Recently, legendary investor and 89year old American billionaire, Warren Buffet, who has given about $34billion to charities over the years, wrote a letter to shareholders of his Berkshire Hathaway group in which, among other things, he mentioned something about the ‘urgent zone.’ “Charlie and I long ago entered the urgent zone,” he wrote. Charlie Munger, 96, is his long-time business partner.

Below are 5 take-aways from a close analysis of the 14page letter:

1. The Oracle of Omaha, as he is fondly called does not live in denial about the inevitability of his departure
2. The Oracle of Omaha understands the need for setting his house in order before the moment comes
3. The Oracle of Omaha believes the prosperity experienced by shareholders need not be disrupted because of his inevitable departure
4. The Oracle of Omaha would have the world begin to prepare for the season when he would no longer be here
5. The Oracle of Omaha indicated it would be an ‘exit,’ not a demise or a complete cessation of existence

Interestingly, Mr Buffet did not mention in the letter when he and his friend entered the ‘urgent zone.’ He only says they have been there for a long time. How many people know when they enter the urgent zone?