Warren Buffett will no longer pen the introductory message for Berkshire Hathaway’s annual report. However, he plans to continue sharing his yearly Thanksgiving message and intends to “increase” his philanthropic efforts, notably donating the $149 billion in Berkshire Hathaway stock he still holds.

Known as “The Oracle of Omaha,” Buffett has achieved legendary status in the investment world, amassing a substantial fortune while maintaining a down-to-earth persona. His letters to shareholders have become iconic, reflecting his role as both a champion of American ideals and capitalism, along with being a keen market strategist whose actions are closely monitored by investors globally.

Next year, Greg Abel will take the reins from Buffett. At 63, Abel currently serves as the vice chairman overseeing Berkshire’s non-insurance operations and was identified as Buffett’s successor in 2021.

Buffett expressed confidence in Abel, stating that he “has exceeded the high expectations I had for him when I first considered him as Berkshire’s future CEO.”

Buffett also shared a health update, acknowledging that he is “surprisingly feeling good.” He noted, “Despite moving slowly and experiencing some difficulty with reading, I am at the office five days a week, working alongside wonderful people.”

But the nonagenarian isn’t getting any younger. Acknowledging the limited time he has left and the giant sum of money he wishes to give away, Buffett said he converted 1800 shares, worth a combined US$1.35 billion ($2.06 billion), into the company’s cheaper “B shares” and delivered them to four of his family’s foundations Monday.

“To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts to their three foundations,” he said.

Buffett says he has high – but realistic – expectations that the conglomerate he led for six decades will continue to thrive after he steps down as CEO. Berkshire Hathaway (BRK.B) shares have risen more than 10 per cent this year, with the company sitting on a US$1 trillion ($1.53 trillion) market cap.

“In aggregate, Berkshire’s businesses have moderately better-than-average prospects, led by a few non-correlated and sizable gems,” he wrote.

“However, a decade or two from now, there will be many companies that have done better than Berkshire; our size takes its toll.”

The oracle and his ice cream

Buffett has managed to become a symbol of two seemingly disparate things over his decades in the spotlight: a relentless dealmaker and capitalist, wrapped up in an avuncular figure dispensing practical advice.

Berkshire Hathaway’s annual meetings are like those of no other company, dubbed Woodstock for capitalists, with an exhibit floor showing off many of conglomerate Berkshire Hathaway’s businesses.

Indeed, Buffett himself makes a point to appear on the floor and hype up those companies, from eating Dairy Queen ice cream to putting his face and name on limited-edition event merch, all while his security keeps back hordes of shareholding fans trying to take pictures or get a word in with the so-called Oracle of Omaha.

His investing strategy has turned on an incessant search for value, with Berkshire Hathaway often sitting on giant piles of cash until just the right deal comes through.

Few other CEOs have earned that level of patience from investors in a market that more often turns on expectations for short-term returns.