(BRK.A), (BRK.B)
November 10, 2025
Today, Warren E. Buffett, Chairman and CEO of Berkshire Hathaway, announced the conversion of 1,800 Berkshire Hathaway Class A shares into 2,700,000 Class B shares, which he has donated to four family foundations. The Susan Thompson Buffett Foundation received 1,500,000 shares, while The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation each received 400,000 shares. These donations were completed today.
Alongside the announcement, Buffett shared a deeply personal and reflective message to Berkshire shareholders — one that marked a turning point in both his career and his communication with investors.
A Farewell to the Annual Letter
“For the first time in decades,” Buffett wrote, “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.”
Buffett reiterated that Greg Abel, Berkshire Hathaway’s Vice Chairman of Non-Insurance Operations, will assume the role of CEO at year-end. “He is a great manager, a tireless worker, and an honest communicator,” Buffett said. “Wish him an extended tenure.”
Buffett added that he will continue to share an annual Thanksgiving message to keep in touch with Berkshire’s “unusually generous” shareholders, whom he credits for their spirit of philanthropy and shared values.
Gratitude, Memories, and a Life in Omaha
As he approaches his 95th Thanksgiving, Buffett reflected on his long life, giving thanks for “the dumb luck” that placed him in Omaha, Nebraska in 1930.
He recalled an early near-death experience as a child in 1938 that ended with an emergency appendectomy and a newfound fondness for storytelling — even fingerprinting the nuns who cared for him.
Buffett also reminisced about the remarkable individuals from Omaha who shaped his life and Berkshire’s history — from Charlie Munger, his partner and “protective big brother” of 64 years, to Don Keough, the former Coca-Cola president who famously reversed the “New Coke” debacle, and Walter Scott Jr., who brought MidAmerican Energy into Berkshire and was a leading Nebraska philanthropist.
He celebrated Omaha as not just his home but as the foundation of Berkshire’s success. “Looking back, I feel that both Berkshire and I did better because of our base in Omaha than if I had resided anywhere else,” Buffett wrote. “Through dumb luck, I drew a ridiculously long straw at birth.”
Age, Luck, and Perspective
Buffett reflected with humility on reaching 95, acknowledging both his good fortune and the randomness of life’s outcomes. “Those who reach old age need a huge dose of good luck,” he said. “Lady Luck is fickle and – no other term fits – wildly unfair.”
He recognized the privilege of being born “healthy, reasonably intelligent, white, male, and in America,” and expressed gratitude while warning against entitlement. “Dynastic inheritors have achieved lifetime financial independence the moment they emerged from the womb,” he wrote, contrasting this with the struggles many face around the world.
He also admitted that Father Time, unlike Lady Luck, “is undefeated.” Yet Buffett maintains an active work life, spending five days a week at the Berkshire office. “Occasionally, I get a useful idea,” he joked.
Planning for the Future
Buffett detailed the rationale behind accelerating his charitable giving, explaining that his three children — now in their 60s and 70s — are ideally positioned to oversee the distribution of his estate through their foundations.
“All three children now have the maturity, brains, energy, and instincts to disburse a large fortune,” he said. “They simply need to improve somewhat upon what generally is achieved by government activities and/or private philanthropy.”
He emphasized his trust in them, noting that “ruling from the grave does not have a great record.”
Confidence in Greg Abel and Berkshire’s Future
Buffett reaffirmed his unwavering confidence in incoming CEO Greg Abel. “I can’t think of a CEO, a management consultant, an academic, or a member of government that I would select over Greg to handle your savings and mine,” he said.
He also urged Berkshire’s board to remain vigilant about leadership succession and health issues that could impair executives, noting that both he and Munger had faced such challenges with others in the past.
Buffett revisited his long-standing criticism of excessive executive compensation, arguing that public disclosure rules have fueled envy rather than restraint. “Envy and greed walk hand in hand,” he wrote.
Reflections on Berkshire’s Strengths
Buffett reassured shareholders of Berkshire’s resilience and long-term stability: “Berkshire has less chance of a devastating disaster than any business I know,” he wrote. “And Berkshire has a more shareholder-conscious management and board than almost any company with which I am familiar.”
He reminded investors not to panic during market downturns. “Our stock price will move capriciously, occasionally falling 50% or so as has happened three times in 60 years. Don’t despair; America will come back and so will Berkshire shares.”
Final Thoughts: Lessons on Life and Legacy
In closing, Buffett offered timeless advice, urging readers to focus on personal growth, humility, and kindness.
“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,” he wrote. “Get the right heroes and copy them.”
He invoked Alfred Nobel’s story — reading his own mistaken obituary and deciding to change his life — to encourage others to live intentionally.
“Decide what you would like your obituary to say and live the life to deserve it,” Buffett advised.
He ended with a simple, heartfelt reminder:
“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.”
And finally, in classic Buffett humor and humanity:
“I wish all who read this a very happy Thanksgiving. Yes, even the jerks; it’s never too late to change.”
Summary:
Warren Buffett’s November 10, 2025 announcement marked not just a major charitable donation but a personal and professional transition. In his heartfelt message, the legendary investor reflected on his remarkable life, his Omaha roots, his faith in Berkshire’s future under Greg Abel, and the values of humility, generosity, and gratitude that have guided him — and that he hopes will guide others long after he’s gone.
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.