The End of an Era: Final Thoughts From CEO Warren Buffett

How do you want to be remembered? It’s a question that runs through Warren Buffett’s final letter as CEO of Berkshire Hathaway. In November, Buffett penned a farewell message that leaned more personal than financial—a reflective note marking the end of an incredible era.

He recounts the story of Alfred Nobel, the inventor of dynamite and namesake of the Nobel Prizes. Nobel reportedly read his own obituary, mistakenly published after his brother’s death. The headline referred to him as “the merchant of death,” a man who had made it possible to kill more people faster than ever before. Horrified by how he was portrayed, Nobel resolved to change his legacy, using his wealth to create prizes that now honour the best of humanity.

Now, as Buffett “goes quiet—sort of,”* he leaves us with an invitation to pause and reflect on the same question: “Decide what you would like your obituary to say, and live the life to deserve it.”

Lessons in Stewardship

As we begin a new year, Buffett’s parting reflections may serve as useful reminders in wealth management—and in life. His final message centres on stewardship: planning so that what we have can endure, grow and benefit others.

On Time: It’s Finite. At 95, Buffett acknowledges what many of us prefer not to contemplate—that time is limited: “Father Time now finds me more interesting as I age. And he is undefeated: for him, everyone ends up on his score card as ‘wins.’” Still, he shares this reflection with characteristic optimism: “I’m happy to say I feel better about the second half of my life than the first. My advice? Don’t beat yourself up over past mistakes—learn at least a little from them and move on. It’s never too late to improve.”

On Succession: Take the Long View. Like investing, succession planning involves patience, foresight and preparation. Buffett’s transition has been years in the making. Greg Abel, a Berkshire veteran of almost three decades, was named his successor in 2021 after serving as Vice Chairman since 2018. In an interesting move, even after the transition, Buffett plans to retain a “significant amount” of his shares until shareholders gain confidence in Abel’s leadership. It’s a reminder that good succession planning isn’t a moment—it’s a process built on time, preparation and trust.

On Estate Planning: Revisit, Revise, Repeat. Buffett’s own estate plans have evolved with time. While he pledged in 2006 to give away 99 percent of his wealth, he admits that both circumstances and objectives have shifted. His “unexpected longevity has had unavoidable consequences” for his family and philanthropic goals. With his three children now 72, 70 and 67—beyond the traditional retirement age—Buffett is accelerating lifetime gifts to their foundations so they can fulfill his philanthropic vision while they are still able. He reminds us that estate planning isn’t static—it’s a process that adjusts to time, family and purpose.

On Success: Defining a Life Well Lived. Indeed, the scale of Buffett’s financial accomplishments cannot be overlooked. Over 60 years at Berkshire’s helm, he transformed the company from a struggling textile mill into a global conglomerate holding company. He grew its value from around $19 per share in 1965 to an extraordinary $745,000 today—a gain of nearly 4,000,000 percent. In 2024, Berkshire surpassed a trillion-dollar market capitalization—the first U.S. non-tech firm to do so. Yet, Buffett distills success into something far simpler: “Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any thousands of ways, you help the world. Kindness is costless, but also priceless.”

A Parting Thought

As Buffett steps back from the spotlight, he closes this incredible era with a simple, human reminder:

“Choose your heroes very carefully and then emulate them. You’ll never be perfect, but you can always be better.”

To read Buffett’s last letter as CEO of Berkshire Hathaway, please see: https://www.berkshirehathaway.com/news/nov1025.pdf

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^{*He will no longer write Berkshire’s annual letter or speak at the annual meeting, but has promised to share his thoughts in an annual Thanksgiving message.}

^{This material is copyrighted and used with permission by Warren Buffett. We are grateful for his support over many years in allowing us to publish his work.}

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