Warren Buffett has written his final annual letter to Berkshire Hathaway shareholders. After more than six decades of communicating through these annual reports and marathon shareholder meetings, he states he will no longer continue this practice. He phrases it as “going quiet,” though he clarifies that he will continue to send a short Thanksgiving message each year to remain connected with shareholders.
Reflections: Omaha, Luck, and Charlie Munger
A significant portion of the letter is reflective and personal. Buffett recounts:
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A childhood medical emergency in 1938 that almost took his life.
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His lifelong relationship with Omaha and the way the city and its people shaped him.
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His partnership and friendship with Charlie Munger, whom he calls the best teacher and influence he ever had.
He expresses that his life was shaped by what he calls “Lady Luck,” acknowledging the unfair advantages he was born with: being born in 1930, in America, healthy, and into a supportive environment. He notes that opportunity is not evenly distributed and that many talented people never get a fair chance.
Guidance for Investors and Leaders
Buffett shares several pieces of perspective gained late in life:
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Berkshire shares may still fall by 50 percent at times. Investors should not panic, as both America and Berkshire recover.
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Leadership in Berkshire is to remain grounded, free of ego-driven ambitions, and not focused on personal wealth accumulation.
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CEO compensation inflation across corporations has been driven by envy and comparison, not performance.
Personal Principles
Near the end, he shares timeless principles for life and leadership:
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Do not dwell on past mistakes; learn and move on.
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Select your heroes carefully and emulate them.
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Kindness has a greater lasting impact than wealth, fame, or power.
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Treat every person with equal dignity: “The cleaning lady is as much a human being as the Chairman.”
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He closes with a direct, simple message: continue improving, be kind, and remain grateful.
For decades, Buffett’s annual letters have shaped how millions think about investing, decision-making, corporate culture, and life philosophy. These letters are one of the most valuable archives of thinking in modern business, yet only a fraction of investors have read them in full.
Read the full note here: https://www.berkshirehathaway.com/news/nov1025.pdf
If you would like, we can begin a thread series where each annual letter is broken down into key takeaways, applicable lessons, and historical context to make the material more accessible.
