'It's never too late to get better': Buffett's five pieces of advice from his farewell letter

Warren Buffett published a letter on November 10 - his last as CEO of Berkshire Hathaway. In it, he said he plans to accelerate the transfer of his fortune to his children's funds, but will retain a "significant amount of Berkshire Hathaway stock" until investors feel the same confidence in the new CEO that he will. Buffett concluded his message with personal advice, which he called closing thoughts. Oninvest cites them all.

Buffett admitted to feeling better and calmer with age: "One perhaps presumptuous observation. I'm happy to say that I feel better in the second half of my life than I did in the first." He urged not to get stuck in the past and not to be afraid to get better: "Don't berate yourself for past mistakes - learn at least a small lesson from them and move on. It's never too late to be better."

Buffett writes that one should not wait for an external push to reconsider one's actions and start living differently. He cites the example of Alfred Nobel, who once read his own obituary - a newspaper had mistaken him for his dead brother. He was horrified by what he read (the obituary called Alfred Nobel a "merchant of death" - Oninvest) and realized that he needed to change. This prompted him to revise his will and establish prizes for the benefit of humanity - the future Nobel Prize. "Don't expect a mistake in the news," Buffett says. - Decide what you would like your obituary to say and live a life worthy of it."

After discussing his own mistakes, Buffett writes that you can learn not only from your own blunders, but also from other people's examples: "Find the right heroes and emulate them. You can start with Tom Murphy; he was the best.

Buffett is referring to his mentor, the legendary media manager Tom Murphy, who became famous for a deal described by the phrase "small fish eat whale": in 1985, his company Capital Cities acquired the much larger ABC. Buffett has repeatedly called Murphy an outstanding manager and role model.

Buffett emphasizes that greatness doesn't come through wealth, fame or power. "When you help someone in one of a thousand ways, you are helping the world. Kindness costs nothing, and yet it is priceless." He added that whether you are religious or not, you are unlikely to find a more perfect moral guide than the Golden Rule: "I write this as someone who has been inattentive countless times and made many mistakes, but has also been very fortunate to learn better behavior from some wonderful friends (although perfection is still a long way off). Remember, the janitor is just as much a person as the chairman of the board."

Buffett concludes the letter by wishing everyone a happy Thanksgiving, "Don't forget to thank America for maximizing your opportunities." Buffett reminds us once again that the ability to change is given to everyone, and adds: "Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better."

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