For the first time in Berkshire Hathaway's history, Warren Buffett, former CEO of the company, has not been writing to shareholders for six decades. His final letters, which he sent to shareholders before the company’s annual gathering in Omaha, reveal his warnings about the increasing speculative behavior of the stock market. In his 2023 shareholder letter, Buffett compared the market's behavior to a gambling floor, and warned that anything marketable during these times of excess will be marketed aggressively, not by everyone, but always by someone. His successor, Greg Abel, acknowledged this in his first letter to shareholders in February 2026. Buffett remains the company's largest shareholder, holding roughly 30% of the voting interest and 13.7% of its economic interest. He also warned against underestimating the potential for speculative behavior in the market. Buffett has always treated market declines as opportunities, deploying capital when others panic and sitting on cash when others chase momentum.