Additionally, Buffett announced that he will no longer write annual reports or speak at shareholder meetings. He also introduced his successor — Greg Abel, whom he described as "an outstanding manager and honest communicator." "He has deeper knowledge of our companies and their leaders than I do, and he quickly grasps what many CEOs do not even notice," Buffett noted.
In his letter, Buffett expressed gratitude to his long-term partners, including Charlie Munger, the vice-chairman of Berkshire Hathaway, who passed away in 2023 at the age of 99. "Charlie had a significant influence on me for over 60 years. He was a wonderful teacher and a caring older brother. We had our disagreements, but we never quarreled," he shared.
The investor also reflected on life, aging, and the value of kindness. "Greatness is not measured by money or power. By helping others, you change the world. A janitor is just as important a person as the chairman of the board," he wrote.
At 95, Buffett plans to step down as CEO of Berkshire by the end of the current year.
Since acquiring a controlling stake in Berkshire Hathaway in 1965, when the company was a troubled textile manufacturer, Buffett has built an investment holding company that has become well-known in the market. In 2024, Berkshire's market capitalization exceeded one trillion dollars, making it the first company outside the technology sector to achieve this milestone.
In May of this year, when Buffett ranked fifth on the list of the world's richest people (he is now in 11th place), he announced his intention to step down as CEO, noting that he only began to notice signs of aging after turning 90.
