Buffett no longer exists in the market, 95 year old stock god bids farewell!! The year 2025 is coming to an end. Brothers, in a few days, Mr. Ba, who is 95 years old, officially announced his retirement. Ending 60 years of leadership over Berkshire Hathaway Probably a major event that cannot be ignored in the annual investment calendar. The investment legend of an era quietly came to an end, but he advocated and practiced the lifelong value investment philosophy, which increasingly shone with the brilliance of wisdom. 1、 Buffett releases farewell letter: graceful exit of 95 year old stock god I will no longer write Berkshire Hathaway's annual report, nor will I speak endlessly at annual meetings. In British words, I will 'remain silent'. That's about it This short letter of a few thousand words contains the triple core of power transfer, wealth planning, and life insights, as well as the wisdom accumulated over time. 1. Power handover: a "reassurance pill" for successors Buffett has clearly announced that Greg Abel, 63, will officially take over as CEO by the end of 2025, and has generously praised his "tireless work attitude and candid communication". In order to help the new CEO win the trust of shareholders, Buffett promised to retain a considerable number of Class A shares and use his credibility to endorse Berkshire Hathaway's future. 2. Wealth planning: Charity is the ultimate destination The most anticipated aspect of Buffett's farewell letter is his charitable plan: converting 1800 Class A shares (approximately $1.3 billion) into 2.7 million Class B shares, which will be immediately donated to four family foundations; At the same time, accelerate the transfer of a total of $149 billion in inheritance to the Children's Foundation - as his children are also over sixty years old. Greatness does not come from wealth, fame, or power, but from good deeds. Kindness is priceless. "This sentence reveals his ultimate understanding of wealth. 3. Life Review: 95 Year Old Luck Started with Rebirth in 1938 Buffett repeatedly emphasized in his letter that "living to the age of 95 is pure luck," and the starting point of this luck was that thrilling night in 1938. At that time, hospitals in Omaha were still divided into "Catholic hospitals" and "Protestant hospitals" according to religion. Family doctor Harry Hotz was a friendly Catholic who always carried a black medical kit when he visited and affectionately called him "Little Captain". One day, Buffett suddenly experienced severe abdominal pain. After the initial diagnosis, Dr. Hotz comforted him and said "it will be fine the next day." After returning home for dinner and playing bridge, he was still worried about those "strange symptoms". Late at night, the doctor returned and urgently sent him to St. Catherine's Hospital for an appendectomy surgery, snatching the 8-year-old child back from the hands of death. During the three weeks of hospitalization, the third grade teacher asked 30 classmates in the class to write letters to comfort Buffett. Buffett humorously said that he had thrown away the letters from the boys and repeatedly read the letters from the girls; Aunt gave Little Buffett a professional fingerprint kit, and he even had all the hospital nuns who took care of him take their fingerprints - at that time, he even fantasized that 'if a nun commits a crime, the FBI can use these fingerprints'. This near death experience made Buffett understand more about the contingency and preciousness of life. 4. Final motto: An investment and life guide for everyone Buffett's letter is a condensed handbook of wisdom: To shareholders, Buffett said, "Stock prices occasionally drop by about 50%... Don't be discouraged, the United States will recover, and Berkshire Hathaway's stock will too; For his successor, Buffett said: Be wary of corporate greed and management self enrichment, "avoid those who only want to retire at 65, strive to become wealthy, or build a family dynasty"; To everyone, Buffett said, "Don't blame yourself for past mistakes - learn from them, it's never too late to improve. Find good examples and emulate them. 2、 Life: The road to a comeback from a newsboy to a stock god The rebirth in 1938 was just the prologue to Buffett's legendary life. From an ordinary boy in Omaha to an investment guru who controls a trillion dollar empire, every step he takes hides the code of 'value investing'. 1. Natural talent first revealed (1930-1950): Buffett bought his first stock at the age of 11 On August 30, 1930, Buffett was born in Omaha, where his father was a stockbroker and congressman. At the age of 6, he went door-to-door selling chewing gum, cola, and magazines. At the age of 11, Buffett used his savings to buy his first stock in life - City Service Preferred Stock. At the age of 14, he saved $1000 (equivalent to the annual income of Americans at that time) through part-time jobs such as delivering newspapers. In 1950, when Buffett graduated from Columbia University at the age of 20, he was already a proud disciple of Benjamin Graham, the father of value investing, laying the foundation for his lifelong investment. 2. Start of entrepreneurship (1956-1965): Buffett started his "living room company" at the age of 26 In 1956, at the age of 26, Buffett returned to Omaha and founded the "Buffett Partnership" in his living room, with an initial capital of only about $100000. In 1965, 10 years later, Buffett's company's market value skyrocketed to $7.18 million, of which $1.025 million belonged to him personally; In the same year, he took control of the bankrupt Berkshire Hathaway textile factory, planting the seeds for a trillion dollar empire. 3. Rise of Empire (1965-2000): From "Cigarette Butt Investment" to "Buying High Quality Enterprises" Buffett's investment philosophy underwent a complete change due to a decision: the $25 million acquisition of Hershey's Candy in 1972, which shifted his focus from "buying low-priced bad companies" through "cigarette butt investments" to "buying high-quality companies at reasonable prices". In 1980, he invested $120 million to buy a 7% stake in Coca Cola and later increased his holdings to 400 million shares, with a total return of over $100 billion; In 1994, Berkshire Hathaway's market value exceeded $10 billion, and his personal wealth reached $3 billion, earning him the title of "Stock God" worldwide. 4. Legend of the Times (2000-2025): Buffett is a "contrarian" in crisis In the 2008 financial crisis, when the market was in panic, Buffett invested $5 billion in Goldman Sachs, practicing the principle of 'I am greedy when others are afraid'; In 2016, Buffett heavily invested in Apple, with a holding value of over $100 billion by 2025, becoming Berkshire Hathaway's largest holding. By the time Buffett steps down in 2025, Berkshire Hathaway will have a market value of $107 trillion and cash reserves of $381.67 billion. Buffett's personal wealth is $168 billion, with a cumulative charitable donation of over $55 billion. By 2024, Buffett has been ranked on Forbes' list of the most generous billionaires in the United States for four consecutive years - living as a dual benchmark of "wealth and kindness". 3、 Boya Ziqi: Buffett and Munger's 64 year intimate relationship Some people say that Buffett's farewell was due to the fact that "his childhood has passed and his uncle's tooth has broken". On November 28, 2023, after the death of 99 year old Charlie Munger, Buffett once said, 'A part of me has also gone with him,' and this deep affection hides 64 years of mutual understanding and companionship. 1. Meeting: "Desert Meets Oasis" in 1959 29 year old Buffett and 35 year old Munger met for the first time at a coffee shop in Omaha. Buffett recalled, "He almost made me feel extraordinary at first glance; Munger described it as' two different creatures finding an oasis in the desert '. The two of them had a long conversation all night, from investment philosophy to life philosophy, and they hit it off immediately. 2. Know each other: "He is a designer, I am the general contractor" Buffett and Munger are the "golden partners" in investment: Buffett excels in financial analysis and negotiation, while Munger uses interdisciplinary perspectives such as psychology and physics to control risks; It was Munger who overturned Buffett's concept of "cigarette butt investment" and proposed that "don't buy bad business at a discount, pay a premium for high-quality assets", which led Berkshire Hathaway to its peak. They are even more confidants beyond business: Buffett regards Munger as a "brother he never had" and says, "No one in the world can compare to him in 30 seconds to see through the essence; Munger called Buffett "the smartest person I've ever met, without a doubt. This brotherhood is stronger than marriage and more devout than religion. 3. Separation: Remembering the "Big Brother" in the farewell letter After Munger's death, Buffett rarely mentioned sadness in public, but in his farewell letter in 2025, he still wrote the affectionate tribute: "For over 60 years, Charlie (Munger) has had a huge impact on me. He was an excellent teacher and my protective 'big brother'. Just like how Boya broke the string after losing his childhood, after Munger left, Buffett also chose to bid farewell to the stage - the "twin star era" created by the two of them finally came to an end. 4、 Conclusion: The era has come to an end, but wisdom remains forever Buffett's farewell and Munger's passing mark the end of an era centered around value investing. But what they left behind was never just trillions of wealth. The investment philosophy of "buying high-quality enterprises at reasonable prices, holding them for the long term, and valuing intrinsic value over short-term fluctuations" and the value system of "wealth must ultimately give back to society" have already been engraved in the hearts of global investors. Just like the surgery in 1938 that extended life, their wisdom will continue to be 'reborn' in the history of investment. The market no longer has the twin stars of Buffett and Munger, but every investor who sticks to their values is a inheritor of their wisdom. 5、 Attached are classic quotes from Buffett and Munger: Buffett: The first rule of investing is not to lose money, and the second rule is never to forget the first rule. Munger: We don't try to be the smartest person, we just avoid being the dumbest person. Long term success depends on not making big mistakes. Buffett: If you're not willing to hold a stock for ten years, then don't hold it for ten minutes. Munger: Buying a great company at a regular price is much better than buying a mediocre company at a cheap price. Buffett: I am afraid when others are greedy, and I am greedy when others are afraid. Munger: Thinking in reverse, always thinking in reverse. To understand how to fail, one knows how to succeed. Buffett: Clarify your circle of abilities and stick within it, which is more important than intelligence. Munger: Admitting ignorance is the beginning of wisdom. Buffett: The stock market is designed specifically to transfer money from impatient to patient individuals. Munger: The large amount of money invested is never earned through frequent buying and selling, but through waiting. Buffett: The best investment is investing in yourself, because no one can take away your own abilities. Munger: There are no smart people I have ever met in my life who don't read every day - no, not a single one. Munger: The best way to get what you want is to make yourself worthy of it. Buffett and Munger have been leading by example, telling us not to be greedy, not stupid, patient, focused, maintain reverse thinking, and lifelong learning in the market. Salute to them!