The market is no longer #巴菲特 , 95-year-old stock god officially bows out

An era comes to an end, but true value investing has never gone out of style
2025 is coming to a close.
In a few days, 95-year-old Warren Buffett will officially step down as CEO of Berkshire Hathaway.
60 years at the helm, a trillion-dollar empire.
An era driven by patience, rationality, and anti-human nature reaches its conclusion.
1. Farewell Letter: Truly top-tier players are textbook-level even in retirement
In his farewell letter, Buffett did only three things, but each one is highly significant.
First, the transfer of power is rock solid
Greg Abel, 63, takes over as CEO.
Buffett clearly states:
I will still hold a large amount of Class A shares, endorsing my successor with my reputation.
This is the greatest “peace of mind pill” for shareholders.
Second, the end of wealth is not ranking, but charity
He converted a huge amount of A shares into B shares, continuing donations to his family foundation.
A one-sentence summary of his wealth philosophy:
Greatness does not come from money itself, but from good deeds.
Third, the ultimate review of life
At 95, Buffett repeatedly emphasizes one sentence:
My ability to live to today is mostly luck.
The near-fatal appendicitis surgery in 1938 changed his life forever.
Since that day, he has been clearer than anyone:
Time is the most valuable asset.
2. From newspaper boy to stock god: not chosen by fate, but extreme long-termism
Buffett’s legend is not a myth of sudden wealth, but a victory of compound interest.

Bought his first stock at age 11

Founded an investment partnership in his living room at age 26

Took over Berkshire Hathaway in 1965 when it was near bankruptcy

Bought See’s Candies in 1972, leading to a complete evolution of his investment philosophy

Heavily invested in Coca-Cola in 1988

Made a major purchase of Apple in 2016

His true strength has never been “bottom fishing,”
but once he understands, he dares to hold large positions long-term.
By the time he bows out in 2025:

Berkshire’s market value: $1.07 trillion

Cash reserves: $381.6 billion

Buffett’s personal wealth: $168 billion

Total charitable donations: over $55 billion

3. Buffett and Munger: the strongest “duo” in investment history
If Buffett is the executor,
then Munger is the one who upgraded his cognitive system.
One sentence from Munger changed Buffett’s life:
Don’t buy bad businesses at cheap prices; buy great companies at reasonable prices.
From “cigarette butt investing” to “moats + long-term compounding,”
Berkshire’s true leap forward began with this cognitive shift.
After Munger’s passing in 2023, Buffett said:
“Part of me left with him.”
Many overlook a detail:
After Munger’s departure, Buffett quickly chose to step back.
It’s not a matter of ability,
but that—
the person who thought together with him about the world is no longer here.
4. What is truly left for the market is not myth, but methodology
The few things Buffett and Munger repeatedly verified in their lives are:

Avoid chasing hot topics

Avoid frequent trading

Avoid doing things you don’t understand

Don’t fight against time

Don’t equate luck with ability

They never guarantee you will get rich quickly,
but they can greatly reduce the risk of making big mistakes and being eliminated by the market.
5. The era may end, but wisdom will not
Perhaps in the future, there will be no more “Buffett + Munger” twin stars.
But as long as the market still has volatility, greed, and fear,
value investing will never go out of style.
The market will keep changing protagonists,
but patience, rationality, and anti-human nature will always be at the table.
Salute to Buffett and Munger.
And to all who are willing to grow rich slowly.