巴菲特“最后一封信”全文：我“纯属运气好” 但“时间老人”追上来了 我将“保持安静”

Core Points - Warren Buffett announces his retirement as CEO of Berkshire Hathaway by the end of the year, marking a significant transition for the company after his 60-year leadership [1][7] - Buffett's successor, Greg Abel, is expected to lead the company, and Buffett will retain a substantial portion of Berkshire A shares to ensure a smooth transition [1][22] - The announcement has impacted market sentiment, with Berkshire's A shares dropping approximately 8% since Buffett's initial retirement announcement in May [1] Group 1: Succession and Leadership - Buffett emphasizes the importance of avoiding greed in corporate leadership, particularly criticizing excessive CEO compensation and the competitive nature it fosters among executives [2][23] - He warns against hiring CEOs who seek to retire at 65 or aim to create a dynasty, advocating for a focus on long-term value rather than short-term gains [2][22] Group 2: Investment Philosophy - Buffett's investment philosophy contrasts sharply with the rise of speculative assets like cryptocurrencies, promoting a long-term value investment approach [3] - He highlights Berkshire's diverse business portfolio, which includes well-known consumer brands and significant operations in insurance and utilities, as a testament to its enduring value [3][24] Group 3: Philanthropy - Buffett announces a recent charitable donation of 2.7 million shares of Berkshire B stock, valued at approximately $1.3 billion, to family foundations, continuing his commitment to philanthropy [3][4] - He has pledged to donate all his Berkshire stock for charitable purposes, reinforcing his long-standing dedication to giving back [4] Group 4: Corporate Governance - Buffett critiques the unintended consequences of CEO compensation disclosure requirements, which have led to a competitive race among executives for higher pay [23] - He stresses the need for vigilance in corporate governance to prevent potential issues related to executive health and performance [22][23]