Warren Buffett, the legendary investor known as the “Oracle of Omaha,” shared a Thanksgiving message with Berkshire Hathaway shareholders this week. He offered a mix of gratitude, reflection and advice as he prepares to step down as CEO.
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Buffett’s message of gratitude and humility
In his letter, Buffett reflected on reaching the age of 95, saying he feels fortunate to still be working five days a week at Berkshire’s headquarters in Omaha.
He told shareholders not to dwell on mistakes but to learn and move forward, writing, “Don’t beat yourself up over past mistakes – learn at least from them and move on. It is never too late to improve.”
Buffett added that true greatness has little to do with money or power, emphasizing instead kindness and humility.
”When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless,” Buffett wrote. “Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior.”
He also shared a lesson he said has guided him later in life: “Keep in mind that the cleaning lady is as much a human being as the Chairman.“
A new era at Berkshire Hathaway
After more than five decades leading Berkshire Hathaway, Buffett will step down as CEO at the end of the year, handing the role to Greg Abel, currently vice-chair of the company’s noninsurance businesses. Buffett will remain chairman of the board, but says he will no longer write his much-anticipated annual shareholder letters or take questions at the company’s famous Omaha shareholder meetings.
Philanthropy and legacy
Buffett also revealed plans to accelerate his lifetime giving, transferring 1,800 Class A shares of Berkshire Hathaway into 2.7 million Class B shares – valued at roughly $1.3 billion – for donation to his family’s charitable foundations, according to Bloomberg News.
The Susan Thompson Buffett Foundation will receive 1.5 million shares, while The Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation will each receive 400,000 shares.
He reaffirmed that after his death, his children – Susie, Howard, and Peter Buffett – will oversee a charitable trust carrying on his philanthropic vision.
A final piece of advice
Buffett closed his Thanksgiving message, telling shareholders to choose their heroes carefully, saying, “You will never be perfect, but you can always be better.”
