巴菲特发布“终极谢幕信”：正式交棒阿贝尔 加速千亿慈善布局

Core Insights - Warren Buffett, at 95, announced his final shareholder letter, marking the end of the Buffett era at Berkshire Hathaway and the transition to the post-Buffett era [2] - The letter highlights three historic decisions: ceasing to write annual letters, transferring CEO responsibilities to Greg Abel, and accelerating his charitable donation plan [2] Leadership Transition - Greg Abel, aged 63, will succeed Buffett as CEO by the end of the year, while Buffett will remain as chairman [3] - Buffett praised Abel's understanding of the company's operations and his rapid learning ability, indicating strong confidence in his successor [3][4] Charitable Donations - Buffett converted 1,800 shares of Class A stock into 2.7 million shares of Class B stock, donating them to four family charitable foundations, valued at over $1.3 billion [5][6] - This decision aligns with Buffett's philosophy of completing wealth transfer during his lifetime, emphasizing the capability of his children to manage the donations effectively [5] Communication Changes - Buffett announced he will no longer write the annual report or hold lengthy shareholder meetings, opting for an annual Thanksgiving message instead [7] - This change signifies a fundamental shift in how Berkshire Hathaway communicates with its investors, reflecting Buffett's acknowledgment of his advancing age [7] Reflections on Omaha - Buffett reflected on the influence of Omaha on his life and career, attributing much of Berkshire's success to the values instilled in him by the Midwest [8] Governance Insights - Buffett acknowledged past governance failures regarding CEO health issues and emphasized the need for boards to remain vigilant about potential CEO incapacitation [10] - He criticized the modern CEO compensation structure, highlighting issues of jealousy and greed among executives [10]