At 95, Warren Buffett has penned his last letter to Berkshire Hathaway shareholders. It’s part memoir, part farewell, and part final investing lesson from the man who has long been Wall Street’s conscience. Here are his most striking lines and what it means for markets.

The farewell

For nearly 60 years, Warren Buffett’s annual letter to Berkshire Hathaway shareholders has been required reading for anyone interested in investing. A blend of plainspoken wisdom, quotable quotes, market lessons, and stories from a life at the heart of American capitalism.

But this year’s message was different. It was Buffett’s last: a more personal, reflective sign-off, marking the end of an era.

As he put it plainly:

"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."

Buffett confirmed that Greg Abel will step in as Berkshire Hathaway’s CEO at yearend, calling him “a great manager, a tireless worker and an honest communicator” and encouraging shareholders to “wish him an extended tenure.”

With that, Buffett’s legendary run as the voice of Berkshire is officially over, capping a tradition that shaped how generations thought about business, leadership, and markets.

Buffett on today's volatile markets and the coming swing

Buffett’s final letter returned to one of his most enduring themes: the unpredictable, often irrational nature of markets, and the importance of investor resilience. He didn’t sugarcoat the reality of volatility, reminding readers that even Berkshire Hathaway’s own share price has suffered brutal swings over the decades. He even warned it may be about to happen again.

"Our stock price will move capriciously, occasionally falling 50% or so as has happened three times in 60 years under present management. Don’t despair; America will come back and so will Berkshire shares."

He urged investors not to panic during downturns, emphasising that enduring through cycles is part of the journey. The lesson: price swings are a feature, not a bug, of investing, and faith in the market’s long-term prospects is non-negotiable in his playbook.

As ever, Buffett wanted shareholders to understand what sets Berkshire apart in times of trouble. He described Berkshire’s structure — built on conservative financial management, diverse holdings, and a fortress-like insurance float — as an almost unrivaled shield against catastrophe.

"Berkshire has less chance of a devastating disaster than any business I know."

Buffett blasts executive pay

Buffett didn’t hold back in his final commentary on one of his perennial frustrations: the escalation of CEO compensation and the culture of envy it feeds. He drew a direct line between the disclosure of executive pay and the ever-rising arms race among corporate leaders.

"The ratcheting took on a life of its own. What often bothers very wealthy CEOs – they are human, after all – is that other CEOs are getting even richer. Envy and greed walk hand in hand."

I love that last bit.

Buffett has long seen excessive executive pay and boardroom groupthink as a danger to both shareholders and the integrity of the wider market. His final word on the subject is a caution to resist short-termism, self-interest, and the corrosive power of envy at the top.

The man behind the message

For all the financial lessons, Buffett’s last shareholder letter is as much about character as capital. He punctuates his farewell with lines that reveal the dry humour and humility that made him so widely trusted.

His last words aren’t about money, but about living well and treating others decently.

"I wish all who read this a very happy Thanksgiving. Yes, even the jerks; it’s never too late to change. Remember to thank America for maximizing your opportunities."

And his final guidance, equal parts wisdom and wit:

"Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better."

So good. Are we sure this has to be his last?!

Berkshire’s future and scale: A new era, steady expectations

Finally, Buffett didn’t promise fireworks for Berkshire’s future — just solid stewardship and realistic expectations. He acknowledged the sheer scale of the conglomerate, cautioning shareholders that the company’s enormous size inevitably acts as a brake on growth, even as it remains a powerhouse in American business.

"In aggregate, Berkshire’s businesses have moderately better-than-average prospects, led by a few non-correlated and sizable gems. However, a decade or two from now, there will be many companies that have done better than Berkshire; our size takes its toll."

With Greg Abel set to take the reins, Buffett signaled that Berkshire’s days of blockbuster returns may be behind it, but steady, above-average performance is the new benchmark. The message: don’t expect miracles, but count on Berkshire to stay resilient, diversified, and committed to long-term value.