Warren Buffett’s Final Letter: A Heartfelt Farewell and Legacy
UPDATE: Warren Buffett has just published his final letter as CEO of Berkshire Hathaway, marking a poignant moment in the investment world. The letter, released on November 13, 2023, comes as Buffett, aged 95, prepares to step down, leaving behind a legacy that transformed Berkshire from a struggling textile mill into a massive $1 trillion conglomerate.
Buffett’s close followers have reacted with a mix of sadness, gratitude, and admiration for his life and contributions. His final message reflects his wisdom and humility, as he emphasizes the importance of kindness over wealth and reassures shareholders about the future under new CEO Greg Abel. Buffett plans to continue writing a Thanksgiving letter as Berkshire’s chairman, ensuring that his mission and values persist.
Buffett’s impact on Berkshire Hathaway is monumental; he has acquired numerous businesses, including Geico and Dairy Queen, while holding significant stakes in giants like Coca-Cola and American Express. His final letter is not just a farewell; it is a celebration of his life, expressing gratitude for the luck and friendships that shaped his journey.
The letter reveals that Buffett intends to accelerate the transfer of his estimated $150 billion fortune to family foundations, a testament to his commitment to philanthropy. His followers have shared their insights with Business Insider, highlighting the emotional weight of this farewell.
David Kass, a finance professor at the University of Maryland, called it Buffett’s “valedictory address,” underscoring his humility and the luck he acknowledges in his life. Lawrence Cunningham, an author and director at the University of Delaware, emphasized that while Buffett is stepping back, his mission continues through Abel, framing the letter as a love letter to Omaha and the values that built Berkshire Hathaway.
Chris Bloomstran, president of Semper Augustus Investments, praised the reflective nature of the letter, noting its focus on gratitude and kindness. He believes Buffett’s endorsement of Abel assures shareholders that the company remains in capable hands.
John Longo, a finance professor and author, pointed out that Buffett’s retreat allows new management to flourish without his shadow, while still offering invaluable counsel. Paul Lountzis, president of Lountzis Asset Management, expressed his sadness at the thought of not having Buffett at the helm, reiterating the importance of the relationships Buffett fostered throughout his career.
Adam Schwartz, chief investor at Black Bear Value Partners, lamented the loss of Buffett’s frequent public engagements, calling him a “national treasure.” Brian Gongol, a devoted shareholder, interpreted the letter as a promise of continued support for Abel, emphasizing Buffett’s desire to shield his successors from undue pressure.
Alex Morris, author of ‘Buffett and Munger Unscripted,’ noted Buffett’s eagerness to see his wealth used for good during his lifetime, while Adam Mead, an investment chief, speculated on the chances of receiving another letter in the future, acknowledging the inevitable passage of time.
This extraordinary farewell captures not only Buffett’s profound influence on investing but also his deep commitment to kindness and community. As the world reflects on his remarkable legacy, millions are left pondering what this transition means for the future of Berkshire Hathaway and the values it embodies.
In light of this major development, many will be watching closely as Greg Abel steps into the spotlight, ready to carry forward Buffett’s enduring philosophy. This historic moment not only marks the end of an era but also sets the stage for the next chapter in Berkshire Hathaway’s storied journey.
