On Monday (November 10), Buffett released what is seen by the outside world as his "final work" — the annual letter to shareholders. The "Oracle of Omaha" officially announced that he will no longer personally write the shareholder letters or attend the Berkshire Hathaway annual meeting.
In the letter, Buffett reflected on the value investment principles and wealth accumulation logic he has adhered to for decades, reaffirming his belief in long-term holding and rational investing. However, at this moment of farewell, the other end of the market is still surrounded by the ever-heating crypto craze: despite the fluctuating market, digital assets like Bitcoin (BTC) and Ethereum (ETH) remain the focus of global capital and public opinion.
- Announcing "stepping back": No longer writing annual letters, fading out of the annual meeting
Buffett stated in the letter: "I will no longer write Berkshire's annual report, nor will I give a long speech at the annual meeting. In the words of the British, I am going to 'go quiet'." This marks the end of his role as a public commentator for the company and indicates that the next annual letter to shareholders will be written by his successor.
- Succession plan: Strongly recommending Greg Abel as the new CEO
In the letter, Buffett referred to Abel as "an outstanding manager, a tireless worker, and an honest communicator," writing: "Greg Abel has fully met the high expectations I initially set for Berkshire's next CEO." He emphasized that although he will step back from daily management, he will still hold "a significant amount of the company's shares" as a shareholder to support stability during the transition period.
- Accelerating charitable donations: Speeding up the donation of shares to family foundations
Buffett disclosed in the letter that he will convert Class A shares into Class B shares and donate these shares to four family charitable foundations: including the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation. He noted: "My acceleration of donating shares to the children's foundations during my lifetime does not mean I have any change in my view of Berkshire's prospects."
- Reminder about the company's future and value investing: Challenges brought by scale
Buffett candidly stated that the company's size has become a limiting factor: "Due to Berkshire's size and market levels, there are few viable investment opportunities — but not none." He also reassured shareholders: despite the recent underperformance of stock prices, he still views the company's prospects as "slightly better than average."
- Personal reflections and value messages: Humility, gratitude, long-termism
In the letter, Buffett reflected on himself: "Surprisingly, I feel good overall… I am in the office five days a week, working with outstanding colleagues." He also wrote: "Greatness does not come from accumulating a lot of wealth… When you help others in various ways, you are also helping the world. Kindness is costless, but priceless." His final message to shareholders reminded them: "Choose your role models carefully and strive to emulate them. You will never be perfect, but you can always get better."
As an investment oracle of an era, Buffett has long led the trend of value investing. Looking back at his evaluation of the crypto industry and the actual market performance presents an interesting contrast.
It is well known that Buffett has consistently held a critical attitude towards crypto assets. He has stated: "In terms of digital currencies, I can almost guarantee that they will have a bad ending." He even directly compared Bitcoin to "rat poison." In an interview, he said: "If you told me you owned all the Bitcoin in the world and offered it to me for $25, I wouldn't buy it because what would I do with it?" He believes that cryptocurrencies "cannot produce anything" — they do not produce products, do not provide services, have no cash flow, and lack the measurable "intrinsic value" of traditional investment assets.
Clearly, Buffett holds deep skepticism towards assets that are "only taken away by the next buyer" within the value investment framework.
However, from a market performance perspective, Bitcoin stands in stark contrast to Buffett's Berkshire Hathaway. Data shows that from 2015 to 2025, Bitcoin's cumulative increase is about 319%, meaning that an investment of $1 in 2015 could grow to over $319 by 2025. When broken down annually, Bitcoin has performed particularly strongly in recent years, with an increase of about 155% in 2023 and about 121% in 2024. In contrast, Berkshire Hathaway's returns appear much steadier, with an average return rate of about 13% over the past decade.
At the same time, the new trends in the crypto market are not only reflected in the price increases of mainstream digital currencies like Bitcoin but also in the development of stablecoins, which are quietly changing the market landscape. The emergence of dollar-pegged stablecoins (such as USDT, USDC, etc.) has provided the crypto market with stronger liquidity and trading convenience against a backdrop of high volatility, attracting more institutional funds and providing infrastructure for decentralized finance, cross-border payments, and digital asset applications. This development also highlights a new dimension of value and function within the crypto ecosystem — not only as speculative tools but also, to some extent, taking on the roles of currency substitutes and payment mediums.
Binance founder Changpeng Zhao (CZ) publicly stated in 2018 that he "does not think Buffett understands cryptocurrencies" and that Buffett has "made a big mistake" in this area. He pointed out that crypto assets possess their emerging value and potential, which traditional investment masters may overlook based on their experience and frameworks.
In a tweet, CZ commented on Buffett's refusal to invest in Bitcoin at the time: "No one is right about everything."
Summary:
An investment oracle of an era bids farewell to the public stage, while another era's assets are rapidly rising. Emerging asset classes such as digital currencies, decentralized finance, blockchain technology, and NFTs are not only reshaping global capital flows but also changing people's perceptions of wealth, value, and investment logic. The traditional standards that relied on cash flow and corporate profits are being supplemented or even replaced by indicators such as network effects, protocol usage, and community engagement in the crypto world.
Times are changing, and the financial landscape is rapidly reshaping, with the definition of value entering a more diverse and dynamic phase.
Related: If Bitcoin (BTC) price breaks through $112,000, the next trend may shock traders.
Original article: “When Buffett bids farewell, the world he once despised is rising”
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