Warren Buffett, the renowned American investor known as the "Oracle of Omaha," announced in his annual letter to shareholders that he will step down as CEO of Berkshire Hathaway at the end of the year. The letter, described by many U.S. media outlets as a "swan song," marks the end of an era, with reflections on his childhood, hometown, and gratitude for a long life.
In the letter released on November 10th, Buffett, 95, stated he would "exit quietly," ceasing to write Berkshire's annual letters or deliver lengthy speeches at the annual shareholder meetings. He named his long-time deputy, Greg Abel, as his successor, effective year-end, praising him as a "superb manager" and wishing him a "long tenure."
Buffett converted 1,800 Berkshire Class A shares, valued at approximately US$1.3 billion, into Class B shares and allocated them to charitable foundations under his three children and his late wife, Susan. Reiterating his pledge to donate 99% of his wealth to philanthropy, he mentioned accelerating the donation process but noted he would retain a "meaningful amount of A shares" until shareholders are fully confident in Abel's leadership.
Buffett first hinted at retirement in May, citing his age as a primary factor. He revealed experiencing memory lapses, difficulty reading, and occasional balance issues and acknowledged that his efficiency couldn't match that of the 63-year-old Abel.
Born in 1930 in Omaha, Nebraska, Buffett demonstrated business acumen early, investing in stocks at 11. By graduation, his savings reached US$9,800 (equivalent to about US$130,000 today). In the 1960s, successful investments made him a millionaire, and he acquired Berkshire, then a textile firm. Under his leadership, Berkshire executed numerous successful acquisitions, including the 1988 purchase of about 7% of Coca-Cola, which remains one of its most profitable holdings. According to Forbes, Buffett's net worth was approximately $160 billion as of May, ranking him fifth globally. His investment philosophy, encapsulated in sayings like "Be fearful when others are greedy and greedy when others are fearful," remains highly influential.
At May's shareholder meeting, Buffett openly opposed the U.S. government's tariff policies, stating, "Trade should not be a weapon," and warning that trade wars are acts of conflict. He criticized the administration's approach for alienating other nations and increasing global instability, remarking, "When you've got 7.5 billion people disliking you and only 300 million feeling pretty good, that's a big mistake." He emphasized that global prosperity enhances safety.
U.S. media highlight that Buffett's legacy extends beyond wealth accumulation to his investment philosophy and philanthropy. Initiatives like the "Power Lunch with Warren Buffett," which has raised US$53 million for charity, and his annual letters have become cultural touchstones.
In his final letter, Buffett maintained his characteristic humor and self-deprecation, reminiscing about his life and offering advice. He expressed gratitude for living to 95, surpassing his family's longevity record. He fondly remembered friends like Charlie Munger and Don Keough, praising them as warm, friendly "Midwestern boys" and "true Americans."
(Source: Global Times)
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