Warren Buffett published his last annual address as CEO of Berkshire Hathaway (NYSE:BRK, BRK.B)) earlier this week, urging the company's "unusually generous" shareholders to act kindly and decently in an increasingly greedy world.
"Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government," the billionaire investor wrote.
"When you help someone in any of thousands of ways, you help the world," he continued. "Kindness is costless but also priceless. Whether you are religious or not, it's hard to beat The Golden Rule as a guide to behavior."
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Warren Buffett offers advice
For decades, Buffett has been dispensing life advice in his missives to shareholders, which has helped establish him not just as an accomplished businessman, but also as someone who has mastered the secrets to living a better life.
Buffett told shareholders these insights haven't come without struggle.
"I write this as one who has been thoughtless countless times and made many mistakes but also became very lucky in learning from some wonderful friends how to behave better (still a long way from perfect, however)," he continued.
Buffett also reminded readers that those mistakes haven't defined his life, nor should they define theirs.
"My advice: Don't beat yourself up over past mistakes — learn at least a little from them and move on," he wrote. "It is never too late to improve. Get the right heroes and copy them. You can start with Tom Murphy; he was the best."
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Murphy spent decades as the CEO of Capital Cities Communications and was one of the masterminds behind the broadcaster's merger with ABC and eventually Disney (NYSE:DIS). He was a close friend of Buffett's and served on Berkshire Hathaway's board until 2022, when he resigned following a battle with COVID. He died later that year.
A transition point for Buffett
Buffett's letter to shareholders comes at a similar transition point in his career. In May, he announced that he'd be stepping down as CEO of Berkshire Hathaway by the end of the year, naming long-time lieutenant Greg Abel as his successor.
"As the British would say, I'm ‘going quiet.' Sort of." Buffett wrote at the start of this year's annual letter.
"I will continue talking to you and my children about Berkshire via my annual Thanksgiving message," he continued. "Berkshire's individual shareholders are a very special group who are unusually generous in sharing their gains with others less fortunate. I enjoy the chance to keep in touch with you."
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At 95, Buffett has long surpassed traditional retirement age. While he wrote that he "generally feel[s] good," he acknowledged that physical diminishment has pushed him to a point where a step back is necessary.
"When balance, sight, hearing and memory are all on a persistently downward slope, you know Father Time is in the neighborhood," he wrote.
Age may have impacted his ability to put in the long weeks, but it's only increased his wisdom, he said.
"Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better," was his closing advice.
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