A letter from Warren Buffett to Berkshire Hathaway shareholders, due Monday, could be his final communication from the helm of the famed conglomerate.
Buffett, 95, wrote i n a press release late Thursday that he plans to discuss “philanthropy, Berkshire and other matters that Berkshire shareholders and others may find to be of interest.” The release, titled “It’s Not Me,” warned investors about fake videos of him posted on YouTube.
The letter, which is likely to be his last as Berkshire CEO, will be posted on the company’s website. Buffett will be stepping down from the job at year-end after 60 years in the role. Veteran Berkshire executive Greg Abel is set to succeed him; Buffett will continue to serve as chairman.
Abel will write the annual shareholder letter in early 2026, and Buffett won’t appear on stage at Berkshire’s annual meeting in May. This means Buffett’s future communication with Berkshire holders may be limited after the missive Monday.
Buffett has released letters around Thanksgiving in the past two years. Both have addressed similar topics to the ones he plans to deal with this year, notably Berkshire and philanthropy.
He also wrote last year about his good fortune to have been born as a white male in the U.S., given the greater opportunities for white men during much of his lifetime.
In the coming letter, Buffett may reiterate confidence in Berkshire’s outlook under Abel’s direction. He could highlight the company’s strengths, including a balance sheet with over $300 billion in cash, a diversified earnings base of close to $50 billion annually after taxes, and a distinctive culture of high integrity, accountability, and alignment of management with a shareholder base of about three million.
In last year’s letter, Buffett expressed confidence in the ability of his three children, each close to 70 years old, to give away his fortune in a decade or more after his death. Buffett’s wealth consists almost entirely of his $147 billion stake in Berkshire Hathaway.
He wrote that giving decisions would need to be unanimous among the three, something that his friends felt might be unworkable but that he felt important in insulating his children from outside pressures.
Buffett also ruminated on mortality, writing that “Father time always wins. To date, I’ve been lucky, but, before long, he will get around to me.”
In the 2023 letter, he addressed Berkshire’s future. “Decay can occur at all types of large institutions, whether governmental, philanthropic or profit-seeking,” he said. “But it is not inevitable. Berkshire’s advantage is that it has been built to last.”