After more than six decades of steering one of the world’s most successful conglomerates, Warren Buffett, the legendary investor known as the Oracle of Omaha, has announced that he will step down as CEO of Berkshire Hathaway by the end of this year, marking the end of an era in global finance.
In his final letter to shareholders, Buffett reflected on his lifelong philosophy of value investing, his faith in American enterprise, and his plans to “go quiet” after retiring — a sharp contrast to the decades of annual shareholder letters that became must-reads for investors worldwide.
“It’s time,” Buffett wrote in his parting message. “I’ve said everything I needed to say over the years. The world of business will go on without my commentary — and that’s exactly how it should be.”
A Career That Defined Modern Investing
Warren Buffett, now 94, took control of Berkshire Hathaway in 1965 and transformed the struggling textile manufacturer into a $900 billion global holding company, with major stakes in companies such as Apple, Coca-Cola, American Express, and Geico.
Under Buffett’s leadership, Berkshire’s Class A shares rose from $19 in 1965 to over $600,000 in 2025, an increase unmatched in corporate history. His long-term, disciplined approach to investing and his unwavering belief in compounding returns became a model for generations of investors and business schools alike.
“Buffett’s influence on capitalism is immeasurable,” said Charles Heisler, a finance historian at the University of Chicago. “He’s not just one of the most successful investors — he’s one of the great educators of our time. His annual letters are a masterclass in rationality, humility, and stewardship.”
Greg Abel to Officially Take the Helm
Buffett confirmed that Greg Abel, currently vice chairman overseeing Berkshire’s non-insurance businesses, will officially succeed him as CEO. Abel, 62, has long been seen as Buffett’s chosen successor, praised for his operational expertise and quiet leadership style.
“Greg understands both the people and the culture of Berkshire,” Buffett wrote. “He’s been running the show in many ways already — and he’ll continue to do so with integrity and vision.”
Charlie Munger, Buffett’s late longtime business partner and vice chairman, passed away in 2023. His absence loomed large in Buffett’s farewell letter, where the legendary investor paid tribute to Munger’s intellect and influence.
“Charlie taught me to think in probabilities, to be patient, and to never forget the power of character,” Buffett wrote. “He was the best partner anyone could ever have.”
The End of the Annual Letters
Buffett’s annual letters to shareholders have long been a cornerstone of American business literature. Each letter, written in his signature plainspoken style, offered deep insights into investing, corporate culture, and the U.S. economy — while often peppered with humor and humility.
In his final message, Buffett revealed that he will not continue writing after stepping down, nor will he maintain a public profile.
“The next generation deserves to write its own story,” Buffett said. “I will be reading, thinking, and living quietly here in Omaha — just as I began.”
The farewell letter, totaling 12 pages, revisits his early mistakes, favorite deals, and the core principles that guided him for more than half a century: patience, integrity, and the power of compounding.
“Investing is simple but not easy,” he wrote. “Discipline matters more than genius, and time is the friend of the rational investor.”
An Empire Built on Trust and Time
At its core, Buffett’s legacy at Berkshire Hathaway is not just about financial performance, but about trust — both with shareholders and the companies under the Berkshire umbrella.
He famously refused to issue stock splits, paid minimal dividends, and rarely sold holdings, emphasizing long-term value over short-term speculation. Berkshire became a safe haven for both retail investors and billionaires alike, including Bill Gates and Jeff Bezos, who have praised Buffett’s mentorship and philanthropy.
“Warren Buffett represents something rare in modern finance — consistency, ethics, and patience,” said Mary Callahan Erdoes, CEO of J.P. Morgan Asset Management. “He built a culture that prioritizes doing the right thing, even when no one is watching.”
Philanthropy and Legacy
Buffett reiterated his commitment to philanthropy, reminding readers that he has already pledged over 99% of his fortune to charitable causes, primarily through the Bill & Melinda Gates Foundation and the Buffett family foundations.
“Money has utility only to the extent that it helps others,” Buffett wrote. “Beyond that, it’s just a scorecard — and the scorecard is not the game.”
Buffett’s net worth, estimated at $130 billion, will continue to decline by design as his philanthropic commitments unfold over the coming years.
“Going Quiet” — A Rare Retreat from Public Life
Buffett’s decision to “go quiet” contrasts with his long career as one of the most vocal and visible figures in global business. He has indicated he will step away from public interviews, television appearances, and investor conferences, preferring a “life of reading, reflection, and gratitude.”
He also left investors with one final piece of advice — the same one he has repeated for decades:
“Stay in the game. Be patient. Avoid debt. And never bet against America.”
A Legacy That Endures
As Buffett steps away, analysts agree that his influence will continue to shape how investors think for generations.
“Warren Buffett redefined the concept of stewardship,” said Heisler. “He turned investing into a moral philosophy as much as a financial one. Even as he goes quiet, his principles will keep speaking loudly.”
With his final letter, Buffett closes the book on one of the most extraordinary careers in business history — a career that transformed a small New England textile company into one of the most admired enterprises in the world, and a modest Omaha native into a global symbol of wisdom, integrity, and enduring success.
