“To My Fellow Shareholders:
I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m “going quiet.”
Sort of.”
Each year, investors and business leaders look to the shareholders letters of Warren Buffet not for forecasts, but for perspective. For decades, his reflections on Berkshire Hathaway have offered something rare in markets: a long view, anchored in humility, discipline and acceptance of uncertainty.
In November 2025, shareholders received Warren Buffett’s last shareholder letter. Now 95, Buffett has officially passed the torch to Canadian Greg Abel. This year’s letter felt more nostalgic than most, with the Oracle of Omaha reflecting on the improbable luck, friendships, and circumstances that shaped his life.
What has made Buffet’s letters endure is not their commentary on individual stocks. It is their focus on the deeper drivers of success. One of Buffet’s recurring themes is the importance of place. He built one of the world’s most successful businesses while living in Omaha. A far cry from traditional financial centres.
«In 1958, I bought my first and only home. Of course, it was in Omaha, located about two miles from where I grew up (loosely defined), less than two blocks from my in-laws, about six blocks from the Buffett grocery store and a 6-7-minute drive from the office building where I have worked for 64 years.
“New York had unique assets – and still does. Nevertheless, in 1956, after only 1½ years, I returned to Omaha, never to wander again.”
The lesson is not geographical – but philosophical. Stability, community and continuity can be advantages. Constant motion, by contrast, makes noise and favours short-term thinking.
The idea resonates in an industry that equates proximity to information with insight. Yet perspective is rarely a function of location. It is a function of time, independence and clarity of thought. The best decisions can come from stepping back, not leaning in.
As someone who has had the (dis)pleasure of shuttling back and forth between Toronto and Vancouver, these passages hit home. Working in this industry -- our industry -- I was convinced that at some point I would be in Toronto for good. I’m happy to admit I was wrong. Through my journey back to the West Coast, I have realised this city has its own gravitational pull. To borrow Buffett’s words, it’s a place that makes me never want to wander again.
On humility
Perhaps the most striking element of Buffett’s writing is his willingness to acknowledge luck. He has repeatedly pointed out that being born healthy, in a stable country, at a particular moment in history, creates opportunities that talent alone cannot guarantee. Many people with equal intelligence and drive never receive the same opportunities.
“Those who reach old age need a huge dose of good luck, daily escaping banana peels, natural disasters, drunk or distracted drivers, lightning strikes, you name it. But Lady Luck is fickle and – no other term fits – wildly unfair. In many cases, our leaders and the rich have received far more than their share of luck – which, too often, the recipients prefer not to acknowledge. […] In many heavily-populated parts of the world, I would likely have had a miserable life and my sisters would have had one even worse. I was born in 1930 healthy, reasonably intelligent, white, male and in America. Wow! Thank you, Lady Luck. My sisters had equal intelligence and better personalities than I but faced a much different outlook. Lady Luck continued to drop by during much of my life, but she has better things to do than work with those in their 90s. Luck has its limits.”
These sentiments pair well with his reflections about Omaha, about home, community, and the distribution of fortune. As we make our way through the year I’ve been thinking about how much of our trajectory (personally and professionally) comes down to timing, circumstance, and the people around us, as well as which metaphorical banana peels, we managed not to slip on.
While Buffett did not dwell much on specific investments this time, he noted that good ideas still occasionally find him...he just has not heard any he particularly likes. The result? Berkshire is sitting on a staggering cash hoard of just under $382 billion.
It is bittersweet to see Buffett step down from the helm, but he has promised to continue writing an annual Thanksgiving letter to share what is on his mind. And frankly, this year’s letter is a masterclass in expectation setting, humility, long-term thinking, governance, and resilience. Buffett is not selling you the next big thing; he is preparing shareholders for moderate outperformance, inevitable volatility, and a multigenerational transition that prioritizes longevity over headlines.
He also warns, gently but deliberately, about ego, envy, and distorted incentives, the traps that derail many organisations. For anyone managing money, the lesson is simple: build durable structures, avoid disasters, stay patient, acknowledge luck, and get incentives right.
Even after stepping back from CEO duties, Buffett’s writing will remain essential reading not only for investors, but for anyone who cares about stewardship, judgment, and the psychology of decision-making.
10 Investment & Wisdom Quotes from Warren Buffett’s 2025 Thanksgiving Letter
- “Don’t beat yourself up over past mistakes – learn at least a little from them and move on. It is never too late to improve.”
- “Get the right heroes and copy them.”
- “Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better.”
- “Decide what you would like your obituary to say and live the life to deserve it.”
- “Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government.”
- “When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless.”
- “It’s hard to beat The Golden Rule as a guide to behavior.”
- “Our stock price will move capriciously, occasionally falling 50% or so... Don’t despair; America will come back and so will Berkshire shares.”
- “Berkshire has less chance of a devastating disaster than any business I know.”
- “Ruling from the grave does not have a great record, and I have never had an urge to do so.”
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