Warren Buffett's Thanksgiving Letter 2024: Reflections on Life, Philanthropy, and Berkshire Hathaway Leadership

A Letter to Berkshire Hathaway Shareholders

Dear Fellow Shareholders,

As Thanksgiving approaches, allow me to express my sincere gratitude to each of you. In this letter, I'll touch upon various aspects of my professional and personal life, from past memories to future plans for philanthropy and wealth distribution.

Gratitude for Life and Health

I am deeply grateful to be alive and in good health at 95. This is a blessing I hardly anticipated in my youth. I'd like to recount some events that shaped my life, and how luck played a significant role in my journey.

Childhood Memories in Omaha

I remember my childhood in Omaha, and how the city was divided into Catholic and Protestant hospitals. Our family doctor, Harley Hotz, cared for me with dedication and devotion. In 1938, when I suffered from severe abdominal pain, Dr. Hotz quickly diagnosed my condition and performed an appendectomy at St. Catherine's Hospital. During my stay at the hospital, I received letters from my classmates, and my aunt Edie gifted me a fingerprinting kit, sparking my interest in collecting the fingerprints of the nuns at the hospital.

Influential Figures in My Life

I was fortunate to grow up in Omaha, where I encountered many people who profoundly impacted my life. Among them was Charlie Munger, my dear friend and partner for 64 years. Although we didn't meet in our childhood, Charlie had a profound influence on me throughout my career. Charlie was a mentor, an older brother, and helped me make sound decisions over the years.

Another person who impacted my life was Stan Lipsey, who sold the Omaha Sun newspaper to Berkshire in 1968. Walter Scott, Jr. also played an important role in bringing MidAmerican Energy to Berkshire in 1999. And let's not forget Don Keough, who was the president of Coca-Cola and a loyal member of Berkshire's board. Don was an example of honesty and integrity, and contributed to Coca-Cola's success through his famous apology for the failed "New Coke" product.

Finally, I'd like to mention Ajit Jain and Greg Abel, Berkshire's incoming CEO, who lived in Omaha for many years. I am grateful to have these outstanding leaders at Berkshire.

Returning to Omaha and Settling Down

After a short period in New York, I returned to Omaha in 1956 and decided to settle down. This was one of the best decisions I ever made. My children and grandchildren grew up in Omaha, and received an excellent education in public schools. I am grateful to be a part of this wonderful city.

Luck and Philanthropy

I realize that I have been fortunate in my life, having been born in America in 1930, and enjoying good health and reasonable intelligence. I believe in the importance of giving back to society through philanthropy. Therefore, I have decided to accelerate the process of donating most of my wealth to charitable foundations.

I am confident that my children will manage these foundations efficiently and effectively. They have gained considerable experience in managing charitable assets over the years. I trust their ability to make sound decisions and distribute wealth in a way that benefits society.

The Future of Berkshire Hathaway

I am optimistic about the future of Berkshire Hathaway under the leadership of Greg Abel. He is an outstanding leader with a deep understanding of our businesses. I am confident that he will lead Berkshire to success in the future.

I would like to emphasize the importance of having a strong and effective board of directors. Members of the board of directors must be vigilant and ready to address any challenges that the company may face. They must also be careful to monitor the performance of executives and ensure that they are working in the interests of shareholders.

Final Thoughts

I am happy with my life, and I am grateful for all the opportunities that have been given to me. I advise everyone not to dwell on past mistakes and to move forward in life. Learn from your mistakes and try to be better in the future.

Always remember that kindness and generosity cost nothing, but they are priceless. Try to help others and make the world a better place.

I wish everyone a happy Thanksgiving. Remember to thank this country – America – which has given you the greatest opportunities. Be careful in choosing your role models and work hard to imitate them. You may never reach perfection, but you can always be better.

Sincerely,

Warren Buffett