Warren Buffett’s final letter flags Berkshire’s limits but America’s strength

Warren Buffett, Berkshire Hathaway

The Oracle of Ohama, Warren Buffett penned a final letter before stepping back from public commentary. A portion of the letter offers investors and readers a straightforward assessment of Berkshire Hathaway and the broader U.S. economy.

He makes it clear that Berkshire’s size will limit its relative performance in the years ahead, stating that “there will be many companies that have done better than Berkshire; our size takes its toll.” Even so, Buffett highlights the company’s stability, calling it the business with “less chance of a devastating disaster than any business I know.”

Buffett also addresses market volatility directly. Berkshire shares have previously fallen by half, and he says that can happen again: “Our stock price will move capriciously, occasionally falling 50% or so.” His key point is that such declines are temporary in a functioning economy. “Don’t despair; America will come back and so will Berkshire shares,” he writes.

He notes that Berkshire will continue to operate with a shareholder-focused approach and maintain practices that align with long-term economic stability in the U.S. He adds that the company will avoid decisions that could weaken its standing or make it dependent on external support.

Taken together, the letter reinforces Buffett’s long-held view: the U.S. economy remains strong enough to withstand shocks, recover from downturns, and support businesses built on conservative balance sheets and disciplined management.

The overall tone is measured, although he did noted that the U.S. economy remains fundamentally strong, adaptable, and capable of absorbing shocks. Berkshire, he suggests, is positioned to reflect that strength rather than outperform it in every cycle.

His final comments serve less as a send-off than a last reminder that long-term economic resilience, not quarter-to-quarter movement, remains the most reliable signal for investors.

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