Warren Buffett says he'll keep writing a yearly letter — and plans to 'step up' his charitable giving

• Warren Buffett published a letter to Berkshire Hathaway shareholders ahead of his retirement as CEO.
• The business icon said he would continue writing a Thanksgiving letter and "step up" his giving.
• Buffett said he'll no longer write Berkshire's annual report or take questions at its annual meeting.

Warren Buffett plans to keep writing a yearly letter to Berkshire Hathaway shareholders — but it'll be in November, not May.

The famed investor, 95, rocked the business world this spring by announcing he would step down as CEO at the end of this year. In a letter published Monday, he said that he would cease writing Berkshire's annual report and "talking endlessly" at Berkshire's annual shareholder meeting, but he's only "sort of" going quiet.

"I will continue talking to you and my children about Berkshire via my annual Thanksgiving message," he wrote, adding that he appreciates his shareholders' generosity and enjoys staying in touch with them.

Buffett also hailed his planned successor, Greg Abel. "I can't think of a CEO, a management consultant, an academic, a member of government — you name it — that I would select over Greg to handle your savings and mine," he wrote.

The outgoing Berkshire boss, who's worth around $150 billion, said he would "step up" the pace at which he's disbursing his fortune to the foundations of his three children — Susie, Howard, and Peter.

As his children are now in their late 60s and early 70s, Buffett wrote, he wants to boost the chances that they can distribute "what will essentially be my entire estate" before they need to be replaced by alternate trustees.

"My children are now at their prime in respect to experience and wisdom but have yet to enter old age," he said. "That 'honeymoon' period will not last forever."

However, Buffett said he planned to retain a "significant amount" of his Berkshire stock until his shareholders "develop the comfort with Greg that Charlie [Munger] and I long enjoyed," but added that he didn't expect that process to take long.

Buffett took a look back at his life

In his letter, Buffett said he was grateful to have lived into his mid-90s, given he "nearly died" as a child in 1938, when he had to have an emergency appendectomy, and his life was saved by doctors on two other occasions.

The billionaire also reflected on how lucky he's been and how unfair life can be.

"Dynastic inheritors have achieved lifetime financial independence the moment they emerged from the womb, while others have arrived, facing a hell-hole," he wrote, adding that if he were born in some other parts of the world, he "would likely have had a miserable life and my sisters would have had one even worse."

Buffett said that Lady Luck has been good to him over the years, but "she has better things to do than work with those in their 90s," whereas Father Time "now finds me more interesting as I age."

The nonagenarian said that he feels good, continues to work at Berkshire's headquarters five days a week, and still contributes to the company.

"Occasionally, I get a useful idea or am approached with an offer we might not otherwise have received," he wrote. "Because of Berkshire's size and because of market levels, ideas are few — but not zero."

Much of Buffett's latest missive served as a love letter to his hometown of Omaha. He reflected on the lives of several close friends and business associates, including his late right-hand man, Munger, and former Coca-Cola president Don Keough, and how Omaha played a role in all of their lives.

Buffett also struck a measured but positive tone on Berkshire's prospects, although "our size takes its toll." He said that Berkshire has "less chance of a devastating disaster" and a "more shareholder-conscious management and board" than virtually any other company he's come across.

After warning that Berkshire's stock price will occasionally plunge 50%, as it has done three times during his time in charge, Buffett wrote: "Don't despair; America will come back and so will Berkshire shares."

The so-called Oracle of Omaha also offered some life advice, encouraging readers to learn from their mistakes, "get the right heroes," and live lives deserving of the obituaries they desire.

"When you help someone in any of thousands of ways, you help the world," he wrote. "Kindness is costless but also priceless."

Buffett signed off by wishing a happy Thanksgiving to his readers — "even the jerks" — and reminding his shareholders to "thank America" for the opportunities it has provided, even though it can be "capricious and sometimes venal in distributing its rewards."

Buffett's Thanksgiving gift

Buffett embraced his new Thanksgiving tradition for a third consecutive year. Expressing his admiration for his three children's philanthropic work, he gifted Berkshire stock to their foundations.

The investor said that on Monday, he converted 1,800 of his Class A shares into 2.7 million Class B shares, worth about $1.35 billion. He pledged to distribute 1.5 million of those shares to the Susan Thompson Buffett Foundation — named after his late wife — and 400,000 shares to each of his kids' foundations: the Sherwood Foundation, the Howard G. Buffett Foundation, and NoVo Foundation.

Buffett has given away close to 60% of his Berkshire shares since pledging to give 99% of them to good causes in 2006.

The legendary stock picker has charged his three kids with distributing his Berkshire shares, which make up 99.5% of his wealth, to worthy causes once he's gone.

Buffett's time as CEO is nearly over

Abel, Berkshire's head of non-insurance operations, is set to succeed Buffett as CEO in the new year with Buffett staying on as chairman.

Berkshire was a failing textile mill when Buffett acquired it in 1965. He has spent the past 60 years transforming it into one of the world's largest companies with roughly $400 billion in annual revenue, 400,000 employees, and a $1 trillion market value.

Berkshire owns scores of businesses, including Geico, See's Candies, and the BNSF Railway, and ranks as one of the largest shareholders of huge companies such as Apple, Bank of America, and Coca-Cola.

Buffett has also delivered outsize returns to his shareholders. Berkshire stock rose 5,500,000% between 1965 and 2024, trouncing the S&P 500's 39,000% gain during that period, the company's latest annual report shows.

News of Buffett's impending departure has weighed on Berkshire stock: it has climbed 10% this year, trailing the S&P's 16% gain. That may have been a factor in Buffett reassuring shareholders in his latest letter that he intends to hang on to a big chunk of his shares until Abel wins them over.

Buffett, perhaps the world's foremost bargain hunter, has balked at high prices for stocks and companies in recent years. Berkshire's third-quarter earnings this month showed it was a net seller of stocks for a 12th straight quarter, and refrained from buying back any Berkshire shares for a fifth consecutive quarter.

The lack of spending contributed to its cash pile hitting yet another record, $358 billion, after subtracting Treasury payables.