A carta final de Buffett: As lições que os investidores não devem ignorar!

At the age of 95, Warren Buffett rewrote to write one of those letters that remain in history. Once again, he left a true testament of wisdom about how to age, invest and lead. In the latest episode of the Manubar podcast, we deciphered the lessons that Buffett wanted to leave to investors and translated them into practical rules that investors can apply. Hello, my name is Barbara Barroso, I'm a specialist in financial education and personal finances and welcome to Manubar. Hello, my friends, how are you? I hope you are all well and in good health. And today I bring you a special episode. It's one of those that I know those who like to invest will want to listen carefully. Warren Buffett, the oracle of Homa Ha, wrote the one that could be his last letter and as always, he did what he does best, he taught with simplicity. But before entering the lessons that Buffett shared, a quick and important note, namely for those who have not yet signed up for Masterclass Online and for free, the moment to invest, which will take place on December 3, is a 100% online session and free where I will show you how to protect and make your money grow in an economic scenario that is once again suffering changes. Therefore, you will have the opportunity to learn because the next year, in 2026, may be the most important year of the decade for your personal finances and investments. You will learn how to transform new legal cycles, including an advantage and what the opportunities of investment that are now emerging, even for those who are starting. Therefore, guarantee the free place, for this, you just have to sign up and you will find the direct link in the description of this episode. Now, in the letter that has recently been published since October, Warren Buffett left several details, dates and information. He said he will speak less, but he will continue to send an annual message on the day of free action. And he left here, in this letter, that Greg Abel will be the boss, will be the one who will effectively assume the commands of Berkshire and Tawaii, the conglomerate, at the end of the year. And in the letter there is no drama or gossip, only what Warren Buffett has already used us, clarity, confidence, continuity. And I confess that with this letter, we feel that we are reaching the end of an era. And the privilege, for me as an investor, to say that I lived in the same period in which Warren Buffett and I were able to share and be able to access his teachings. And in the end, we knew that we would have reached this moment, but it was difficult to accept. And it was exactly in May of this year, but precisely on May 3 that the legendary investor and CEO of Berkshire, Tawaii, more than six decades ago, It was during more than six decades, he announced that he would officially leave the position until the end of the year. Just remember that Buffett entered Berkshire and Tawaii in the 60s, when the company was just a small textile factory in Teclínio and transformed it into one of the largest conglomerates worldwide. And today Berkshire and Tawaii, in terms of market value, is worth more than one billion dollars, that is, one trillion, one billion dollars. And on his side, during almost all this journey, was Charlie Munger, the partner and friend who left us in 2023 at the age of 99. And for those who don't know, Munger was the counterweight, the cyber-analytic, the man who helped Buffett to pass simple investments in cheap titles, in cheap stocks, for investment in cheap business at fair prices. It was Munger who introduced the concept of "mote". Mote, the economic force or competitive advantage, introduced the behavioral discipline that ended up becoming fundamental pillars in the investment philosophy of Berkshire and Tawaii. Now, in this letter that Buffett now shared, she sells the passage of testimony to Greg, the new CEO, and summarizes what the oracle learned in almost a century of life. Yes, we are almost talking about a century of life, more than 90 years, and investments. And that is why we are going to talk today, and I have synthesized here the 10 lessons from Buffett that all investors in my view should note, read, read and apply above all. One of the first lessons has to do with the fact that if it is a matter of risk, Buffett not only named Greg, he explained the "why" in the letter. Because he is a confident manager, he is an tireless worker, he is an honest and deeply aligned communicator with Berkshire's culture. And it is interesting that he warned that even the best leaders envy and that the administration council should be aware of that. So if we had to take a lecture here, practically, it would be my view, I planned the future before the future comes. I want in your company, I want in your personal finances, the association is part of the management of risk and must be prepared with time, with antecedence. A second lesson is that cash is an option, not a mission. What do I mean by this? In 2025, Berkshire thought it would achieve a historic record of liquidity. There are more than $380 million in cash, in cash, in T-Bills. And Buffett doesn't have the money to stop, he is not parked, he is prepared. He prefers not to pay a very expensive price. And what lesson is that we can withdraw from here? And I know that this quantity, this pile of money there to stop is what pops up, isn't it? It's not about various points of question in the head of various investors, but the lesson I would say is that liquidity is power. Having money available is what allows you to buy when others are selling. And for Warren Buffett it is not weakness, it is strategy. Another fundamental lesson to withdraw and that is also mentioned in the letter is to tolerate drops of 50%. And Buffett was direct, the price of Berkshire's stocks can drop by 50%. In fact, he himself mentioned in the letter that this has already happened three times in the last 60 years. And you know what he says? Don't despair. And he says, America recovers, Berkshire recovers, so I would say that the lesson is that volatility is not risk. It is the price of opportunity. And so you have to build a wallet to sleep well. Even when there is a trem market, even when there are drops. Another lesson that we can withdraw from this letter is that this letter is not only from the letter, isn't it? So I went through the letter and I managed to see several teachings, but in the end Warren Buffett in this letter ends up repeating a lot of his teachings and lessons that passed on to investors over the years. So one of them is that culture wins over time. And Buffett recognizes that Berkshire's business has prospects, moderately better than the average, and that strength is in culture. And he wants to say with that, managers who think like owners, who have incentives aligned and with focus in the long term. So a valuable lesson for me is when evaluating companies, look beyond the numbers. And I will also notice in the next 20 years that I dedicate myself to investment areas that sometimes it is natural for those who are starting to see an option of the numbers. But here the lesson Warren Buffett also tells us is to look beyond the numbers, to see culture, the way decisions are made and people are rewarded in the organizations. And he even looks at culture as a motto, as if it were economic, almost as if culture were an invisible motto. Then another lesson is a lesson of humility. Buffett speaks in his letter of "Lady Luck" and "Father Time" about luck and time. He obviously recognizes the role that luck had in his success, but also accepts the passage of time with serenity. Many times this is almost the opposite of what we find in markets, which is a certain arrogance, and the practical lesson I take from here is to invest with humility. And this is perhaps one of the greatest teachings of Warren Buffett, seen as a guru, but he was always humble to recognize when he was wrong. And many times there is a propensity in the financial markets, investors, investors who think they know everything, right? And Warren Buffett, who always had results along his life, in fact, exceptional in terms of investment, keeps this humbleness, accepts that he does not control everything, that he will not always get it right, and that time is the real multiplier of wealth. Another lesson is to avoid the game of envy. What do I mean by that? During decades, the companies tried to control the salaries of the executives through the public exhibition, but the result of his Buffett was the opposite, which is constant comparisons and envy. And the incentives went through to be designed to look good and not to create value. Therefore, a lesson is to look for companies in which the management is well paid, because if the job is well done, the management must be well paid, but also paid for what interests, sustainable growth, real profitability and the value for action in the long term. Another lesson and Buffett, which is funny because I, even participating with our members of our Maniclav Club, they know that I talked about this, right? I think that in the last decade, even above, this may not have played, I mean, it always played a favor, but that is the reason why the results have not been so good in the last decade, but it is a fundamental lesson and that I also apply as an investor, which is focus on what you understand. Buffett does not need to repeat, but always repeats, invest in the circle of skills and knowledge. That is, just enter the business when you understand the business model, when you understand the risk and return. Therefore, there is no way, no bet on things that do not understand. And, in fact, this is one of the critics that often does Warren Buffett, namely, in what he says about technology, right? But he remained faithful to one of these principles that he has as an investor. Therefore, here is a practical lesson. If you cannot explain the business in 60 seconds, do not invest. Simplicity is the true secret of consistency. Well, the eighth lesson we found in the letter. America recovers and the good companies too. Buffett is an optimist by nature and by experience and remembers that over the decades, America and the United States faced wars, inflation, reasons, crisis of credit and overcame all. The long term rewards those who do not panic. Practical lesson, volatility is temporary, value is structural, therefore, it is not the investor who desists in the middle of the state time. This is a lesson that we can take away from Warren Buffett. Then another, related to philanthropy and simplicity. Buffett announced that he turned 1,800 actions into class A, he has two types of actions, class A and class B, and turned 1,800 actions into 2.7 million actions into class B, for four family foundations. He says that he speaks to simplify the patrimony and allow children to learn how to manage actions while they are still alive. This means having a plan of destruction made with rationality and generosity. The lesson we can take away from here simplifies the plan and the transmission of your patrimony with time. A good financial testament is as important as a good portfolio. In the end, I would say that it is a lesson to choose the heroes well, and in the letter, Buffett sent Tom Murphy and Alfred Noble, and he says that each of us must decide what his habit says and lives to that extent. It is not about money, it is about character. Therefore, practical lesson, choose your references well, change the behaviors, not the results. Consistency and character are a real differential in the markets and in life. Buffett says in the letter that he will speak less, but that the principles of Berkshire will continue the same, simplicity, honesty, patience and integrity, and maybe that is the greatest lesson of all. The principles are true, do not envy. Buffett leaves in 1995 but leaves a manual for everyone who wants to invest with wisdom, planning, power, culture, humility and time. And this is what builds lasting wealth. And that is all I had to tell you in a more magnificent episode of the podcast Manioir. As soon as the letter came out, I thought I had to make a podcast about this letter, about the teachings, the valuable lessons and try to perpetuate them in time. And try to also transmit them here to our listeners of the podcast. They are sometimes so simple lessons to apply, but that many people do not apply. We are always there to look for profitability, always looking for the next big thing, right? And we forget that effectively with consistency, with the time in our favor, the beneficiary of the capital effect of behavioral justice, we were able to create a patrimony and create generational wealth. And so, who also wants to start this journey, does not know how to do it and wants to know where the opportunities are. On December 3, at the Masterclass, the moment to invest, I will exactly explain it to you, because this is the moment to start investing your money. You already know that you can continue to follow us on our social networks, Instagram, Facebook, LinkedIn, YouTube, also join our Telegram group. Don't forget to subscribe to our newsletter and also the platform where I will have this episode. All the links are found in the description of this episode. And if you liked it and think it will be useful for other people, share it. As for us, we will meet in the next Money Bar. [BLANK_AUDIO]