Everyone’s talking about Warren Buffett’s final shareholder letter, and for good reason. It is full of incredible life lessons from one of the most incredible men who has ever lived in America.
At 95, the Oracle of Omaha announced he's "going quiet" – stepping back from writing annual reports and his marathon shareholder meeting Q&As. Greg Abel takes over as CEO at year's end. And rather than any grand pronouncement, Buffett spent his final letter teaching us through stories about near-death experiences, childhood friendships, and the "dumb luck" of being born in the right place at the right time.
Like many of you, he has been my favorite CEO/Founder for a long time now. If I had to use one word to describe him, it would be humility, and the second would be loyalty.
Omaha, Nebraska, wouldn’t have been the home of one of the most successful and admired companies on Earth. Yet, he and some of his childhood friends accomplished just that. Charlie Munger worked at his grandfather's grocery store and became his partner for 64 years. Don Keough lived across the street. Stan Lipsey grew up five blocks away. These weren't just business associates. They established 50-, 60+-year partnerships built on trust and shared values. That kind of loyalty is rare at any time, but it seems almost impossible today.
Buffett uses simple language rather than a large vocabulary to complicate his readers. Here is a man who is much more accomplished than the rest of us, extremely well read and wealthy, yet he is down-to-earth. He credits "dumb luck" for his success and acknowledges that his sisters, equally intelligent with better personalities, faced far different outlooks simply because they were born in a different place or as women.
He is taking the time at the end of his life to assure us all, his shareholders as well, that the company is going to be okay, and that he is ok with the fate of his circumstances. Most people in his position would be focused on legacy and control. Buffett is focused on making sure we understand Greg Abel is ready and that it's never too late to improve as a person.
The way he humbly acknowledges his mistakes, and even downplays his successes, is truly one of the most admirable traits I’ve ever witnessed. He writes openly about being "thoughtless countless times," about failures he and Charlie didn't handle well. He reminds us that "the cleaning lady is as much a human being as the Chairman."He is the Oracle of Omaha, yet he does his best to play that role down every chance he gets.
Working with my son Clemons on our Interim HealthCare franchise over the past months, I've been thinking a lot about what is actually passed down. Not the manufactured legacy you see on social media, but the real thing – the values that matter when you work side by side with family.
Near the end of his letter, Buffett writes: "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."
That's the lesson I'm trying to pass to Clemons. Not perfection. Not comparison. Just steady improvement and comfort in your own skin.
Buffett spent his entire life in Omaha, bought one house in 1958, and never moved. He worked from the same office building for 64 years. He built something extraordinary not by chasing the next big thing, but by staying put, staying loyal, and staying true to what mattered.
As he hands Berkshire Hathaway to Greg Abel, Buffett isn't worried about giving up control. He trusts the people he's chosen. And he's using his final public letter to thank Lady Luck, acknowledge his advantages, and remind us all that kindness is costless but priceless.
That's not just good business wisdom. That's a life well lived.
