Warren Buffett's last letter as CEO

Hot off the press today.

Here's the letter: https://www.berkshirehathaway.com/news/nov1025.pdf

Highlights:

• Praise for Greg Abel (his successor)

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  • "Greg Abel will become the boss at yearend. He is a great manager, a tireless worker and an honest communicator. Wish him an extended tenure."

• He tells a Charlie story!

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• He hits hard about "dynastic wealth"

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  • "Dynastic inheritors have achieved lifetime financial independence the moment they emerged from the womb, while others have arrived, facing a hell-hole during their early life or, worse, disabling physical or mental infirmities that rob them of what I have taken for granted. In many heavily-populated parts of the world, I would likely have had a miserable life and my sisters would have had one even worse."

    • Ugh. Fire.

• He's hanging onto Berkshire "A" shares, until Greg gets settled in as CEO

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• He's converting 1,800 "A" shares to 2.7 "B" shares to give to his children's charities

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• Him selling the shares shouldn't be taken as a sell signal

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• Don't worry if Berkshire's stock price drops 50%

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• His final thoughts, I won't comment, just read them

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Ugh, I'm sadder about this than I should be.

Luckily, we've got decades of his past writing to help us figure out where things will go in the future.

Thanks, Warren.