Warren Buffett, the 95-year-old chairman and CEO of Berkshire Hathaway, started his annual Thanksgiving letter by saying: "I'm 'going quiet.' Sort of."

While he will continue writing his Thanksgiving message to his children and shareholders each year, Buffett will no longer be writing Berkshire's annual shareholder letter once Greg Abel takes over as chief executive at the end of this year.

In wide-ranging thoughts released Monday, Buffett spun the anecdotes and business and life lessons he is known for, while also disclosing some new plans about his philanthropic giving and CEO pay.

Here are the highlights:

Buffett on Buffett: He says he generally feels good, though he feels the effects of aging on his balance, sight, hearing and memory. "Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people."

Buffett on philanthropy: The billionaire converted shares valued at roughly $1.3 billion, and donated them to four family foundations.

Buffett on Berkshire: Despite accelerating his charitable giving to his children's foundations, Buffett wrote his upbeat outlook for Berkshire hasn't changed. He will keep a " significant amount" of the company's Class A stock until shareholders get comfortable with his successor as CEO. "That level of confidence shouldn't take long," he said.

Buffett on succession plans: He wrote of Abel: "He is a great manager, a tireless worker and an honest communicator. Wish him an extended tenure.... My hope is that his health remains good for several decades. With a little luck, Berkshire should require only five or six CEOs over the next century."

Buffett on hometown heroes: More than two pages of the letter recount the good life in Omaha and the successes and wisdom of fellow Nebraskans, including Buffett's "best pal" Charlie Munger and one-time Coca-Cola CEO Don Keough. "Looking back I feel that both Berkshire and I did better because of our base in Omaha than if I had resided anywhere else. The center of the United States was a very good place to be born, to raise a family, and to build a business."

Buffett on envy: Reformers sought to embarrass CEOs by requiring that bosses' pay get disclosed and compared to what was being paid to the average employee. Those good intentions backfired, he wrote. Instead, CEOs looked at the competition and argued to their boards they were worth even more. "The new rules produced envy, not moderation. What often bothers very wealthy CEOs -- they are human, after all -- is that other CEOs are getting even richer. Envy and greed walk hand in hand."

Buffett on tough conversations: Sometimes wonderful, loyal executives will succumb to dementia, Alzheimer's or another debilitating disease. "Charlie and I encountered this problem several times and failed to act. This failure can be a huge mistake." Boards must be aware and take responsibility, even though that's easier said than done. "Directors should be alert and speak up is all that I can advise."

Buffett on big comebacks: He flagged that Berkshire's stock fell by 50% at three different points over 60 years under his management. "Don't despair; America will come back and so will Berkshire shares."

Buffett on life: "Decide what you would like your obituary to say and live the life to deserve it." He closed out the letter with this: "Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better."