Investing legend Buffett 'going quiet' - as he sends farewell letter

Legendary investor Warren Buffett has said he will be "going quiet" as he sent the last of his famous shareholder letters as chief executive.

The 95-year-old "Oracle of Omaha" also threw his weight behind incoming boss Greg Abel and said he had "more than met" his high expectations. Shares in Buffett's $1trn company, Berkshire Hathaway, have dipped over the past six months - despite US markets rising - as his days as chief executive tick down.

But in Monday's letter to shareholders, the world's 10th richest person downplayed concerns that the halo effect dubbed the "Buffett premium" was ebbing away. He said Abel had "more than met" his expectations and it was just a case of the 63-year-old needing time to get investors' confidence.

"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. "He is a great manager, a tireless worker and an honest communicator.

Wish him an extended tenure." Buffett revealed in May that he was stepping down at the end of 2025 and the US company's board approved Abel as his replacement. He has an extremely tough act to follow; Buffett has been at the helm for six decades after turning a failing textile firm into a behemoth that owns more than 60 companies and has stakes in many more.

Buffett will stay on as chairman and confirmed on Monday he would also remain a major shareholder until investors develop "comfort" with Abel's leadership. However, he said the days of him holding court at the shareholders' meeting and writing the introduction to the annual report were over.

"As the British would say, I'm 'going quiet'," Buffett wrote. Read more from Sky News:At least 12 killed after suicide bombing in PakistanEnd to longest US government shutdown one step closer With less than two months left, the investing icon admitted he moved "slowly and read with increasing difficulty.