Analysis of the Warren Buffett "Going Quiet" Letter (November 10, 2025)

Part I: The "Going Quiet" Letter: Full Text and Core Components#

On November 10, 2025, Berkshire Hathaway issued a press release that marked the formal beginning of a long-anticipated leadership transition. The document, reproduced here, is not merely a valedictory message but a multi-faceted strategic communication. It is designed to execute a major philanthropic action, provide an unequivocal endorsement of new leadership, and codify the cultural and philosophical principles that Warren Buffett, at age 95, intends to be his lasting legacy.

A. The Full Script: Berkshire Hathaway Press Release, November 10, 2025#

BERKSHIRE HATHAWAY INC. NEWS RELEASE FOR IMMEDIATE RELEASE November 10, 2025

Omaha, NE (BRK.A; BRK.B) –...source

(Excerpted text indicates reflection on a near-fatal appendectomy in 1938, time in St. Catherine's Hospital, and simple childhood in Omaha).

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. Through dumb luck, I drew a ridiculously long straw at birth.

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.

(Excerpted text indicates reflections on other Omahans Stan Lipsey, Walter Scott Jr., and Don Keough).

Those who reach old age need a huge dose of good luck... "To my surprise, I generally feel good,"... "Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people.".

I would like to keep a significant amount of 'A' shares until Berkshire shareholders develop the comfort with Greg that Charlie and I long enjoyed. That level of confidence shouldn't take long. My children are already 100 percent behind Greg as are the Berkshire directors..

To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts to their three foundations.. My plan to eventually give away my money after retirement at an accelerated pace, "in no way reflects any change in my views about Berkshire's prospects" after Abel takes over as CEO..

(Excerpted text on CEO Compensation: Buffett noted that reform efforts requiring salary disclosure, designed to “embarrass” CEOs, had the opposite effect.) "The CEO of company 'A' looked at his competitor at company 'B' and subtly conveyed to his board that he should be worth more. Of course, he also boosted the pay of directors and was careful who he placed on the compensation committee. The new rules produced envy, not moderation. Envy and greed walk hand in hand.”.

At the end of his latest letter, Buffett offered a few final words of personal wisdom:

• "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.".

• "Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any of thousands of ways, you help the world.".

• "Keep in mind that the cleaning lady is as much a human being as the Chairman.".

• "Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better.".

"Kindness is costless but also priceless.”.

I wish all who read this a very happy Thanksgiving. Yes, even the jerks; it's never too late to change..

* * * * * * * * * * * *

Contact: Marc D. Hamburg 402-346-1400 – End –

.

B. Point-by-Point Deconstruction: An Expert Exegesis#

This letter is a precisely engineered document. Its components are designed to work in concert to manage a transition of unparalleled scale in modern corporate history.

1. The Announcement: "I'm 'Going Quiet.' Sort Of."#

The letter's opening salvo is a classic example of Buffett's use of folksy understatement to deliver seismic news. By stating he will "no longer be writing Berkshire's annual report or talking endlessly at the annual meeting" , he formally relinquishes the two main platforms that defined his six-decade tenure. This act officially passes the torch for day-to-day leadership and shareholder communication, naming Greg Abel as "the boss at yearend".

However, the most significant phrase is the addendum: "Sort of". This is not a throwaway line. It is a strategic clarification. He confirms he will "continue talking to you... via my annual Thanksgiving message".

This distinction is critical. Buffett is separating the statutory job of CEO from the cultural role of Chairman and Founder. He is ceding the quarterly and annual responsibilities—the mechanics of the job—to Abel. But he is retaining the role of cultural steward, offering wisdom and philosophy in a new, more informal format. He is moving from CEO to, in his own way, a Chairman Emeritus in spirit, even while retaining the formal Chairman title.

2. The Philanthropic Action: A Strategic Acceleration#

The letter does not just contain words; it is the accompaniment to a significant financial action. The conversion of 1,800 Class A shares into 2,700,000 Class B shares and their subsequent donation, valued at approximately $1.3 billion to $1.35 billion , is the "walk" to his "talk."

Table 1: Summary of Philanthropic Donations (November 10, 2025)

The purpose of this action is explained in one of the letter's most revealing sentences. Buffett states he must "step up the pace of lifetime gifts" to "improve the probability that they [his children] will dispose of what will essentially be my entire estate before alternate trustees replace them".

This is a sophisticated move in multi-generational estate planning. Buffett is solving for a problem of control and intent. His children—Susie (Sherwood), Howard (Howard G.), and Peter (NoVo)—run these specific foundations. He trusts their values. By accelerating the pace of his gifts now, he ensures that his children, rather than a future, faceless board of "alternate trustees," will be the ones executing his philanthropic mandate. He is actively preventing his fortune from becoming a slow-moving, self-perpetuating bureaucracy after his family is no longer in control.

3. The Personal Reflections: Codifying the Culture#

The letter's reminiscing is not idle nostalgia. Each personal story is a parable for a core Berkshire Hathaway value.

• Luck and Omaha: By reflecting on his "luck" at being 95 , his near-death from appendicitis in 1938 , and drawing a "ridiculously long straw at birth" , Buffett is delivering a final lesson in humility. This is the antidote to the executive hubris he so often criticizes. His praise for his "base in Omaha" reinforces the value of contrarianism and insulating oneself from the herd-like mentality of Wall Street.

• Charlie Munger: The tribute to his six-decade partner codifies the Berkshire model for decision-making. "We had differences but never had an argument" is the ideal. It champions a culture of rational, ego-less disagreement focused on the problem, not the person. The line, "'I told you so' was not in his vocabulary" , is a direct instruction for future managers: success does not grant you the right to gloat.

4. The Final Lessons: A C-Suite and Life Critique#

In his closing, Buffett offers two of his most potent critiques, one aimed at corporate governance and the other at human nature.

• On CEO Compensation: This is the letter's sharpest corporate governance observation. Buffett argues that well-intentioned regulatory reforms, like mandating salary disclosure, "backfired". Rather than "embarrassing" CEOs into moderation, transparency simply provided perfect, public data for peer-group comparison. "The CEO of company 'A' looked at his competitor at company 'B' and subtly conveyed to his board that he should be worth more". The regulation, he argues, ignored the powerful human motivators of "envy and greed" , which it inadvertently fueled.

• On Humanity and Legacy: His final aphorisms—"Kindness is costless but also priceless" , "the cleaning lady is as much a human being as the Chairman" , "Choose your heroes" —are the ultimate synthesis of his life and investment philosophy. He is arguing that character is capital. The disarming, humorous sign-off wishing "even the jerks" a happy Thanksgiving is a final plea for rationality and decency, cementing the Berkshire brand as one that, at its core, stands for more than just financial returns.

Part II: The "What It Doesn't Mean" Analysis: Rebutting Common Misinterpretations#

The release of this letter has, predictably, generated a significant volume of first-level, knee-jerk analysis. The most value is derived from identifying what this historic moment does not mean.

A. For the Market: It Doesn't Mean the "Buffett Premium" Vanished Overnight#

• The Common Narrative: Berkshire Hathaway's (BRK.B) stock has underperformed the S_P 500 in 2025, with a 9-10% gain versus the market's 14.4%. The stock's muted (ticking down 0.4% ) reaction to the letter is seen as proof that the "Buffett Premium"—the extra valuation investors assign to the stock due to Buffett's presence—has "disappeared".

• The Expert Rebuttal: This interpretation is fundamentally flawed and misreads the timeline and the data.

  1. The Transition Was Already Priced In: This succession is not a November 10, 2025 shock. Greg Abel was publicly named the successor in 2021. Buffett announced his intention to step down in May 2025. The market's "shock" already occurred: Berkshire shares fell roughly 5% in May after that announcement. The November letter is the formalization of a long, public, and stable transition. The lack of a significant market drop on November 10 is not a sign of indifference; it is a sign of success and market acceptance of the transition plan.

  2. BRK's Model is Counter-Cyclical: Berkshire lagging a strong, bull-market rally is a feature, not a bug. As noted by Morningstar, the firm "tends to lag the broader market during major rallies". The "Buffett premium," if it ever existed in that simple form, "hasn't been there for a while". Berkshire is structured for long-term compounding and resilience in downturns, not for winning a short-term race against a frothy S_P 500.

  3. The Underperformance is Driven by Real Headwinds, Not Sentiment: The market is not pricing in sentiment about Buffett's retirement; it is pricing in tangible economic and political challenges to Berkshire's core operating businesses. An analyst downgrade from Keefe, Bruyette & Woods (KBW) prior to the letter cited these specific, non-Buffett-related headwinds.

Table 2: Berkshire Hathaway Headwinds (Q4 2025)

Therefore, the market is not panicking about Abel. It is rationally, and perhaps temporarily, pessimistic about the core economic engines of Berkshire in the current political and interest-rate environment.

B. For Berkshire Hathaway: It Doesn't Mean a Philosophical Coup#

• The Common Narrative: The "Oracle" (Buffett), a hands-off investor, is being replaced by "The Manager" (Abel), a hands-on operator. This will trigger a "philosophical coup," where the famed Berkshire culture of decentralized, value-driven capital allocation is replaced by a conventional, operationally-focused corporate structure.

• The Expert Rebuttal: This presents a false dichotomy. The transition is one of complementary evolution, not revolution.

  1. Abel is a Product of the Philosophy: Abel is not an outsider. He is "steeped in Berkshire's investing philosophy". Buffett himself has repeatedly endorsed him, stating Abel "understands capital allocation as well as I do". Charlie Munger described him as a "sensational business leader" and, crucially, "a tremendous learning machine". He has been groomed for this exact role for years.

  2. The "Operator" Skillset is What Berkshire Needs Now: A $1.1 trillion conglomerate with massive, complex operating businesses like BNSF and Berkshire Hathaway Energy (BHE) cannot be run by a hands-off investor alone. It requires deep operational excellence. Abel's skill set is additive, not a replacement. He demonstrated this by "taking the lead" on the OxyChem deal , proving he can integrate the investment and operational playbooks.

  3. The Governance Structure Ensures Continuity: Buffett is not gone. He is remaining as Chairman , providing a critical governance backstop.

  4. The "A" Share Backstop: The most strategically important and overlooked statement in the letter is Buffett's plan to retain a "significant amount" of his Class A shares. This is the lynchpin of the entire transition.

The logic behind holding these shares, which have 10,000 times the voting power of B shares , is not sentimental. While the letter states he will hold them until shareholders "develop the comfort with Greg [Abel] that Charlie and I long enjoyed" , the true purpose is a strategic, defensive governance move.

Buffett is using his controlling voting power as a fortress to provide air cover for Abel. It sends an unassailable message to any potential activist investor or short-seller who might see a new CEO as an opportunity to agitate for a breakup or a massive, immediate dividend. Buffett is providing a "stability bridge" that allows Abel to make the same kind of long-term, rational, and sometimes unpopular decisions that Buffett did, without fear of a short-term shareholder revolt. He is, in effect, lending Abel his ultimate weapon: his controlling vote.

C. For Value Investors: It Doesn't Mean Value Investing is Dead#

• The Common Narrative: The high priest of value investing is retiring. His firm's stock is lagging the S_P 500. His hand-picked successor is an "operator," not a "value guru." This, combined with a decade where value strategies have lagged growth , is the final nail in the coffin for the philosophy.

• The Expert Rebuttal: This letter is the opposite. It is a powerful, final reaffirmation of value investing's core principles.

  1. It's the End of an Icon, Not an Idea: Buffett's retirement does not invalidate the simple, powerful mathematics of buying assets for less than their intrinsic worth. Value investing has always been a "reliable discipline" , and as many of its practitioners note, its prospects are "always brightest when the rest of the world loses faith".

  2. The Cash Pile Is the Philosophy: Berkshire is sitting on a $381.7 billion cash pile. Critics view this as a failure of capital allocation. A true value investor understands this is the ultimate act of discipline. In an overvalued market where Buffett has warned of "overstretched valuations" and no "elephants" at "fair prices" , the only rational move is to wait. This cash hoard is the physical manifestation of "be fearful when others are greedy". It is the "dry powder" waiting for the "fat pitch".

  3. **The Letter is a "How-To" Guide: The letter's final lessons are the lessons of value investing:

     • Patience: He has cited his 30-year holds in Coca-Cola and American Express as a "secret sauce".

     • Emotional Control: "Don't beat yourself up over past mistakes".

     • Ignore the Herd: His celebration of Omaha is a lesson in avoiding the "noise" of the market.

     • Focus on Fundamentals: His entire career is the blueprint for determining the "intrinsic value" of a business.

This letter is not a funeral for value investing; it is a graduation. For decades, many investors could simply outsource their value investing thesis by buying BRK stock. Now, that crutch is gone. Buffett's final act is to force investors to stand on their own: to do the work, to have the patience, and to trust the principles rather than the person.

Part III: The Abel-Led Berkshire: Continuity, Change, and Capital Allocation#

This section provides a forward-looking analysis of the post-Buffett era. The central challenge for Berkshire Hathaway shifts from accumulation (Buffett's 60-year-tenure) to optimization and redeployment (Abel's mandate).

A. The New Leadership Dynamic: From "Oracle" to "Operator"#

The leadership change is not just in name; it's a change in style and focus, which is necessary for a conglomerate of this size. The "investor" vs. "operator" narrative is correct in its description but wrong in its implication of conflict.

Table 3: Leadership Style Comparison: Buffett vs. Abel

This shift is essential because of the "law of large numbers" that Buffett himself has warned about. Berkshire cannot deliver its historic 19.9% compound annual returns by just buying stocks anymore. Its future returns will be driven by operational efficiencies at BNSF, managing the green energy transition at BHE, and finding synergies between its 60+ subsidiaries. Buffett bought the assets; Abel is the executive to run them.

B. The $381 Billion Question: Confronting the Cash Hoard#

Greg Abel's single greatest challenge is inheriting a $381.7 billion cash pile. This cash, which was a "fortress" for Buffett, is a headache for Abel. It acts as a massive drag on returns on equity (ROE) and is earning less in a potentially falling interest rate environment.

The pressure on Abel to do something will be immense.

1. Shareholder Pressure: Analysts are already "clamoring" for more details and, critically, for Berkshire to "finally pay a dividend". This is a move Buffett always resisted, as he preferred to reinvest profits.

2. Market Pressure: Buffett's excuse of "no elephants" will wear thin. Abel must find a way to deploy this "firepower" or risk his reputation.

This cash pile represents the "ultimate poisoned chalice". It gives Abel unparalleled power to make a multi-hundred-billion-dollar acquisition that could define his legacy. However, it also lowers his margin for error to zero.

• If he buys a giant "elephant" and it performs poorly, he will be compared unfavorably to Buffett.

• If he is too patient and sits on the cash, the performance drag will also lead to unfavorable comparisons.

• If he issues a dividend, he will be seen as the CEO who broke Buffett's most sacred rule, signaling the end of the growth era.

His first major capital allocation decision with this cash will be the most-scrutinized business decision of the coming decade.

Part IV: Concluding Analysis: A Masterclass in Succession#

Warren Buffett's November 10, 2025, letter is far more than a farewell. It is the final, practical lesson from a six-decade "masterclass" in business. It is not an ending; it is a transfer of responsibility.

1. It is a Masterclass in Succession: He did not just name a successor; he groomed one for years. He endorsed him unequivocally ("I can't think of a CEO... I would select over Greg," ). And, most importantly, he shielded him strategically by remaining Chairman and retaining his high-vote Class A shares. 2. It is a Masterclass in Culture: He used his final platform not to boast about Berkshire's staggering returns , but to codify the culture that produced them: rationality (Munger), patience (the cash pile), humility (luck), and decency (kindness, "even the jerks").

2. It is a Masterclass in Value: He leaves his followers with the ultimate test: Can you follow the principles of value investing now that the icon is "going quiet"? His final act—holding a mountain of cash in an overvalued market —is his last, and perhaps most important, lesson in discipline.

The letter's true meaning is not about an ending. It is about durability. Buffett's ultimate gamble is that he has not built a company; he has built an idea—and that the idea of rational, patient, and decent capital allocation is strong enough to outlive him.

Works cited#

1. Warren Buffett's Farewell Letter: Passing the Torch to Greg Abel and Reflecting on 95 Years of Luck and Lessons | The Acquirer's Multiple®, https://acquirersmultiple.com/2025/11/warren-buffetts-farewell-letter-passing-the-torch-to-greg-abel-and-reflecting-on-95-years-of-luck-and-lessons/ 2. Warren Buffett’s farewell letter to Berkshire Hathaway shareholders: ‘I’m going quiet’ - Key takeaways, https://www.livemint.com/companies/people/warren-buffett-s-farewell-letter-to-berkshire-hathaway-shareholders-i-m-going-quiet-key-takeaways-11762821431354.html 3. Warren Buffett's investor letter may be his last as Berkshire Hathaway's CEO: "I'm 'going quiet.'" - CBS News, https://www.cbsnews.com/news/warren-buffett-shareholder-letter-berkshire-hathaway/ 4. Exiting Buffett plans to hold on to Berkshire stock for now, https://www.digitaljournal.com/business/exiting-buffett-plans-to-hold-on-to-berkshire-stock-for-now/article 5. Why Warren Buffett Says He's Not Selling His Berkshire Stake Just Yet - Investopedia, https://www.investopedia.com/why-warren-buffett-says-he-is-not-selling-his-berkshire-stake-just-yet-11846973 6. Warren Buffett is giving away $1.4 billion just before he retires, and has nearly $150 billion to go | Morningstar, https://www.morningstar.com/news/marketwatch/20251110107/warren-buffett-is-giving-away-14-billion-just-before-he-retires-and-has-nearly-150-billion-to-go 7. Warren Buffett: ‘I’m going quiet’, https://kesq.com/news/2025/11/10/warren-buffett-im-going-quiet/ 8. Buffett strongly backs CEO-designate Abel; to speed up donations, https://kfgo.com/2025/11/10/buffett-strongly-backs-ceo-designate-abel-to-speed-up-donations/ 9. Berkshire Hathaway's Buffett bows out in letter to shareholders | Insurance Insider US, https://www.insuranceinsiderus.com/article/2fkolic47vx6tyl9dilts/all-topics/talent/berkshire-hathaways-buffett-bows-out-in-letter-to-shareholders 10. Warren Buffett delivers final sign-off as Berkshire CEO - Vishal Teckchandani | Livewire, https://www.livewiremarkets.com/wires/warren-buffett-delivers-final-sign-off-as-berkshire-ceo 11. BERKSHIRE HATHAWAY INC. NEWS RELEASE FOR IMMEDIATE ..., https://www.berkshirehathaway.com/news/nov1025.pdf 12. Warren Buffett says he'll keep writing a yearly letter — and plans to 'step up' his charitable giving, https://africa.businessinsider.com/news/warren-buffett-says-hell-keep-writing-a-yearly-letter-and-plans-to-step-up-his/15l5kez 13. Berkshire Hathaway Inc. News Release | Morningstar, https://www.morningstar.com/news/business-wire/20251110088190/berkshire-hathaway-inc-news-release 14. 'I'm Going Quiet': Warren Buffett's Farewell Letter To Shareholders As CEO - NDTV Profit, https://www.ndtvprofit.com/business/im-going-quiet-warren-buffetts-farewell-letter-to-shareholders-as-ceo 15. 'I am going quiet': Warren Buffett says will no longer write annual letters in a poignant note filled with grace - The Economic Times, https://m.economictimes.com/markets/stocks/news/i-am-going-quiet-warren-buffett-says-will-no-longer-write-annual-letters-in-a-poignant-note-filled-with-grace/articleshow/125237750.cms 16. Warren Buffett says he'll keep writing a yearly letter — and wants to keep holding a big chunk of his Berkshire stock, https://africa.businessinsider.com/news/warren-buffett-says-hell-keep-writing-a-yearly-letter-and-wants-to-keep-holding-a-big/15l5kez 17. Warren Buffett awards $750 million to family foundations - Philanthropy News Digest, https://philanthropynewsdigest.org/news/warren-buffett-awards-750-million-to-family-foundations 18. Giving away a fortune: What could Warren Buffett's adult children support?, https://www.ap.org/news-highlights/spotlights/2024/giving-away-a-fortune-what-could-warren-buffetts-adult-children-support/ 19. With Warren Buffett Stepping Down in January, Is Berkshire Hathaway Still a Buy?, https://www.nasdaq.com/articles/warren-buffett-stepping-down-january-berkshire-hathaway-still-buy 20. The End of a Legend: Warren Buffett to Publish His Farewell Letter Tomorrow – Here Are Speculations About Its Content | Bitget News, https://www.bitget.com/news/detail/12560605054655 21. Warren Buffett to release farewell letter today as he transitions- What to expect?, https://www.financialexpress.com/market/warren-buffett-to-release-farewell-letter-today-as-he-transitions-what-to-expect-4037557/ 22. Markets News, Nov. 10, 2025: Stocks Surge on Optimism for Deal to End US Government Shutdown; Palantir Leads Tech Rebound, https://www.investopedia.com/dow-jones-today-11102025-11846476 23. Has the 'Buffett Premium' Gone Away for Berkshire Stock? - Morningstar, https://www.morningstar.com/stocks/has-buffett-premium-gone-away-berkshire-stock 24. Warren Buffett will remain Berkshire Hathaway chairman after Greg Abel takes over as CEO in 2026 - PBS, https://www.pbs.org/newshour/nation/warren-buffett-will-remain-berkshire-hathaway-chairman-after-greg-abel-takes-over-as-ceo-in-2026 25. CEO Succession Planning - What Warren Buffett's Retirement Teaches Us | RHR, https://rhrinternational.com/blog/ceo-succession-planning-what-warren-buffetts-retirement-teaches-us/ 26. Latest Issue | Morning Brew, https://www.morningbrew.com/issues/latest 27. Is this an unmissable opportunity to buy Berkshire Hathaway shares? | The Motley Fool UK, https://www.fool.co.uk/2025/05/07/is-this-an-unmissable-opportunity-to-buy-berkshire-hathaway-shares/ 28. Berkshire Hathaway Faces Headwinds: KBW Downgrades to 'Underperform' - ScanX, https://scanx.trade/stock-market-news/global/berkshire-hathaway-faces-headwinds-kbw-downgrades-to-underperform/23130384 29. Berkshire Hathaway's Q3 Profits Soar 17% Amid Leadership Transition - ScanX, https://scanx.trade/stock-market-news/global/berkshire-hathaway-s-q3-profits-soar-17-amid-leadership-transition/23553671 30. What Leadership Style Does Berkshire Hathaway Use? A Deep Dive, https://quarterdeck.co.uk/articles/what-leadership-style-does-berkshire-hathaway-use 31. The Man Who Must Follow Buffett's 5,000,000% Return Legacy—And Why Investors Are Watching His Every Move - Investopedia, https://www.investopedia.com/greg-abel-warren-buffett-s-successor-11732802 32. This Warren Buffett Stock Was Just Downgraded by a Wall Street Analyst. Here's What Investors Should Know Before Selling. | Nasdaq, https://www.nasdaq.com/articles/warren-buffett-stock-was-just-downgraded-wall-street-analyst-heres-what-investors-should 33. Greg Abel's Blueprint for Berkshire: Why Cash is Still King in Warren Buffett's Empire, https://www.investopedia.com/warren-buffett-greg-abel-cash-11730706 34. 6 takeaways from Warren Buffett's latest investor letter | CFO.com, https://www.cfo.com/news/6-cfo-takeaways-from-warren-buffetts-latest-investor-shareholder-letter/740773/ 35. As Warren Buffett '51 Steps Down, Leading Figures in Investing Share Their Reflections, https://business.columbia.edu/insights/finance-economics/warren-buffett-steps-down-investing-legend-reflections 36. Berkshire Hathaway's $9.7B OxyChem Bet: What Warren Buffett's Latest Move Means for Investors - Kavout, https://www.kavout.com/market-lens/berkshire-hathaway-s-9-7-b-oxy-chem-bet-what-warren-buffett-s-latest-move-means-for-investors 37. Warren Buffett’s long goodbye: 3 years of selling, $382 billion in cash as clock ticks on his Berkshire tenure, https://m.economictimes.com/markets/stocks/news/warren-buffetts-long-goodbye-3-years-of-selling-382-billion-in-cash-as-clock-ticks-on-his-berkshire-tenure/articleshow/125103747.cms 38. Berkshire Hathaway's profits rise 17% as Warren Buffett prepares to step down as CEO, https://www.barchart.com/story/news/35846230/berkshire-hathaway-s-profits-rise-17-as-warren-buffett-prepares-to-step-down-as-ceo 39. From the hockey rink to the boardroom: How Greg Abel skated his way to Berkshire Hathaway's top spot - The Economic Times, https://m.economictimes.com/news/international/global-trends/greg-abel-can-warren-buffetts-chosen-successor-keep-berkshire-hathaway-on-track/articleshow/117463901.cms 40. Value Investing Is Poised To Rise From The Dead - FastBull, https://www.fastbull.com/news-detail/value-investing-is-poised-to-rise-from-the-4328891_0 41. Value vs Growth Investing Isn't So Simple - Kiplinger, https://www.kiplinger.com/investing/value-vs-growth 42. Focus Investor | PDF | Value Investing | Warren Buffett - Scribd, https://www.scribd.com/document/158913170/Focus-Investor 43. Is Value Investing Still Relevant? - The Successful Investor Inc - TSI Network, https://www.tsinetwork.ca/daily-advice/value-stocks/is-value-investing-still-relevant-absolutely-if-done-correctly 44. To those concerned/panicking about Berkshire Hathaway's recent slump. : r/BerkshireHathaway - Reddit, https://www.reddit.com/r/BerkshireHathaway/comments/1m1s95n/to_those_concernedpanicking_about_berkshire/ 45. Warren Buffett’s Berkshire Hathaway cash pile hits record $381.7 billion — the biggest corporate war chest, https://m.economictimes.com/news/international/us/warren-buffetts-berkshire-hathaway-cash-pile-hits-record-381-7-billion-the-biggest-corporate-war-chest-in-u-s-history-sparks-investor-debate-on-whats-next/articleshow/125021781.cms 46. Stocks Falling? Warren Buffett Says Do This Instead - Investopedia, https://www.investopedia.com/stocks-falling-warren-buffett-says-do-this-instead-11846212 47. Warren Buffett Just Sent a Powerful Message - YouTube, https://www.youtube.com/watch?v=XI6BMpKX-W8 48. Q2 2016 Market Review & Outlook - CMG Capital Management Group, http://www.cmgwealth.com/wp-content/uploads/2016/09/Morgan_Creek.pdf 49. Key Takeaways from Warren Buffett's Annual Letter 2023 - Worth Magazine, https://worth.com/key-takeaways-warren-buffett-annual-letter-2023/ 50. The Ultimate Guide on How to Value a Business – Warren Buffett | The Acquirer's Multiple®, https://acquirersmultiple.com/2016/11/the-ultimate-guide-on-how-to-value-a-business-warren-buffett/ 51. Warren Buffett prepares to step down as 'Father Time' catches up - The Independent, https://www.independent.co.uk/news/world/americas/warren-buffett-berkshire-hathaway-ceo-letter-b2862530.html 52. The Oracle of Omaha and Long-Term Investing - NEI Investments, https://www.neiinvestments.com/content/nei/en/insights/the-oracle-of-omaha-and-long-term-investing.html