Warren Buffett published his final letter to shareholders as Berkshire Hathaway CEO on Monday, as he prepares to step down before the new year. His followers reacted with a mixture of sadness, gratitude, and admiration.
The legendary business leader and investor, 95, has transformed Berkshire from a failing textile mill into a $1 trillion conglomerate over the past 60 years by acquiring scores of businesses such as Geico and Dairy Queen, and amassing huge stakes in corporate giants including Coca-Cola and American Express.
Buffett wrote this week that he would continue writing a Thanksgiving letter as Berkshire’s chairman, reflected on his life, and thanked the people and pieces of luck that enabled his extraordinary success.
He acknowledged his advantages and trumpeted kindness over wealth, power, and fame. He also reassured Berkshire shareholders that Greg Abel is a worthy successor, and he’s as positive about the company’s future as ever — even as he plans to accelerate the transfer of his $150 billion fortune to his family’s foundations.
Nine of Buffett’s closest followers shared with Business Insider their thoughts and reactions. Their comments have been edited for length and clarity:
1. David Kass, a finance professor at the University of Maryland and longtime Buffett blogger:
“It’s his valedictory address, in which he attributes his lifetime accomplishments, with considerable humility, to being very lucky to be born in America, live a long, healthy life, and benefit professionally and personally from the friendships he made in Omaha and elsewhere.”
2. Lawrence Cunningham, the author of several books about Berkshire and the director of the University of Delaware’s Weinberg Center:
“It’s Buffett’s farewell to the microphone, not to the mission — he’s passing the pen, not the philosophy. At 95, he’s turned the shareholder letter into a love letter to Omaha, to America, and to the values that built Berkshire.
“This Thanksgiving note stresses that the good life isn’t about wealth; it’s about wisdom — that luck is uneven, humility essential, and kindness compounding.”
3. Chris Bloomstran, the president of Semper Augustus Investments and a Berkshire shareholder for 25 years
“I thought Warren’s letter was phenomenal, and I hope it is the first of many Thanksgiving letters that he pens to the shareholders. The letter was a wonderfully reflective message on gratitude, philanthropy, and kindness.
“I think he wanted to again affirm his certainty that Greg is his ideal successor, and in doing so, assure the shareholders that Berkshire is in great hands — not only in Greg but likely for the decades to come given Berkshire’s culture.”
4. John Longo, a finance professor, investment chief, and author of ‘Buffett’s Tips: A Guide to Financial Literacy and Life’:
“By ‘going quiet,’ Buffett is giving Abel and the rest of the Berkshire management team the opportunity to paint their own painting without anyone second-guessing them.
“He will remain an important sounding board for the Berkshire executives, and if they are wise, they will continue to seek his invaluable counsel.”
5. Paul Lountzis, the president of Lountzis Asset Management:
“I greatly enjoyed his look back on his life in Omaha. It is interesting how despite being an investing genius, so much of his life and happiness was totally about the people around him.
“Not having Warren at the helm is a terrible loss. He has been such a pleasure to watch and learn from over the past 52 years for me, since my journey with him began when I was 13.”
6. Adam Schwartz, the chief investor of Black Bear Value Partners:
“I am going to miss the more frequent letters and public speaking. He’s been a national treasure.”
7. Brian Gongol, a Buffett superfan and longtime shareholder
“It’s a promise to go on giving without getting in Abel’s way. There’s a tremendous degree of custodial care implied throughout the letter. Warren Buffett is confident in Abel and wants to shield him. He is confident in his children and won’t try ‘ruling from the grave.’ And he is insistent that Berkshire always remains ‘an asset to the United States.’
“I really revere this idea that a person can be unapologetically capitalistic, and still have an almost fanatical sense about doing things in a ‘right’ way that isn’t rewarded in dollars and cents.”
8. Alex Morris, the author of ‘Buffett and Munger Unscripted’ and founder of TSOH Investment Research:
“Warren is accelerating the pace of his giving; he wants his children to use a large percentage or all of the funds in a timely fashion, while they’re still alive — so it’s time to move.
“At the same time, Berkshire’s ability to ‘protect’ Greg from near-term incursions by activists, or other attempts to influence its direction, is the supervoting Class A shares. So, Warren is trying to balance these two factors.”
9. Adam Mead, an investment chief and the author of ‘The Complete Financial History of Berkshire Hathaway’:
“According to the Social Security website, Buffett has another 2.8 years of expected life left. I’d venture there’s a 50/50 shot he writes us again next year — though he himself noted the swiftness by which old age overtakes everyone eventually.
“Whether he actually does write to us again in November 2026, this letter is sufficient to be a farewell letter.”
Read the full article here
