America’s legendary investor Warren Buffett
The letters which were no less than a ‘Bible’ for investors around the world, will now become history. Veteran American investor and head of Berkshire Hathaway, Warren Buffett has made a big announcement. He has announced to end his six-decade-old practice of writing his famous annual letter. 95-year-old Buffett said in his characteristic style that now he is “calming down.”
‘I am calming down now’: Buffett
95-year-old veteran investor Warren Buffet has announced to stop writing his famous annual letter after six decades. Buffett said. These letters of his were considered as ‘Bible’ for investors. Buffett made it clear that now Greg Abel will take charge of the company.
Warren Buffett clarified in his message, “I will no longer write Berkshire’s annual report or talk endlessly at the annual meeting. As the British say, I am going quiet.” For nearly 60 years, Buffett’s letters were not only an account of the company’s performance, but also a treasure trove of his thoughts on life, investing and management.
However, he clarified that he is not completely breaking ties with his shareholders. He will continue to send his messages every year on Thanksgiving. Buffett, who has turned 95, also talked about his age and health. He wrote, “I am grateful and amazed at my luck to live to the age of 95.”
Who will handle Berkshire’s legacy now?
Buffett has also officially announced his successor. He confirmed that his longtime partner Greg Abel will take over as Berkshire’s chief executive (CEO) by the end of the year. Expressing full confidence in Abel, Buffett wrote, “Greg is an excellent manager, tireless hard worker and honest communicator.”
Buffett himself will remain chairman of the company, but the responsibility of the annual meeting and shareholder letters will now fall on Abel’s shoulders. Buffett also made it clear that he would hold on to his ‘A’ shares (which have 10,000 times more voting power) until shareholders feel “comfortable” with Abel at the helm.
When death touched me at the age of 8
Buffett recalled an incident in 1938, when he was just eight years old and was close to death due to appendicitis. He told how after surgery in a Catholic hospital in Omaha, he had taken the fingerprints of the nuns there. He felt that maybe someday some nun would go on the wrong path and the FBI would need those records.
Buffett, known as the ‘Oracle of Omaha’, also paid a heartfelt tribute to his partner of 60 years, Charlie Munger, who passed away in 2023. Buffett wrote, “He was a protective older brother and a better teacher. We had our differences, but never argued.”