Legendary investor Warren Buffett published his latest annual letter on Thanksgiving
In it, he announced that he is handing over the position of CEO of Berkshire Hathaway to Greg Abel starting in 2026. He will no longer write annual reports, which have been published since 1965 and have become a classic of investing, but will continue to address shareholders in an annual thank-you letter.
To give the market time to adapt to the changes, Buffett is leaving part of the Class A shares but has already converted 1,800 shares into 2.7 million Class B shares and transferred >$1.1 billion to four family funds. He is also accelerating the transfer of $149 billion to his children's charitable foundations.
Berkshire is growing at the same time: operating profit +34%, and cash reserves have reached record levels — $381.7 billion.