Warren Buffett, the billionaire investor and CEO of Berkshire Hathaway, announced his retirement at the company’s annual shareholder meeting. He also warned about the ongoing trade war’s impact on the U.S. economy: “Trade should not be a weapon. ”
He emphasized the importance of global trade and said the U.S. should focus on its strengths while trading fairly with other nations. Buffett’s comments were a response to the administration’s new tariffs, which triggered a global trade war and market volatility. Many attendees had anticipated Buffett’s views on the trade war, and his remarks generated considerable applause from the audience.
In addition to his economic warnings, Buffett confirmed that Greg Abel, his long-designated successor, would take over as CEO. His announcement was met with a prolonged standing ovation from thousands of shareholders. Cathy Seifert, an analyst with CFRA Research, noted Buffett’s frustration with the uncertainty that Washington’s policies have introduced into the economy.
Many U.S. companies, including Berkshire Hathaway, have adjusted their financial forecasts due to the tariffs’ unpredictable impact.
Buffett’s retirement and trade warnings
Buffett acquired Berkshire Hathaway in 1965 when it was a struggling textile mill.
He transformed it into one of the world’s largest companies, with diverse holdings in insurance, railroads, food services, and more. The company is also a significant investor in major corporations like Coca-Cola, Apple, and American Express. Buffett has championed American prosperity throughout his career, often linking it to global cooperation.
“The luckiest day in the world is the day I was born. I was born in the United States,” he remarked, highlighting that a prosperous world is beneficial and safer for future American generations. The annual shareholder meeting drew nearly 20,000 visitors on the first day alone.
Attendees enjoyed shopping for Berkshire-owned brands and mingling in a convention-like setting. “I told my kids: do not sell it,” said Lorenzo Alaan, a retired physician from Florida. “You sell your house, your jewelry, but don’t sell Berkshire. It’s for your children and grandchildren.”
Buffett’s departure marks the end of an era for Berkshire Hathaway, yet his investment philosophy and economic foresight will continue to influence the business world for years.
Image Credits: Photo by Anna Nekrashevich on Pexels
