Legendary investor Warren Buffett recently released his annual year-end letter, the final one before he retires from Berkshire Hathaway.
Buffett emphasized that he still plans to write such notes in the future. But he also added that he plans to largely “go quiet” as he rides into his professional sunset.
Countless people prize Buffett’s missives for their wit and wisdom. Here are some nuggets of life advice that we teased from his final letter as CEO.
You don’t need a big city’s bright lights to find your way
Most Americans who have visions of becoming a money mogul relocate to a city full of movers and shakers, like New York and its famous Wall Street. But investors also congregate in places such as Chicago, Los Angeles and even Miami.
By contrast, Buffett has spent most of his professional career in his hometown of Omaha, Nebraska. Most people would consider living in “flyover country” to be a hindrance when you are hunting for big deals. But Buffett disagrees:
“Looking back I feel that both Berkshire and I did better because of our base in Omaha than if I had resided anywhere else. The center of the United States was a very good place to be born, to raise a family, and to build a business.”
Choosing your friends carefully pays off
In his 2025 letter, Buffett praised his partner — the late and legendary Charlie Munger — as his “best pal for 64 years.” Few people are lucky enough to have such a rich and enduring friendship.
Buffett repeated an extraordinary fact about the harmonious nature of his relationship with Munger that underscores the importance of choosing friends who have great character:
“For more than 60 years, Charlie had a huge impact on me and could not have been a better teacher and protective ‘big brother.’ We had differences but never had an argument. ‘I told you so’ was not in his vocabulary.”
Even if you are fortunate, everyone’s luck runs out
In the spring of 2025, Buffett announced that he would step down from his post as CEO of Berkshire Hathaway at the end of 2025. Despite his age, many people regarded the announcement as a shock.
In his recent letter, Buffett alluded to some factors that may have influenced his decision to turn the company over to Greg Abel at the end of the year:
“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.”
Buffett added that Father Time is “undefeated; for him, everyone ends up on his score card as ‘wins.'”
If you can afford to leave a legacy, put it in good hands
Buffett long has ranked among the richest people in the world. At 95 years old, he is naturally planning for the coming day when all of his remaining wealth will pass into other hands.
The Oracle of Omaha says he has found the perfect people — his three children — to use his wealth to try to achieve good things after he’s gone. Buffett’s children were aged 67, 70 and 72 when he wrote the 2025 letter. He says they now have the “maturity, brains, energy and instincts to disburse a large fortune.” He writes:
“They will also have the advantage of being above ground when I am long gone and, if necessary, can adopt policies both anticipatory and reactive to federal tax policies or other developments affecting philanthropy. They may well need to adapt to a significantly changing world around them.”
Then, he wryly adds: “Ruling from the grave does not have a great record, and I have never had an urge to do so.”
It’s how you finish the game, not how you start it
Buffett has said in the past that surrounding yourself with good colleagues and friends can help you become a better person. For Buffett, such folks include Munger, his two wives and many other people he cherishes in his personal and professional lives.
As he writes in his latest letter:
“I’m happy to say I feel better about the second half of my life than the first. My advice: Don’t beat yourself up over past mistakes — learn at least a little from them and move on. It is never too late to improve.”
Money and success aren’t the most important things
Toward the end of his letter, Buffett shares one last important thought: Greatness does not come from accumulating money, publicity or power. Instead, focus on helping others.
“When you help someone in any of thousands of ways, you help the world,” he writes. He then concludes:
“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). Keep in mind that the cleaning lady is as much a human being as the Chairman.”
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