Billionaire Buffett’s final words on longevity, luck and corporate greed

3 months ago 18

Opinion

November 11, 2025 — 3.26pm

It’s a day for remembering legends. In Australia, we visit the 50th anniversary of the controversial dismissal of prime minister Gough Whitlam. But for the rest of the western world, history was being made by the “Oracle of Omaha” Warren Buffett as he penned his last letter as chief executive of Berkshire Hathaway.

Described as the modern-day father of business, it is the end of an era for the man who has built a personal fortune of around $US150 billion ($229.6 billion).

And Buffett hanging up his spurs has had a greater historical poignancy as he signed off lamenting the curse of executive greed. So, he’s going quiet but not without making a bang.

Billionaire investor Warren Buffett addressing Berkshire Hathaway shareholders in an online meeting.

For generations of investors, the now 95-year-old Buffett has provided the sage homespun folksy words in his annual message to shareholders. His company Berkshire Hathaway is a rare beast – a company worth more than $US1 trillion but miles away from the modern and rapidly growing tech giants that dominate the US market.

Buffet’s final dispatch to his disciples was a particularly nostalgic ramble through his life, his big wins and also admissions of his business failures. Despite his decades of business success and wealth there was little preaching in his message about the dos and don’ts of accumulating capital.

Central to his final message was a large step in his philanthropic efforts as he donated more than $US1.3 billion to four charitable foundations run by his family. From his lofty position of success and his six-decade perspective of business, it was curious that executive greed was one of the central themes of his communiqué.

Buffett has lived through times when chief executives were paid well but not excessively– case in point, Elon Musk last week secured a shareholder vote to award him $US1 trillion dollars if he meets performance markers.

The key culprit, according to Buffett, is remuneration disclosure. He said the push for pay transparency ended up feeding envy and greed.

“During my lifetime, reformers sought to embarrass CEOs by requiring the disclosure of the compensation of the boss compared to what was being paid to the average employee. Proxy statements promptly ballooned to 100-plus pages compared to 20 or less earlier.”

He said the good intentions didn’t work but instead backfired.

“Based on the majority of my observations – 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.

″⁣The ratcheting took on a life of its own. What often bothers very wealthy CEOs – they are human, after all – is that other CEOs are getting even richer. Envy and greed walk hand in hand. And what consultant ever recommended a serious cut in CEO compensation or board payments?”

Another message from Buffet was to appreciate the fickle working of luck in longevity. And even a nod to the inherent privilege that he enjoyed.

“As Thanksgiving approaches, I’m grateful and surprised by my luck in being alive at 95. When I was young, this outcome did not look like a good bet. Those who reach old age need a huge dose of good luck, daily escaping banana peels, natural disasters, drunk or distracted drivers, lightning strikes, you name it,” he said.

″⁣I was born in 1930 healthy, reasonably intelligent, white, male and in America. Wow! Thank you, Lady Luck.”

A Squishmallow plush toy depicting Berkshire Hathaway chief executive Warren Buffet.

As he signed off his last letter as chief executive, Buffett bestowed his central piece of advice – and spoiler alert it wasn’t about business.

“Decide what you would like your obituary to say and live the life to deserve it,” he said.

“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. Kindness is costless but also priceless.”