致各位股東：
波克夏擁有一群傑出的股東。從一開始，孟格和我就一直在尋找那些著眼於未來幾十年而非幾個季度的股東，我們很幸運地找到了你們中的許多人。
最近，我與家人和朋友一起慶祝了我的96歲生日，其中包括我的一位剛滿一歲的曾孫。他現在比我走得快多了。
我自1965年起就為波克夏效力。六十多年過去了，我仍然擁有世界上最好的工作。很少人能像我這個年紀的人這樣說，而且我對未來也從未如此充滿信心。
部分原因在於亞柏。從一開始，我就對他寄予厚望，而他超越了我的期望。他已經全面勝任了執行長的職位。一段時間以來，他一直在做出重要的決策，而我對此毫不猶豫。
因此，現在正是完成過渡的最佳時機。我將擔任榮譽董事長，並繼續擔任董事。我的兒子霍華將接任董事長一職。
霍華在波克夏擔任董事33年。這比我34歲接任董事長之前的時間還要長。亞柏負責公司的日常運作；霍華將守護公司的文化和價值觀——這兩者比我們資產負債表上的任何資產都更有價值。不妨把霍華看成是股東們擁有的保險絲，希望永遠用不到。
霍華和我們所有的董事一樣，都非常關心波克夏。沒有任何一家公司比波克夏更注重股東利益，將來也不會有。
擔任你們的董事長是我畢生的榮幸，我從未將你們的信任視為理所當然。歲月老人總是最後的贏家。然而，他一直慷慨地待我。他讓我有機會見證波克夏發展到如今的成就，我對公司的未來充滿信心。公司現在掌握在優秀的人手中，我期待能繼續為公司服務。
華倫·巴菲特
2026/9/18
To My Fellow Shareholders:
Berkshire has an extraordinary group of shareholders. From the beginning, Charlie and I looked for owners who thought in decades rather than quarters, and we were fortunate to find a great many of you.
Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one. He’s moving a bit faster than I am these days.
I have served Berkshire since 1965. Sixty-plus years in, I still have the best job in the world. That is not something many people my age can say, and I have never felt better about what comes next.
Part of the reason is Greg. My expectations for him were sky high from the start, and he has exceeded them. He has taken hold of the Chief Executive Officer job in every respect. He has been making the decisions that matter for some time now, and I have not had to think twice about any of them.
So the timing is right to complete the transition. I will become Chairman Emeritus and remain a Director. My son, Howard, will succeed me as Chairman.
Howard has been a Berkshire Director for 33 years. That is a longer apprenticeship than I
served before taking the reins at the age of 34. Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet. Think of Howard as a policy the shareholders own and hope never to claim against.
Howard cares deeply about Berkshire, as do all of our Directors. No company has been or will be more shareholder-minded than Berkshire.
Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted. Father Time always wins. He has, however, been generous with me. He
has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.
September 18, 2026
Warren E. Buffett
