Warren Buffett, the legendary chairman and CEO of Berkshire Hathaway, recently posted powerful and poignant reflections on his life and health. He articulated these vision points in a pragmatic and clarifying letter to shareholders made public before the annual meeting. The 93-year-old investor, who heroically battled prostate cancer in 2012, understands that time stops for no one. It’s the first time that he’s really felt its effects on his life. Even as Buffett continued to face health challenges, he remained buoyantly confident about the future of his company. He’s equally unreservedly confident of his successor, Greg Abel.
Buffett has maintained a rigorous schedule, going into the office five days a week to search for valuable business ideas that could benefit Berkshire Hathaway. He did confess to becoming quite a bit frailer, having trouble with mobility and reading as a result, a testament to the burdens that advancing age can carry.
Reflecting on his upbringing in Omaha, Nebraska, he remarked, “Through dumb luck, I drew a ridiculously long straw at birth.” This great appreciation for the friendships that have defined his career and life permeates this sentiment. It’s no coincidence that many of those friendships created the foundation for Berkshire’s impressive outperformance over the years.
As for philanthropy, Buffett is all in. In the last week, he personally announced $1.3 billion in new charitable gifts into four family foundations controlled by his children. This latest move builds on his legacy of providing for the community and supporting education, athletics and health initiatives among other charitable endeavors.
Buffett announced plans to update shareholders with Thanksgiving letters going forward. He made clear that, contrary to speculation on his succession, he will remain as chairman of Berkshire Hathaway. Beginning in January, Greg Abel will be responsible for the legendary annual letter and will respond to shareholder inquiries at the annual meeting.
“He understands many of our businesses and personnel far better than I now do, and he is a very fast learner about matters many CEOs don’t even consider. I can’t think of a CEO, a management consultant, an academic, a member of government – you name it – that I would select over Greg to handle your savings and mine.” – Warren Buffett
Buffett’s reflections are a reflection of his triumph over tragedy, his commitment to his work and family, and his service to others. As a child, he spent a few weeks in the hospital after an appendectomy. Today, he vividly remembers this formative experience, saying that he fingerprinted the nuns that looked after him, in case they became criminals in their spare time.
