OMAHA, Neb. – Warren Buffett, the legendary billionaire investor, cautioned shareholders on Monday that despite Berkshire Hathaway’s robust history, its future performance might not shine as brightly due to its vast scale. Some might attribute this to the inevitable march of “Father Time,” as the 95-year-old icon prepares to step down as CEO in January.

In a recent letter to shareholders, Buffett not only pondered over his life and health but also disclosed a generous $1.3 billion donation to the four family foundations managed by his children. These foundations, alongside the Gates Foundation, have been instrumental in distributing his wealth since 2006.

Under Buffett’s leadership, Berkshire Hathaway has been a beacon of success, consistently outpacing the stock market over the past six decades. However, its large size has made it challenging to maintain such stellar performance in recent years. The conglomerate boasts an impressive portfolio, including Geico insurance, BNSF railroad, major utilities, and a variety of well-known brands like Dairy Queen, See’s Candy, and Helzberg Diamonds. Nevertheless, Buffett has expressed his confidence in his chosen successor.

Buffett assured shareholders that he will continue to communicate through Thanksgiving letters, but confirmed that next year Greg Abel will assume the responsibility of writing the annual letter and addressing questions at the annual meeting, following his appointment as CEO in January. Buffett will continue to serve as chairman.

Reflecting on his life, Buffett shared that he was immensely fortunate to be born in Omaha, Nebraska, which he credited with introducing him to lifelong friends and pivotal figures in Berkshire’s journey, as well as both his wives. He attributes some of his longevity to the local doctors who saved his life on multiple occasions and considers himself lucky to have avoided the misfortunes that often lead to premature endings.

Buffett recounted spending several weeks in the hospital after having his appendix out as a child where he turned to fingerprinting all the nuns who were taking care of him just in case they turned to a life of crime later. Buffett previously battled prostate cancer in 2012, but that wasn’t considered life threatening.

“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 wrote.

But now after decades of benefiting from the fickle nature of “Lady Luck,” Buffett said “Father Time, to the contrary, now finds me more interesting as I age. And he is undefeated; for him, everyone ends up on his score card as ‘wins.’”

Buffett said he is moving slowly and now has increasing difficulty reading, but he continues to go into the office five days a week to hunt for useful business ideas or deals that could benefit Berkshire.

Berkshire shareholders should have faith in Abel because Buffett said he has consistently met the high expectations he has for him. “He understands many of our businesses and personnel far better than I now do, and he is a very fast learner about matters many CEOs don’t even consider. I can’t think of a CEO, a management consultant, an academic, a member of government – you name it – that I would select over Greg to handle your savings and mine,” Buffett wrote.

Berkshire’s fortress-like balance sheet, highlighted by the $382 billion cash it holds, ensures the company is unlikely to encounter a devastating disaster, and Buffett said the board remains conscientious of shareholders’ interests, but still the company will have trouble outperforming.

“In aggregate, Berkshire’s businesses have moderately better-than-average prospects, led by a few non-correlated and sizable gems. However, a decade or two from now, there will be many companies that have done better than Berkshire; our size takes its toll,” Buffett said.