The Oracle of Omaha is preparing to step down, with the legendary investor stating that age is finally catching up to him.
Warren Buffett says he will no longer write the multinational conglomerate’s popular annual newsletter or be “talking endlessly at the annual meeting.” Buffett made the announcement in a November 10 news release, saying he’s “going quiet.”
Well, “sort of,” he said.
Buffett says he plans to keep speaking with shareholders and his children about Berkshire through his annual Thanksgiving message.
“As Thanksgiving approaches, I’m grateful and surprised by my luck in being alive at 95. When I was young, this outcome did not look like a good bet. Early on, I nearly died,” said the Wall Street veteran.
Despite his age, Buffet says he feels surprisingly “good.”
“Though I move slowly and read with increasing difficulty, I am at the office five days a week, where I work with wonderful people,” he wrote. “I was late in becoming old … but once it appears, it is not to be denied.”
Buffett explained that he plans to spend more time focusing on his lifetime donations to his children, so they can help distribute the fortune he has amassed by investing in lucrative stocks throughout his impressive career. The Oracle of Omaha said he would pledge $1.3 billion worth of Berkshire stock to four family foundations.
Buffett warned his children, themselves in their 60s and 70s, that it would be a “mistake” to expect the same luck he has had in aging.
“All three children now have the maturity, brains, energy, and instincts to disburse a large fortune,” he wrote. “The acceleration of my lifetime gifts to my children’s foundations in no way reflects any change in my views about Berkshire’s prospects.”
Buffett said his handpicked successor, Greg Abel, will take his position as CEO of Berkshire Hathaway in May. Abel will also take on the daunting task of writing the beloved yearly message that accompanies Berkshire’s annual report.
“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,” said Buffett.