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🏛️ Warren Buffett’s Farewell Letter (2025)
伯克希尔·哈撒韦新闻稿——巴菲特的告别信（2025年）
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1️⃣ Stepping Back from Berkshire
英文
Buffett announced that he will no longer write Berkshire Hathaway’s annual report or speak at shareholder meetings. He said he is “going quiet” and officially handing leadership to Greg Abel, praising him as a hardworking, honest, and capable manager.
中文
巴菲特宣布，他将不再撰写伯克希尔哈撒韦的年度报告，也不会在股东大会上发言。他表示自己将“安静退场”，并正式把领导权交给格雷格·阿贝尔，称赞他是一位勤奋、诚实、出色的管理者。
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2️⃣ Continuing Communication and Gratitude
英文
Though stepping down, Buffett promised to continue his annual Thanksgiving letters to shareholders, expressing gratitude for being alive and active at age 95. He reflected on his life with humor, recalling his 1938 illness and the childhood kindness of his doctor and teachers in Omaha.
中文
尽管卸任，巴菲特承诺会继续通过每年的感恩节信件与股东保持联系。他感慨自己95岁仍然健康活跃，并以幽默口吻回忆了1938年童年住院的经历，以及奥马哈医生和老师给予的温暖。
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3️⃣ Lifelong Friendships and Omaha Roots
英文
Buffett paid tribute to lifelong friends such as Charlie Munger, Stan Lipsey, Don Keough, and Walter Scott Jr., all from Omaha. He emphasized that his success and Berkshire’s growth were deeply rooted in the values and people of Omaha—modesty, integrity, and community spirit.
中文
巴菲特深情缅怀了终生挚友查理·芒格、斯坦·利普西、唐·基欧、小沃尔特·斯科特等，他们都来自奥马哈。他强调，自己和伯克希尔的成功深深扎根于奥马哈的精神——谦逊、正直和社区情怀。
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4️⃣ Reflections on Luck and Life
英文
He credited his longevity and fortune to “Lady Luck,” acknowledging that being born white, male, healthy, and American in 1930 gave him an extraordinary advantage. He stressed that luck is wildly unfair and that many others, born in harsher conditions, never get such chances.
中文
他把自己的长寿与成功归功于“幸运女神”，坦言1930年出生在美国、白人、健康、男性，是他一生巨大的优势。他指出，运气极度不公平，许多人在更艰难的环境中从未获得这样的机会。
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5️⃣ Reflections on Family and Philanthropy
英文
Buffett said his three children—now in their 60s and 70s—will take responsibility for managing his wealth through their charitable foundations. He urged them not to perform miracles but simply to do a good job, continuing the family’s tradition of generosity and public service.
中文
巴菲特表示，他的三个子女（现已七十岁左右）将通过各自的慈善基金会管理他的财富。他叮嘱他们不必创造奇迹，只需尽责行事，延续家族的慷慨与社会责任传统。
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6️⃣ Confidence in Berkshire’s Future
英文
Buffett expressed strong confidence in Greg Abel as Berkshire’s next CEO, saying Abel knows the company’s businesses and people better than he himself does. He believes Berkshire will remain stable, responsible, and shareholder-oriented long after his departure.
中文
巴菲特对继任者格雷格·阿贝尔充满信心，称他对伯克希尔的业务和员工的了解超过自己。他相信伯克希尔在自己离开后，仍将保持稳健、负责、以股东为中心的经营方式。
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7️⃣ Thoughts on Business and CEOs
英文
He criticized excessive CEO compensation and vanity-driven leadership, arguing that many executives are motivated by envy rather than moderation. Buffett urged boards to remain vigilant about aging or impaired CEOs and to act in the company’s long-term interest.
中文
他批评了过度的CEO薪酬和虚荣心驱动的领导风气，指出许多高管的动力来自嫉妒而非节制。巴菲特呼吁董事会警惕CEO的老化与能力衰退问题，始终以公司长期利益为重。
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8️⃣ The Nature of Berkshire
英文
Buffett described Berkshire as a collection of solid, well-managed businesses with above-average prospects. He admitted that as Berkshire grows, its size will limit future returns, but its structure makes it resistant to catastrophic failure.
中文
巴菲特将伯克希尔形容为由一系列稳健且管理优秀的企业组成的集团，整体前景优于平均水平。他承认，随着规模扩大，回报率会受限，但伯克希尔的架构足以抵御毁灭性风险。
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9️⃣ Wisdom and Perspective
英文
He encouraged readers to forgive themselves for past mistakes, to keep improving, and to live a life worthy of a positive obituary—like Alfred Nobel, who changed after reading his own premature death notice.
中文
他鼓励读者不要被过去的错误所困，应不断学习改进，活出一个配得上美好讣告的人生——就像诺贝尔，在看到自己被误刊登的讣告后改变了人生。
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🔟 Final Blessing
英文
Buffett ended with humor and warmth, wishing everyone—including “the jerks”—a happy Thanksgiving. He reminded readers to thank America for its opportunities but to remember that rewards in life are often capricious and unfair.
中文
巴菲特以幽默而温暖的语气结束了信件，祝所有人——“包括那些讨厌鬼”——感恩节快乐。他提醒大家感恩..提供的机会，同时也要认识到，人生的回报往往充满偶然与不公。
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🕊️ Buffett’s Closing Message
英文
“Choose your heroes carefully and emulate them. You will never be perfect, but you can always be better.”
中文
“谨慎选择你的人生榜样，并努力向他们学习。你永远不会完美，但你总能变得更好。”
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