95岁巴菲特“安静离场”，他给出最后的忠告

Core Insights - Warren Buffett, the legendary investor, announced his retirement from writing Berkshire Hathaway's annual reports and speaking at shareholder meetings, marking the end of an era after 60 years of leadership [1][3] - Greg Abel, aged 63, will succeed Buffett as CEO at the end of the year, while Buffett will remain as chairman but will adopt a quieter role [1][4] Transition of Leadership - Buffett praised Greg Abel as an outstanding manager and communicator, expressing confidence in his ability to manage the company and its shareholders' funds [4] - To ensure a smooth transition, Buffett will retain some Class A shares until shareholders feel as confident in Abel as they did in Buffett and Charlie Munger [4] Wealth Distribution - Buffett has converted his 1,800 shares of Berkshire Class A stock into 2.7 million shares of Class B stock and donated these shares to four family foundations, totaling over $1.3 billion [4] - The donations include 1.5 million shares to the Susan Thompson Buffett Foundation and 400,000 shares each to three children's foundations [4] Business Outlook - Despite Buffett's impending retirement, Berkshire's core business remains strong, with a 34% year-over-year increase in operating profit reported for the third quarter [5] - As of September 30, Berkshire held a record $381.7 billion in cash, reflecting a cautious approach in a high-valuation market [5] Investment Philosophy - Buffett's investment principles emphasize contrarian thinking, famously stating, "Be fearful when others are greedy, and greedy when others are fearful" [6][7] - He advocates for investing only in businesses that one understands, defining this as one's "circle of competence" [7] Life Lessons - In his farewell letter, Buffett shared personal reflections, emphasizing the importance of kindness and the value of good deeds over wealth and fame [8] - He encouraged readers to learn from past mistakes and to decide how they wish to be remembered [8]