Warren Buffett said he will “go quiet” after stepping down as CEO of Berkshire Hathaway at the end of this year, ending a six-decade tradition of writing his famed annual letter to shareholders. But the 95-year-old billionaire investor made clear he isn’t disappearing just yet.
Buffett said he will no longer write the lead message in Berkshire’s annual report but will continue to deliver a Thanksgiving message and increase his philanthropic giving. He plans to donate his remaining $149 billion stake in Berkshire Hathaway to charity.
Known as “the Oracle of Omaha,” Buffett has built an investing legacy and a folksy public persona through his letters to shareholders and his steady advocacy for American capitalism. His successor, Greg Abel, 63, vice chairman of Berkshire’s non-insurance operations, will take over as CEO next year. Abel was first identified as Buffett’s chosen successor in 2021.
Buffett praised Abel in his latest letter, saying he “has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO.”
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The billionaire also offered a brief health update, writing that he “generally feels good” despite moving slowly and reading with “increasing difficulty.” He said he still works in the office five days a week.
Acknowledging that time is limited, Buffett said he recently converted 1,800 Berkshire shares — worth about $1.35 billion — into cheaper “B shares” and donated them to four of his family 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,” he wrote.
Buffett said he has “high but realistic expectations” that Berkshire will continue to thrive after his departure. The conglomerate’s Class B shares are up more than 10% this year, and its market capitalization recently topped $1 trillion.
“In aggregate, Berkshire’s businesses have moderately better-than-average prospects,” Buffett said. “However, a decade or two from now, there will be many companies that have done better than Berkshire; our size takes its toll.”
Over the decades, Buffett has balanced his image as a sharp dealmaker with that of an approachable Midwesterner. Berkshire’s annual shareholder meetings — dubbed “Woodstock for capitalists” — draw tens of thousands of investors to Omaha each year.
At the gatherings, Buffett strolls the exhibit floor, sampling Dairy Queen ice cream and greeting fans eager for photos or a handshake. His ability to blend homespun charm with shrewd business instincts has made him one of the most admired figures in corporate America.
Still, Buffett acknowledged that Berkshire Hathaway’s identity is deeply tied to him — a reality that will shift when Abel takes over.
It may be hard to picture the low-profile Abel posing for photos or promoting Dairy Queen sundaes, but as Buffett wrote, “the company will move on.” The Oracle of Omaha’s annual celebration of capitalism, however, may feel just a little quieter.
