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Warren Buffett issues ominous warning in scathing final letter as company head: 'Envy and greed walk hand in hand'

"You can always be better."

At 96, Warren Buffett is finally stepping down as the head of Berkshire Hathaway — and his final letter to shareholders had some choice words.

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Warren Buffett, arguably the world's most lauded living investor, is about to step down as CEO of Berkshire Hathaway, and as Fortune reported, his final letter had some pointed parting words.

Buffett, 96, earned the honorific "Oracle of Omaha" for his uncanny financial prowess.

In a time of unprecedented income inequality, CNBC polling determined that Buffett was America's most popular billionaire and the only one of six with a positive likability rating.

Buffett's consistently favorable public perception — despite his near $150 billion net worth, per Forbes — remains intact in large part because he's viewed as honest, straightforward, ethical, and with unshakable integrity.

His character and status as a sage speculator are such that when he speaks, the world of finance listens. His final annual letter to Berkshire Hathaway shareholders included a blistering rebuke of C-suite avarice and envy-driven excess.

Buffett recalled a time when "reformers sought to embarrass CEOs by requiring the disclosure of the compensation of the boss," a strategy which "backfired," he explained, as the comparisons "produced envy, not moderation."

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"What often bothers very wealthy CEOs — they are human, after all — is that other CEOs are getting even richer," Buffett observed. "Envy and greed walk hand in hand. And what consultant ever recommended a serious cut in CEO compensation or board payments?" 

Although Buffett refrained from naming any CEOs, his remarks were too close to Tesla shareholders' Nov. 6 vote granting CEO Elon Musk a potential $1 trillion compensation package to be coincidental. 

As Buffett's final letter to shareholders wrapped up, he cited the story of Alfred Nobel, progenitor of the prize that bears his name, who pivoted focus in life after a newspaper error forced him to read his own unflattering obituary.

Nobel "was horrified at what he read and realized he should change his behavior. Don't count on a newsroom mix-up: Decide what you would like your obituary to say and live the life to deserve it," Buffett advised.

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Ultimately, the Oracle of Omaha maintained that amassing huge profits was not a mark of greatness, despite his success in doing so. He told Berkshire shareholders that directly acting to help others is how to achieve "greatness."

"When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless," Buffett wrote. "Whether you are religious or not, it's hard to beat The Golden Rule as a guide to behavior."

"Keep in mind that the cleaning lady is as much a human being as the chairman," he added. "You will never be perfect, but you can always be better."

Commenters on the r/Bogleheads investing subreddit were impressed by his remarks.

"A love letter to America and humanity… I wish other CEOs and leaders around the world felt the same about humanity and their countries," one commented.

"Godspeed to the Oracle of Omaha, who proved you do not need to be an a****** in order to be successful," another replied.

"A little humility in the face of amazing success makes for an excellent foil to all these other sociopath weirdos at the top," said a third.

Warren Buffett's final letter to investors is available in full here.

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