巴菲特“最后一课”，给普通人哪些忠告？

Core Insights - Warren Buffett has announced his retirement in a Thanksgiving letter, marking the end of his 60-year management era at Berkshire Hathaway [1] - Buffett plans to accelerate the transfer of his $149 billion estate to his children's foundations while retaining sufficient Class A shares to support his successor, Greg Abel [1] - Buffett will no longer write annual reports or give lengthy speeches at shareholder meetings, describing this as a "quiet resignation" [1] Group 1: Transition and Succession - Buffett has expressed high praise for his successor, Greg Abel, stating that no CEO is better suited to manage the company and shareholder funds [1] - The transition is seen as a significant moment for Berkshire Hathaway, with questions about the company's future performance under Abel's leadership [2] Group 2: Financial Performance - Berkshire Hathaway's core business remains strong, with a 34% year-over-year increase in operating profit for the third quarter [2] - As of September 30, Berkshire holds a record $381.7 billion in cash, indicating a robust balance sheet and cautious investment strategy [2] - The company has net sold stocks for 12 consecutive quarters, reflecting Buffett's cautious approach in a high-valuation market [2] Group 3: Investment Philosophy - Buffett's investment philosophy emphasizes long-term value, focusing on companies with core technologies, strong cost control, and good brand effects [3] - He highlights the importance of "margin of safety," only buying when market prices are significantly below perceived value [3] - The future of Berkshire under Abel raises questions about whether he can maintain Buffett's investment legacy [3]