According to Business Insider, Warren Buffett just released what’s likely his final Thanksgiving letter as Berkshire Hathaway CEO before stepping down at year’s end. The 93-year-old investor detailed accelerating his giving plan by converting 1,800 Class A shares into 2.7 million Class B shares worth approximately $1.35 billion to fund charitable organizations led by his children. He reflected extensively on his 64-year friendship with Charlie Munger and connections from his Nebraska hometown. Buffett also dispensed life advice including “You will never be perfect, but you can always be better” and reiterated his long-standing optimism about America’s future.
The beginning of the end of an era
This Thanksgiving letter feels different. Buffett‘s been doing these for three years now, but this one carries the weight of being his last as the actual CEO. He’s stepping down from that role at the end of December, though he’ll remain as chairman. The timing is pretty significant – we’re watching the transition from active leadership to legacy management in real time.
And here’s the thing about that $1.35 billion share conversion. That’s not just some random number. Buffett’s been systematically giving away his fortune for years, but accelerating the timeline suggests he’s serious about getting his affairs in order. He’s 93, after all. The fact that he’s putting his children in charge of the charitable organizations shows he’s thinking about continuity beyond his own lifetime.
The Munger factor
Sixty-four years of friendship. Let that sink in. Most companies don’t last that long, let alone business partnerships. Buffett’s reflection on Munger isn’t just sentimental – it’s a reminder that Berkshire’s success wasn’t a solo act. Their partnership created one of the most remarkable investment records in history.
But what’s really interesting is how Buffett frames this. He’s not just talking about investment strategy or business decisions. He’s talking about connections, relationships, and the Nebraska roots that shaped them both. It’s almost like he’s saying the personal foundation matters as much as the financial one.
The advice that actually matters
“You will never be perfect, but you can always be better.” That’s the kind of practical wisdom that makes Buffett’s letters worth reading. He’s not giving some theoretical business school advice – he’s talking about the day-to-day reality of leadership and decision-making.
And his continued betting on America? That’s consistent, but noteworthy given current economic uncertainties. While many investors are hedging or pulling back, Buffett’s sticking with what worked for decades. It’s a confidence vote in the fundamental strength of the U.S. economy that carries weight because of who’s saying it.
So what happens now?
The transition at Berkshire has been carefully planned for years, but this letter makes it feel more immediate. Greg Abel is waiting in the wings, and the Thanksgiving letters might continue in some form. But they won’t be the same without Buffett as CEO.
Basically, we’re witnessing the gradual sunset of one of the most successful investment careers in history. And Buffett seems determined to go out the way he operated – methodically, generously, and with plenty of homespun wisdom along the way. The Thanksgiving letters might become his primary platform for sharing thoughts once he’s no longer running the show day-to-day.
