s era comes to a close, the company he built is expected to move on. But for the thousands of investors who made the annual pilgrimage to Omaha, Woodstock for capitalists is likely to get a little less festive from now on.
The post 'Going quiet': Warren Buffett pens final letter, plans to 'step up' philanthropy appeared first on Invezz
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‘Going quiet’: Warren Buffett pens final letter, plans to ‘step up’ philanthropy
In his final annual message to Berkshire Hathaway shareholders, a tradition he has maintained since 1965, investing icon Warren Buffett announced he will be “going quiet” after stepping down as CEO at the end of this year.
The 95-year-old billionaire, known as the ‘Oracle of Omaha’, confirmed he will no longer pen the widely-read letter that has become a cornerstone of his folksy yet formidable public image.
While he is stepping back from his most visible role, Buffett made it clear he is not disappearing entirely and plans to accelerate his philanthropic endeavors.
A transition of power and a vote of confidence
Buffett will be succeeded by Greg Abel, 63, who has served as the vice chairman of Berkshire’s non-insurance operations and was officially designated as the heir apparent in 2021.
In his final letter, Buffett offered another strong endorsement of his successor. He wrote that Abel “has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO.”
While Buffett’s shareholder letters are ending, he will continue to deliver an annual Thanksgiving message.
He also provided a brief update on his health, admitting that while he moves slowly and reads with difficulty, he remains active.
“To my surprise, I generally feel good,” he wrote, “I am at the office five days a week where I work with wonderful people.”
Stepping up the pace of giving
A central theme of Buffett’s final message was his plan to give away his vast fortune. Acknowledging his limited time, he announced he is accelerating the pace of his lifetime gifts to his family’s foundations.
As a first step, he recently converted 1,800 Berkshire shares, worth a combined $1.35 billion, into the company’s “B shares” and delivered them to the foundations.
“To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts to their three foundations,” he said.
Buffett still holds approximately $149 billion in Berkshire Hathaway stock.
A sober outlook for a corporate behemoth
As he prepares to depart, Buffett offered a characteristically candid and realistic assessment of the future for the conglomerate he built over six decades.
He expressed confidence that Berkshire Hathaway will continue to thrive, but acknowledged the challenges posed by its immense size.
“In aggregate, Berkshire’s businesses have moderately better-than-average prospects, led by a few non-correlated and sizable gems,” he wrote.
However, a decade or two from now, there will be many companies that have done better than Berkshire; our size takes its toll.
The end of an era: Woodstock for capitalists without its star
For decades, Warren Buffett has cultivated a unique dual identity: a relentless capitalist and dealmaker with an avuncular, down-to-earth persona.
His annual letters and the massive Berkshire Hathaway shareholder meetings—dubbed “Woodstock for Capitalists”—have been central to that image.
It is hard to imagine the famously low-profile Greg Abel putting his face on merchandise or eating Dairy Queen ice cream for a crowd of adoring fans.
As Buffett’s era comes to a close, the company he built is expected to move on. But for the thousands of investors who made the annual pilgrimage to Omaha, Woodstock for capitalists is likely to get a little less festive from now on.
The post 'Going quiet': Warren Buffett pens final letter, plans to 'step up' philanthropy appeared first on Invezz
Read More
After 41 days, Senate passes bill to end US government shutdown