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Buffett Takes a Bow After 60 Years —Here Are the 3 Biggest Takeaways
The Oracle of Omaha just dropped three key insights in a new letter ...
Stock Picker's Corner (SPC)
November 15, 2025
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For this weekend issue, we’re going to pay homage to the Oracle of Omaha — Berkshire Hathaway Inc. (BRK.A, BRK.B) CEO Warren Buffett.
He will step down as CEO at the end of this year, and it’s hard to picture Berkshire Hathaway without Buffett at the helm.
Before he does retire, he recently offered the investing world a few more pearls of wisdom.
Since 2023, in preparation for his eventual exit, Buffett has shared a “Thanksgiving letter” that bring his shareholders (and his fans) business updates and life lessons. Buffett, 95, plans to keep penning these letters to stay in touch and to keep sharing those lessons.
His 2025 version was released this week. So we thought it was the perfect time to spotlight the strategies that shaped his success.
Buffett’s Playbook for Staying Ahead
One perhaps self-serving observation. I’m happy to say I feel better about the second half of my life than the first. My advice: Don’t beat yourself up over past mistakes – learn at least a little from them and move on.
At some point:
You’re going to sell shares too early.
You’re going to kick yourself for not investing more in a high-conviction idea.
And you’re going to hold onto a stock that you should have sold a long time ago.
Although it’s easier said than done, follow Buffett’s advice. Admit that you made a mistake. Understand why it happened. Figure out how to keep yourself from doing it again. Forgive yourself. And move on.
To my surprise, I generally feel good. Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people. Occasionally, I get a useful idea or am approached with an offer we might not otherwise have received. Because of Berkshire’s size and because of market levels, ideas are few – but not zero.
We talked last week about how Buffett operates within his circle of competence.
He doesn’t invest in what he doesn’t believe in or understand.
Again, that’s a simple approach, but with so much noise out here, it can be difficult to tune it out and follow Buffett’s approach.
To help, consider following this four-step checklist.
Define Your Circle Clearly: Start by identifying industries, business models, and financial concepts you truly understand. If you can’t explain how a company makes money in simple terms, it’s outside your circle.
Stay Inside the Circle: Resist the temptation to chase trends or “hot” sectors you don’t understand. Buffett avoids businesses he can’t predict over the long term (like complex tech in his early years). Focus on companies where you have insight into their economics and competitive advantages.
Expand Slowly and Deliberately: Buffett utilized decades of learning to responsibly expand his circle of competence. You can grow your circle by studying industries adjacent to what you already know. But don’t rush into anything.
Think for the Future: Buffett never focused on quick wins; his circle is about durable businesses with predictable cash flows. Invest in companies you understand well enough to hold for years and decades.
Berkshire has less chance of a devastating disaster than any business I know. And, Berkshire has a more shareholder-conscious management and board than almost any company with which I am familiar (and I’ve seen a lot). Finally, Berkshire will always be managed in a manner that will make its existence an asset to the United States and eschew activities that would lead it to become a supplicant.
As Buffett prepares to step down, Berkshire Hathaway remains a masterclass in durability.
With its fortress balance sheet and ability to scoop up distressed assets, Berkshire reminds us why every portfolio needs a few defensive giants that can survive (and even capitalize) on downturns.
Enjoy your weekend,
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