Ace investor Warren Buffett surprised traders on Monday by sending a farewell letter announcing that he would step down as the CEO of Berkshire Hathaway by the end of the year. He named Greg Abel as his replacement, and the transition phase is ongoing. Abel served as the Vice Chair of the Board of Directors and oversaw non-insurance operations.

“I’m going quiet,” wrote Warren Buffett in the farewell letter, and announced that he will “step up” his philanthropy, and give away $149 billion in Berkshire Hathaway stocks that he holds. The 95-year-old self-made billionaire is hanging up his boots after being an investor for eight decades. His first investment was at age 11, when he bought 3 shares of Cities Service for $114. He later sold it for $40, making a profit of $2 per share.

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Warren Buffett Highlights America’s Strength and Comeback Persona in the Farewell Letter

The billionaire addressed the US stock market’s prospects by citing his investment arm, Berkshire Hathaway. In the letter, he stressed that Berkshire Hathaway has fallen 50% several times, but has come back stronger. He compared the comeback to America’s strength, citing that every fall will lead to a bigger comeback.

“Our stock price will move capriciously, occasionally falling 50% or so,” said Warren Buffett. He wrote that market crashes are temporary and America has a functioning economy and can handle the decline. “Don’t despair; America will come back and so will Berkshire shares,” he wrote.

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The farewell letter holds Warren Buffett’s long-term view of the American economy. In short, he wrote that the US economy can withstand shocks, recover from downturns, and support all businesses. Only the disciplined investors who can manage their finances based on these beliefs can make it big. The belief is in America’s comeback and that all downturns come in temporary phases.