We’re thinking this morning not about IPO pipelines, gigaprojects, economic indicators, or interest rates, but about the stepping-down of an icon who has been a fixture of the global investing scene for more decades than 99.999% of EnterpriseAM readers have been alive.

Warren Buffett, the so-called Oracle of Omaha, has written his last annual report, saying in his customary Thanksgiving note that he won’t hold the pen on Berkshire Hathaway’s next annual report. (Buffett will step down at year’s end, handing the reins to top lieutenant Greg Abel.)

It’s the end of an era: Buffett’s annual letters were required reading in global finance — so closely read by many in the global business community that they’ve long been treated as market-event pillars. Fans praised Buffett’s folksy, down-to-earth wisdom and the insights he offered on everything from value investing to the allocation of capital and long-term business thinking. The release of a Buffett letter was an “event” for the global business press, which would invariably dissect his missives for witty insights on investment, management, and the state of the US (and global) economy.

Buffett’s concluding message is about forgiveness, second chances, and making the most of life. (Sure, he talks about Berkshire’s transition to Abel and his personal philanthropic plans — but the meat for readers in our corner of the world? It’s in the last couple of pages.)

The best quotes:

Forgive yourself — and learn from your damn mistakes: “I’m happy to say I feel better about the second half of my life than the first. My advice: Don’t beat yourself up over past mistakes — learn at least a little from them and move on. It is never too late to improve.”

Don’t be a jerk: “Remember Alfred Nobel, later of Nobel Prize fame, who — reportedly — read his own obituary that was mistakenly printed when his brother died and a newspaper got mixed up. He was horrified at what he read.”

*Actively* decide how you want to live your life: Nobel, Buffett writes, “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.”

Cliché as it may sound from one of the world’s wealthiest men: It’s not all about the money. “Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless. 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.”

Tap or click here to read Buffett’s full letter (pdf).

MARKETS THIS MORNING-

Asian markets are in the green in early trading this morning, with the Hang Seng leading gains (up 1.3%) and the Kospi, Nikkei, and Shanghai Composite trailing behind.

ADX

10,034

+0.1% (YTD: +6.5%)

DFM

6,072

+1.1% (YTD: +17.7%)

Nasdaq Dubai UAE20

4,880

+1% (YTD: +17.2%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

3.7% o/n

3.9% 1 yr

Tadawul

11,270

+0.2% (YTD: -6.4%)

EGX30

40,261

-0.4% (YTD: +35.4%)

S&P 500

6,847

+0.2% (YTD: +16.4%)

FTSE 100

9,900

+1.2% (YTD: +21.1%)

Euro Stoxx 50

5,726

+1.1% (YTD: +17.0%)

Brent crude

USD 65.16

+1.7%

Natural gas (Nymex)

USD 4.53

-0.9%

Gold

USD 4,143

+0.7%

BTC

USD 103,080

-2.8% (YTD: +10.1%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.8

+0.3% (YTD: +9.1%)

S&P MENA Bond & Sukuk

151.78

-0.1% (YTD: +8.5%)

VIX (Volatility Index)

17.28

-1.8% (YTD: -0.4%)

THE OPENING BELL-

The S&P BSE Sensex opened 418 points higher this morning at 84,289 — marking a 0.5% gain in the early trading session. The index is up 7.4% YTD.

Over on the NIFTY 50, the index gained 127 points to 25,882, also gaining 0.5%. The index is up 8.7% YTD.

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