Moscow says 'such reckless actions will not go unanswered'

As the billionaire retires, he leaves memorable advice from his annual letters that include pithy takes on bubbles, discipline and long-term goals

Warren Buffett, the billionaire investor who is retiring at the end of 2025, has entertained and educated shareholders in his Berkshire Hathaway conglomerate for many years with his pithy annual letters outlining the firm’s performance.

Every year since 1965 he has updated his investors on the journey as Berkshire morphed from a “struggling northern textile business” with $25m of shareholder equity when he took over, to an empire worth more than $1tn.

Though the price I paid for Berkshire looked cheap, its business – a large northern textile operation – was headed for extinction.

My error caused Berkshire shareholders to give far more than they received (a practice that – despite the biblical endorsement – is far from blessed when you are buying businesses).

Woody Allen once explained why eclecticism works: ‘The real advantage of being bisexual is that it doubles your chances for a date on Saturday night.’

When such a CEO is encouraged by his advisers to make deals, he responds much as would a teenage boy who is encouraged by his father to have a normal sex life. It’s not a push he needs.

Andrew destroyed a few small insurers. Beyond that, it awakened some larger companies to the fact that their reinsurance protection against catastrophes was far from adequate. (It’s only when the tide goes out that you learn who’s been swimming naked.)

In our view, however, derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.

Participants seeking to dodge troubles face the same problem as someone seeking to avoid venereal disease: it’s not just whom you sleep with, but also whom they are sleeping with.

From this irritating reality comes the first law of corporate survival for ambitious CEOs who pile on leverage and run large and unfathomable derivatives books: modest incompetence simply won’t do; it’s mind-boggling screw-ups that are required.

When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons. And that we will do.

Naturally, I was delighted to attend Mrs B’s birthday party. After all, she’s promised to attend my 100th.

She sold me our interest when she was 89 and worked until she was 103. (After retiring, she died the next year, a sequence I point out to any other Berkshire manager who even thinks of retiring.)

The candidates are young to middle-aged, well-to-do to rich, and all wish to work for Berkshire for reasons that go beyond compensation.

(I’ve reluctantly discarded the notion of my continuing to manage the portfolio after my death – abandoning my hope to give new meaning to the term ‘thinking outside the box’.)

From long exposures of motor racing to remote-operated cameras at football matches, here’s how our favourite sports images were made

• Tom Jenkins’s best sport photographs of 2025

• How one of the best tennis photos was taken

We’ve received more than 500,000 sports photographs in the past year, with some absolute belters among them. Here are some of the fleeting moments, wild celebrations and creative compositions that caught our eyes – accompanied by explanations and technical info from the photographers themselves.

Chloe Kelly celebrates by Florencia Tan Jun (1/200th sec, f/2.8, ISO 2500)

Either say you can’t make it well in advance or keep stumm

As New Year’s Eve looms, I implore you to heed this party etiquette advice. There are only two correct times to decline a party invitation: well in advance or not at all. The last thing any stressed-out host wants to receive, in the moments before their big event begins, is a sudden flood of 11th-hour RSVPs from guests announcing that they’re not coming. And yet, as anyone who regularly organises large parties in Britain knows, that’s exactly what they tend to be sent. It needs to stop.

Having an invitation turned down in advance stings a little, but it is genuinely helpful. It provides a sense of potential turnout to help gauge catering and expectations. A decline on the day, however, is infuriatingly useless. Food and booze will already long since have been ordered, and it’s way too late to invite another friend to make up the numbers.

Phineas Harper is a writer and curator

The best and worst of 2025 – featuring devotion in DC, late-night tweeting and the fly that sank a birdie

The White House, issuing a communique to reporters covering April’s global market meltdown over tariffs as US losses hit $6.6tn (£4.9tn) in two days. “The President won his second round matchup of the Senior Club Championship today in Jupiter, FL, and advances to the Championship Round tomorrow.”

ATTENTION - Cet article contient des spoilers sur La Femme de ménage. Si vous n'avez pas encore vu le film, revenez plus tard.

Très attendue par des millions de lecteurs à travers le monde, l’adaptation cinématographique de La Femme de ménage, le best-seller de Freida McFadden, est enfin au ci…

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Le dragon de Komodo vit sur Terre depuis cinq millions d’années. Une telle longévité ne doit rien au hasard. En effet, ce super prédateur n’a quasiment aucun ennemi.

Last year, Vogue declared having a boyfriend was embarassing and as we enter a new calendar year, we have 12 months of new possibilities of what is hot and what’s definitely not. Helen Coffey wades into the debate and decides who or what will be out in the cold for at least 365 days

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There’s plenty to get excited about over the next 12 months, whether it’s psychological thrillers, period dramas, Irish comedies or returning favourites. Ellie Harrison and Katie Rosseinsky take a look

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