Dateline: November 11, 2025
Warren Buffett has published what is effectively his farewell message as Berkshire Hathaway’s CEO, signaling the end of his famed annual report essay and marathon Q&A at the shareholder meeting. In the same message, the 95‑year‑old detailed a fresh phase of his philanthropy and disclosed the conversion and donation of Berkshire stock worth roughly $1.35 billion to four family foundations. He plans to continue communicating each November with a shorter “Thanksgiving” note as he transfers day‑to‑day leadership to vice chair Greg Abel at year‑end. For background and reporting, see coverage from CNN, the Financial Post, and Fortune (Nov. 11) on his updated giving strategy (Fortune).
Key takeaways
- “Going quiet.” Buffett says he will no longer write Berkshire’s annual report or “talk endlessly” at the annual meeting. He will keep a shorter annual Thanksgiving letter, while Greg Abel becomes CEO at year‑end. (See CNN and Financial Post.)
- $1.35B in Berkshire stock donated. He converted 1,800 Class A shares into 2.7 million Class B shares and donated them across four family foundations. (See CNN.)
- Philanthropy reset. Earlier “grand plans” for giving “did not prove feasible,” so he’s empowering his children’s foundations with larger annual grantmaking and accelerating lifetime gifts. (See Fortune.)
- Continuity at Berkshire. Strategy and culture remain intact under Abel; Buffett reiterates his long‑term view and warns shareholders stocks can be “capricious.” (See Financial Post.)
“Going quiet” as the torch passes to Greg Abel
In characteristically plain language, Buffett writes that he will step back from his long letters and marathon annual‑meeting Q&As—“as the British would say, I’m ‘going quiet.’” He adds that Greg Abel “will become the boss at year‑end.” The move formalizes a succession plan Berkshire has telegraphed for years, positioning Abel to lead day‑to‑day operations and investor communications while Buffett stays in touch each November with a concise Thanksgiving note. Reporting from CNN and the Financial Post underscores the continuity message and Abel’s reputation as a disciplined operator.
$1.35 billion in Berkshire stock moves to family foundations
Alongside the letter, Buffett converted 1,800 Berkshire Hathaway Class A shares into 2,700,000 Class B shares and donated them—about $1.35 billion based on recent prices—to four family foundations: the Susan Thompson Buffett Foundation, The Sherwood Foundation, The Howard G. Buffett Foundation, and NoVo Foundation. The structure and timing are consistent with his approach of making large, periodic stock conversions to fund giving while maintaining Berkshire’s long‑term ownership ethos. See CNN’s report for the donation breakdown.
A new roadmap for giving
Buffett notes that some earlier “grand philanthropic plans … did not prove feasible.” Instead, he has trained and empowered his three children as hands‑on stewards and raised their annual grantmaking authority, aiming to distribute the bulk of his fortune more practically and quickly through their existing foundations. He indicates he will step up lifetime gifts so they can finish the job, an approach that aligns with—but evolves—the spirit of his commitment to give away more than 99% of his wealth. For details on this shift—and why he believes his children are ready to lead—see Fortune’s Nov. 11 analysis: Fortune.
What changes—and what doesn’t—for Berkshire
Operationally, the changes are mostly about voice and venue. Abel is expected to lead official investor communications and the annual meeting format will evolve without Buffett’s marathon session. Strategically, the decentralized Berkshire model endures. Buffett reiterates his preference for owning a collection of solid businesses with “moderately better‑than‑average prospects,” led by a few non‑correlated gems, and reminds shareholders that the stock can sometimes fall sharply even when the long‑term trajectory is sound. See the Financial Post’s summary.
Governance notes: CEO health, incentives, and board vigilance
Buffett devotes a portion of his message to governance guardrails. He urges boards to be candid about the risk of executive cognitive decline and to act early when necessary—wisdom drawn from decades of experience. He also argues that some pay‑disclosure rules have grown into sprawling proxy boilerplate that fueled envy more than moderation, a reminder that culture and incentives matter as much as rules. For context, see reporting from the Financial Post.
One last piece of Buffett wisdom
He closes with a line that doubles as life and career advice: “Choose your heroes very carefully and then emulate them.” He also offers a Thanksgiving wish and a reminder to thank America for opportunity—another bow to the temperament and optimism that defined his tenure. See CNN.
Why this matters now
For investors, the letter removes uncertainty around messaging and succession without altering Berkshire’s operating model. For philanthropy watchers, it clarifies execution: empower experienced family foundations and accelerate giving while the principals are in their prime. For corporate leaders, it’s a blunt governance nudge: prepare for succession, mind incentives, and keep the long view. Additional color is available via CNN, the Financial Post, and Fortune’s Nov. 11 coverage (Fortune).
Sources
- CNN: Buffett’s farewell note and donation details — Cnn
- Financial Post: Succession, governance, and “going quiet” — Financialpost
- Fortune (Nov. 11, 2025): Philanthropy reset and family‑foundation plan — Fortune
