Few things in life are certain, but one truth holds up every time: Father Time is undefeated. Warren Buffett, the legendary investor who has steered Berkshire Hathaway through decades of market cycles while building one of the most admired track records in history, is no exception.
In his latest Thanksgiving letter, Buffett acknowledges that it’s nearly his time to “go quiet” and formally hand the reins to Berkshire’s next leader, Greg Abel. While the tone is characteristically calm and understated, the message is profound: the public-facing “Buffett era” of annual letters and marathon Q&A sessions is drawing to a close.
As with most of Buffett’s writings, this year’s letter blends practical business insight with broader reflections on life, luck, and responsibility. Although he will no longer author Berkshire’s annual report, we can hope there are still several more Thanksgiving letters left for investors to enjoy. Below is a brief summary of several key themes from this year’s letter1.
A Calm, Deliberate Hand-off to Greg Abel
Buffett makes clear that his era of writing the annual report and “talking endlessly” at Berkshire’s annual meeting is ending. Going forward, he plans to communicate through a shorter annual Thanksgiving message instead.
More importantly for shareholders, he emphasizes that Greg Abel “will become the boss at yearend.” The message is not dramatic or sentimental; it’s measured and matter-of-fact, consistent with Berkshire’s long-standing focus on succession planning and continuity rather than personality.
Choosing Heroes Wisely
Buffett reiterates one of his simplest but most powerful pieces of advice: “Get the right heroes and copy them.”
For investors, this is a reminder that role models matter. The people you choose to admire—and emulate—will shape your judgment, your ethics, and your tolerance for short-term noise versus long-term results. Buffett’s own life is a case study in the compounding effect of good examples.
Accelerated Philanthropy Rooted in Luck
Buffett also explains why he is accelerating his donations to family-linked foundations. His decision is driven by both timing and philosophy.
On timing, he wants his children to be making philanthropic decisions while they are in their prime, not following rigid instructions from beyond the grave. On philosophy, he grounds his giving in an honest recognition of luck: leaders and the wealthy, he notes, have “received far more than their share of luck,” while many others are born into much harsher circumstances. That sense of perspective underpins his long-running commitment to give away the vast majority of his fortune.
Learning from Mistakes
Finally, Buffett offers a characteristically humble reflection on aging and personal growth. He writes that he feels better about the second half of his life than the first and encourages readers not to “beat yourself up” over past errors. Instead, his counsel is to learn a little from every mistake and move on.
For investors who have followed him for years, this may be the most enduring lesson: even the best make mistakes, but what matters is the willingness to admit them, adjust, and keep compounding—both capital and character—over time.
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