On May 3, 2025, Warren Buffett, the legendary “Oracle of Omaha,” presided over his final Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, marking the 60th anniversary of his leadership. The event, dubbed the “Woodstock for Capitalists,” drew tens of thousands to hear the 94-year-old investor’s insights on markets, trade, and the future of Berkshire Hathaway. Here are the key takeaways from the 4.5-hour Q&A session:
- Buffett to Step Down as CEO: In a historic announcement, Buffett revealed he will step down as CEO by the end of 2025, handing the reins to Vice Chairman Greg Abel, 62, who has been his designated successor since 2021. Buffett plans to remain chairman and a significant shareholder, offering guidance but leaving final decisions to Abel. The announcement, known only to his children Susan and Howard (Berkshire board members), prompted a standing ovation.
- Record Cash Pile and Investment Strategy: Berkshire’s cash reserves hit a record $347.7 billion, reflecting Buffett’s caution amid high market valuations. He noted a missed opportunity to deploy $10 billion recently, emphasizing patience for the right deals. Abel echoed this, calling the cash hoard a “strategic asset” for resilience and opportunity. Buffett also addressed selling two-thirds of Berkshire’s Apple stake, praising CEO Tim Cook but citing tax-related motivations.
- Tariffs and Trade Critique: Buffett strongly criticized U.S. tariff policies under President Trump, calling trade wars a “big mistake” and stating, “Trade should not be a weapon.” He advocated for balanced global trade, arguing the U.S. should focus on its strengths while other nations do the same. Berkshire warned that tariffs could adversely impact its diverse businesses, from railroads to retail.
- Market Volatility Downplayed: Addressing recent market turbulence, Buffett dismissed it as “really nothing,” noting Berkshire’s stock has fallen 50% three times in his tenure. He described the S&P 500’s near-20% drop in April as unremarkable, crediting Trump’s tariff pause for the subsequent rebound. Buffett remains optimistic about U.S. markets long-term, calling his birth in America “the luckiest day” of his life.
- Berkshire’s Performance and Challenges: First-quarter operating earnings fell 14% to $9.64 billion, driven by insurance underwriting losses and foreign exchange impacts. Geico, despite a strong 2024, faces rising risks and declining prices in 2025, while private equity competition has hurt Berkshire’s edge in some sectors. Buffett expressed confidence in Geico’s recovery by year-end.
- Life and Leadership Advice: Buffett shared personal wisdom, advising young investors to seek fulfillment for a long life: “A happy person lives longer.” He reflected on his partnership with the late Charlie Munger, emphasizing trust and learning from failures. Abel, addressing his leadership style, promised to be “more active” while preserving Berkshire’s culture.
- Economic and Fiscal Concerns: Buffett expressed worry over the U.S.’s unsustainable fiscal deficit, urging Congress to address it without commenting directly on Trump’s “DOGE” initiative. He reiterated Berkshire’s commitment to U.S. equities and its $26.8 billion federal tax contribution in 2024, underscoring its economic role.
- Bullish on Japan: Buffett reiterated his faith in Berkshire’s stakes in five Japanese trading firms, praising their resilience and long-term value despite economic headwinds, calling them a “terrific” portfolio cornerstone.
- U.S. Dollar (USD): Buffett expressed concern about the USD’s long-term value in the context of the U.S.’s growing fiscal deficit. He noted that persistent deficits could pressure the currency, stating, “Printing money without discipline undermines trust in the dollar over time.” However, he emphasized that the USD remains the world’s reserve currency, and Berkshire’s massive U.S.-based operations reflect his confidence in its near-term stability. He avoided specific predictions about devaluation, focusing instead on the need for fiscal responsibility.
The meeting, broadcast on CNBC, blended Buffett’s trademark humor, reflections on his 60-year legacy, and forward-looking optimism. Attendees, from international investors to long-time shareholders, celebrated Berkshire’s culture, with some sporting Buffett-themed attire. As Buffett prepares to step back, his influence and Berkshire’s $1.16 trillion conglomerate remains a cornerstone of American capitalism.