给巴菲特先生的一封信

Core Insights - Warren Buffett is set to retire from Berkshire Hathaway by the end of 2025, marking the end of an era for the investment community [2] - Buffett's investment philosophy emphasizes value investing, long-term holding, and focusing on intrinsic value rather than short-term market fluctuations [2][3] - His teachings highlight the importance of patience in investing, as well as the necessity of understanding the businesses in which one invests to mitigate risks [3] Investment Philosophy - Buffett's famous quote, "Price is what you pay; value is what you get," serves as a reminder to focus on long-term potential rather than short-term price movements [2] - The principle of buying excellent companies at reasonable prices is emphasized, encouraging investors to prioritize quality over price [2] - The notion that "the stock market is a device for transferring money from the impatient to the patient" underscores the value of maintaining composure during market volatility [3] Economic Insights - During the 2025 Berkshire Hathaway annual meeting, Buffett warned about current trade policies, stating that trade should not be used as a weapon and that trade wars could have severe negative impacts on the economy [4] - He raised concerns about the unsustainable nature of the current fiscal deficit in the U.S., indicating that it requires attention despite the uncertain timeline of its effects [4] - Buffett's cautious stance on Japan's economic policies reflects a broader respect for the complexities of global economics [5] Philanthropy and Personal Values - Buffett has pledged to donate over 99% of his wealth, having already contributed approximately $62 billion through various charitable organizations, which redefines the meaning of success [5] - His simple lifestyle, living in a house purchased in 1958 for $31,500, exemplifies the idea that true happiness comes from inner fulfillment rather than material wealth [5] - Buffett's quote about planting trees for future generations emphasizes the importance of long-term planning in both investment and life [5] Leadership Transition - Buffett's decision to pass leadership of Berkshire Hathaway to Greg Abel, who has a deep understanding of value investing, instills confidence in the company's future [6] - Abel's long tenure within the company and Buffett's continued advisory role are seen as positive indicators for the stability and continuity of Berkshire's values and culture [6] Legacy - Buffett's teachings and philanthropic efforts will continue to inspire investors and individuals alike, reinforcing the principles of patience, rationality, and responsibility in both investing and life [7]