Warren Buffett announced his retirement at Berkshire Hathaway’s annual shareholder meeting in Omaha, Nebraska. The 94-year-old billionaire investor and CEO also warned that the ongoing trade war, ignited by new tariffs, would harm the United States. “Trade should not be a weapon,” Buffett said, advocating for fair trade practices.
He stressed the importance of global trade and the detrimental impacts of current policies to the thousands gathered in the downtown Omaha arena. “Trade with the rest of the world is essential,” Buffett said, drawing applause from the crowd. His comments were seen as a critique of President Trump’s tariff policies that have disrupted global markets.
As he closed the event, Buffett shared significant news: he will step down as CEO at the end of the year, with Greg Abel set to succeed him. This announcement received a standing ovation from attendees at Omaha’s CHI Health Center. Cathy Seifert, an analyst who covers Berkshire for CFRA Research, noted Buffett’s likely frustration with the uncertainty injected into his businesses by current trade policies.
Many large U.S. companies have revised their financial forecasts due to the tariffs’ impact. Berkshire Hathaway itself reported a sharp drop in quarterly profit and cautioned about the “reasonably possible adverse consequences” of the tariffs on its diverse businesses.
Buffett’s retirement and trade war warning
Buffett bought Berkshire Hathaway in 1965 when it was a struggling textile mill. He has grown it into one of the world’s largest companies, with operations spanning insurance, railroads, Dairy Queen, and Duracell, among others. His influence extends across Wall Street, where his investment decisions are closely watched.
At the meeting, Buffett expressed pride in his American roots and framed his opposition to tariffs as a matter of national security. “The more prosperous the rest of the world becomes, the more prosperous we’ll become,” he said, followed by more applause. The annual shareholder meeting has become an extraordinary event, drawing tens of thousands of people for a weekend of festivities in Omaha.
On Friday, nearly 20,000 visitors flocked to the CHI Health Center’s exhibit hall, filled with displays and shops of Berkshire-owned brands. From finance enthusiasts to foreign travelers, attendees celebrated and shopped, buying See’s Candies, Fruit of the Loom underwear, and plush toys modeled after Buffett and his late business partner, Charlie Munger. For many, the event is a deeply personal tradition.
Lorenzo Alaan, a retired physician from Florida, advised his family to hold onto their Berkshire shares indefinitely. “It’s for your children and grandchildren,” he said. As Buffett prepares to pass the torch, his legacy of investment acumen and his folksy pragmatism continue to resonate, underlining his immense impact on the corporate world and beyond.
Image Credits: Photo by Nastuh Abootalebi on Unsplash
