Warren Buffett just wrote his final shareholder letter as CEO.
These are the quotes that stood out to me most.
On Aging
Father Time is undefeated; for him, everyone ends up on his scorecard as “wins.”
When balance, sight, hearing, and memory are all on a persistently downward slope, you know Father Time is in the neighborhood.
I was late in becoming old—its onset materially varies—but once it appears, it is not to be denied.
On Succession
With a little luck, Berkshire should require only five or six CEOs over the next century.
It should particularly avoid those whose goal is to retire at 65, to become “look at me” rich, or to initiate a dynasty.
Stock Performance
Our stock price will move capriciously, occasionally falling 50% or so, as has happened three times in 60 years under present management.
Do not despair; America will come back, and so will Berkshire shares.
On Mistakes
Do not 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.
Conclusion
Warren Buffett’s final shareholder letter as CEO offers timeless wisdom on accepting aging gracefully, building institutions that outlast individuals, and learning from mistakes without dwelling on them.
These principles apply far beyond investing.