CEOs All Want to Be "Buffett-Like" Figures, Even Their Letters to Shareholders Imitate Him

He just retired from his position as CEO of Berkshire Hathaway and handed over the task of writing the shareholder letter to his successor — yet the benchmark he set is still being pursued by countless others.

Author: Christoher Heil

Warren Buffett smiles during an interview.

Buffett’s annual letter to shareholders has long transcended Berkshire Hathaway’s shareholders and gained a wider following.

Summary

Buffett’s shareholder letters, known for their humor, straightforwardness, and accessibility, have set a new standard for corporate communication and have profoundly influenced other CEOs.

During his long tenure leading Berkshire Hathaway (BRK.B), Warren Buffett’s advice on investing and management has impacted millions. But what truly left a deep impression on a special group of fans — other CEOs — was his ability to write vivid, heartfelt, and deeply engaging shareholder letters.

Buffett stepped down as Berkshire’s CEO last December, passing both the top executive role and the responsibility of writing the shareholder letter to Greg Abel. Executives say Buffett’s letters incorporate humor and personal anecdotes, often stepping outside the routine review of Berkshire’s business to elevate the traditionally dull corporate update to a new level, setting a fresh standard. For those looking to improve their own shareholder communications, this means working exponentially harder.

“This is very difficult,” said Jamie Dimon, CEO of JPMorgan Chase, who has written over 20 shareholder letters. “I felt especially happy when I finished one.”

Dimon read Benjamin Graham and David Dodd’s Security Analysis in his youth, with the preface written by Buffett. Later, he read Buffett’s letters to Berkshire shareholders and annual letters from his time managing an investment partnership before taking over the company.

Dimon says what moved him most about Buffett’s writing is his talent for explaining complex financial concepts in plain language. In a 2016 interview with The Wall Street Journal, Buffett said: “I write for people like my sisters. They’re smart, read a lot of books, and invest in companies. They don’t understand financial jargon, but they don’t want to be talked down to like five-year-olds either.”

“I’ve always tried to emulate that,” Dimon added.

Buffett’s letters often span over ten pages, and their readership has long exceeded Berkshire’s shareholders. The “Omaha Prophet” has many quotable lines in his annual letters that are applicable to investors across all fields. For example, his famous saying: “Be fearful when others are greedy, and greedy when others are fearful,” and also “Never short the United States,” among others.

Of course, making complex content simple and understandable looks easy but is very challenging to do well.

Dimon says writing a shareholder letter takes him several months. He aims to complete the outline before his January vacation, writes on weekends, and has staff from various departments within JPMorgan Chase verify facts.

Jamie Dimon, Chairman and CEO of JPMorgan Chase, speaks on stage.

Dimon admires Buffett’s way of explaining complex issues in simple language.

Tom Gainer, CEO of the Malka Group, a holding company often called “Mini Berkshire,” says he mainly writes his shareholder letters during the quiet period from Christmas to New Year’s, then has his wife proofread. He draws inspiration from Buffett’s letters and strives to imitate his clear, straightforward style.

“I just think he’s an incredible mentor,” Gainer said.

Laurence Cunningham, author of Buffett’s Letters to Shareholders, notes that after the 1987 Black Monday stock market crash, Buffett’s letters became even more popular outside Berkshire shareholders. The crash led investors to speculate whether poor-designed automated trading or other market structures caused the sudden sell-off. Amid the chaos, many turned to Buffett for answers.

“It was a nationwide discussion, and Warren played a key role in explaining what really happened,” Cunningham said.

For Buffett, one of the hardest parts of writing shareholder letters is accepting edits. Carol Loomis, a former Fortune journalist and Buffett’s friend, has been editing his letters since 1977.

Initially, Buffett would send drafts via FedEx to Loomis, and they would discuss revisions over the phone. Buffett, used to making his own decisions, admits he found it hard to accept others’ edits at first, and he thought Loomis’s frequent commas were excessive.

“My first reaction is usually irritation, which is totally wrong,” Buffett said in a phone interview from his Omaha office. He defended himself: “That’s just how people write when they’re working.”

Loomis continued editing Buffett’s letters until 2024. Now, the two almost always play bridge online on Monday nights. Buffett says the games are much more harmonious now than when they argued over punctuation. “I’ve finally matured at 95,” he joked.

Berkshire’s Greg Abel released his first personally written shareholder letter in February this year. Before publishing, Abel joked that writing this letter was his most difficult challenge in his first two months as CEO.

Market feedback was positive. Abel said after the letter was posted on Berkshire’s website, he received encouraging messages from friends and colleagues.

However, Abel doesn’t have much time to bask in the praise for the 2025 letter — he already remembers he’ll need to write another one in February 2027.

“This is a huge task,” Abel recalled feeling at the time. “Warren said: ‘It won’t get easier. The second one will be just as hard and challenging.’”