“I wish all who read this a very happy Thanksgiving. Yes, even the jerks; it’s never too late to change.”
In his final Thanksgiving letter shareholders as CEO of Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B), Warren Buffett donated roughly $1.37 billion to four foundations that are run by his three children.
Specifically, Buffett, who is retiring as CEO at the end of 2025, gave 1.5 million of Berkshire’s B shares, which currently trade at $508 per share, to the Susan Thompson Buffett Foundation, and 400,000 B shares each to the Sherwood Foundation, the Howard G. Buffett Foundation, and NoVo Foundation.
“All three children now have the maturity, brains, energy and instincts to disburse a large fortune. They will also have the advantage of being above ground when I am long gone and, if necessary, can adopt policies both anticipatory and reactive to federal tax policies or other developments affecting philanthropy … Fortunately, all three children received a dominant dosage of their genes from their mother. As the decades have passed, I have also become a better model for their thinking and behavior. I will never, however, achieve parity with their mother,” Buffett wrote.
Their mother is his first wife, Susan Thompson Buffett, who died in 2004.
Buffett added however that he will keep a “significant amount of “A” shares until Berkshire shareholders develop the comfort with Greg that Charlie and I long enjoyed. That level of confidence shouldn’t take long.”
“Greg” is Greg Abel, who is taking over as CEO on January 1, 2026.
Buffett “going quiet” – sort of
While this was his final message to shareholders as CEO, Buffett said he will continue talking to shareholders at Thanksgiving.
“I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m “going quiet.” Sort of,” wrote Buffett. “Greg Abel will become the boss at yearend. He is a great manager, a tireless worker and an honest communicator. Wish him an extended tenure. I will continue talking to you and my children about Berkshire via my annual Thanksgiving message. Berkshire’s individual shareholders are a very special group who are unusually generous in sharing their gains with others less fortunate. I enjoy the chance to keep in touch with you.”
As with all of Buffett’s letters to shareholders, this final Thanksgiving message is filled with stories, reminiscences, and Buffett’s famous wit and wisdom. There is not enough space here to give it justice, so I’d encourage all to read the entire letter.
In it, Buffett talked about how he nearly died when he was 8 years old, dispatched to the hospital for an emergency appendectomy in 1938.
“I’m grateful and surprised by my luck in being alive at 95. When I was young, this outcome did not look like a good bet. Early on, I nearly died,” he wrote.
He also discussed Charlie Munger, New Coke, and J. Edgar Hoover, among other topics.
On what greatness means
The 95-year-old Oracle of Omaha also talked about his good fortune and what greatness means, among other topics.
“Those who reach old age need a huge dose of good luck, daily escaping banana peels, natural disasters, drunk or distracted drivers, lightning strikes, you name it,” wrote Buffett. “But Lady Luck is fickle and – no other term fits – wildly unfair. In many cases, our leaders and the rich have received far more than their share of luck – which, too often, the recipients prefer not to acknowledge.”
He added that he still feels good and goes into the office five days a week. He will continue working at Berkshire as chairman of the board after January 1. Buffett added that he feels better about the second half of his life than his first.
My advice: Don’t beat yourself up over past mistakes – learn at least a little from them and move on. It is never too late to improve. Get the right heroes and copy them,” Buffett wrote.
In addition, he said, decide what you want your obituary to say and live up to it.
“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 of thousands of ways, you help the world. Kindness is costless but also priceless. Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior.” Buffett stated.
“Keep in mind that the cleaning lady is as much a human being as the Chairman,” Buffett concluded. “I wish all who read this a very happy Thanksgiving. Yes, even the jerks; it’s never too late to change.”
