Warren Buffett's final shareholder letter [pdf]

Original Article ↗ Hacker News Discussion ↗

Overall tone: respect, nostalgia, skepticism

  • Many see the letter as a classy, graceful farewell and “end of an era,” praising his clarity, humor, and down‑to‑earth style.
  • Others emphasize that this is also the final act of someone who has benefited enormously from a financialized, unequal system.

Buffett’s image vs. behavior

  • Supporters highlight his modest lifestyle (one primary house since 1958, driving himself, working in the same office), long marriage, and folksy writing.
  • Critics argue the “ethical billionaire” persona is overplayed; they cite cold-blooded layoffs (e.g., with partners like 3G), harsh practices at subsidiaries (BNSF conditions, GEICO, Clayton Homes), and his role in financial bailouts.
  • Some point out the gap between the “homespun” image and his complex personal life, calling him an oligarch who runs rail and insurance monopolies.

Wealth, luck, merit, and fairness

  • The highlighted passages on luck and being born healthy, white, male, and American resonate strongly; several note how rare it is for the ultra‑rich to acknowledge luck.
  • Long subthread on how much success is luck vs. skill: consensus that both matter, but that culture and the “Protestant work ethic” push people to understate luck.
  • Others broaden this to critique billionaires as products of systemic design and hoarding, with analogies to animal caching behavior and arguments that billionaires are a policy failure.

Time vs. money

  • The line about younger people being “richer” in time sparks a big thought experiment: 95 with a trillion vs. 25 with $1,000.
  • Most would choose youth and time; some argue a trillion can’t reliably “change the world” without huge unintended consequences.
  • A darker strand notes that elites spend billions ensuring ordinary people have less free time, making the “time is your real wealth” message feel hollow.

Succession and Berkshire’s future

  • Greg Abel is widely seen as competent but facing “impossible shoes.”
  • Some predict Berkshire will eventually be simplified or partly broken up and will lose its “Buffett premium”; others insist its structure and “permanent home” model will mostly persist.

Philanthropy, taxes, and power

  • Debate over his massive pledges (especially via the Gates Foundation): admirers cite concrete global health wins; critics see billionaire‑directed policy and argue they’d rather see robust taxation and democratic allocation.
  • Several note he both optimizes within current tax rules and has publicly pushed for higher taxes on the rich, which some find consistent and others dismiss as insufficient.

Globalization and BYD

  • Investment in BYD triggers a nationalism vs. cosmopolitanism debate:
    • One side sees it as empowering an authoritarian rival and hurting US/EU workers.
    • The other side argues capital is global, the US auto industry’s problems are self‑inflicted, and prioritizing “humanity as a whole” over national advantage is defensible.

Ethics, kindness, and “the cleaning lady”

  • His exhortations about the Golden Rule and treating the cleaning lady as equal are widely quoted.
  • Some find this moving and practically wise (frontline workers know a lot and control your well‑being); others find it depressing that such basic humanism has to be spelled out.

Cultural side-notes

  • A tangent unpacks the “6–7” meme in the letter, with older readers learning it’s a Gen‑Alpha catchphrase functioning as in‑group slang.
  • Several say they’ll revisit past shareholder letters for the storytelling alone, describing him as a natural comedic and moral essayist, whatever their views on his ethics.