Warren Buffett will no longer write letters to accompany his company Berkshire Hathaway’s annual report or take questions at the company’s annual shareholder meeting, he said in a letter released Monday.
“I’m going to ‘be quiet,’ as the British say,” he wrote. “So-so.”
Even after Greg Abel takes over as Berkshire’s CEO at the end of the year, Buffett will continue to share his Thanksgiving message with shareholders and interested parties.
There will definitely be more interest. Over the course of 95 years, Buffett has earned a reputation not only as a legendary investor but also as a man with the secret to a better life.
In his latest letter, Buffett took a moment to reflect and assured his fans that there’s still work to be done and time to get what they want.
“I’m happy to say that the second half of my life feels better than the first,” he wrote. “My advice is, don’t beat yourself up for your past mistakes. Learn at least a little from them and move on. It’s never too late to improve.”
Buffett’s advice for living a rich life
In his letter, Buffett cited one of his longtime pieces of life advice: “Consider your legacy and work backwards.”
Buffett recalled the story of Alfred Nobel, who was said to have been horrified by the sight of an incorrectly printed obituary. The move prompted Buffett to “change his behavior,” Buffett wrote. Nobel, previously famous for his invention of dynamite, is now associated with an award that bears his name.
“Don’t rely on news media mix-ups. Decide what you want to say in your obituary and live the life you deserve,” Buffet wrote.
One way to do this is to emulate the people you most admire, Buffett wrote. “Choose your heroes carefully and then emulate them. You’ll never be perfect, but you can always be better.”
Another way is to refocus your ambitions.
Buffett wrote, “Greatness does not come from amassing huge amounts of money, great name recognition, or great power in government.” “When you help someone in any one of a thousand ways, you help the world. Kindness is cheap, but it’s also priceless.”
Buffett writes that no matter what your goals are, if you follow the “Golden Rule” of treating others as you would like to be treated, regardless of their position, you are unlikely to make a mistake.
“Please keep in mind that the cleaning lady is just as much a human being as the Speaker,” he wrote.
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