Warren Buffett, the billionaire investor and CEO of Berkshire Hathaway, announced his retirement at the age of 94. He delivered the news at the annual shareholder meeting, often called “Woodstock for Capitalists.” Buffett said he will step down at the end of the year, with Greg Abel set to be his successor. In his speech, Buffett also talked about the ongoing global trade war.
He criticized the use of trade as a weapon. “We should be looking to trade with the rest of the world. We should do what we do best, and they should do what they do best,” he said.
The audience applauded his comments. Buffett did not mention President Trump directly. But his comments were a clear rebuke of the administration’s tariff policies.
These policies have caused major disruptions in global markets. Buffett had been notably silent on trade issues this spring. This was especially true as many of his business peers began voicing concerns.
Cathy Seifert, an analyst covering Berkshire for CFRA Research, noted that Buffett likely found the situation frustrating. This was due to the uncertainty it injected into his business operations. Many large U.S. companies, including Berkshire, have warned about the potential negative effects of the tariffs.
Buffett steps down after decades
During the meeting, Berkshire reported a big drop in quarterly profit compared to the previous year. The company said part of this decline was due to the unpredictable impact of the tariffs on its varied business portfolio.
Buffett highlighted the interconnectedness of global prosperity with American prosperity. He framed his opposition to tariffs as a matter of national security. The event in Omaha was far from the average shareholder meeting.
With Buffett at the helm, it has evolved into a festive weekend. It includes brand displays, shopping opportunities, and a fan convention-like atmosphere. Attendees included long-time shareholders, families, and international visitors.
Buffett was born in Omaha. He has been a central figure on Wall Street and beyond since acquiring Berkshire Hathaway in 1965 when it was a struggling textile mill. Under his leadership, the company expanded into one of the largest in the world.
It has interests in insurance, railroads, consumer goods, and more. Buffett’s announcement marks the end of an era for Berkshire Hathaway. As he concluded his speech, the audience gave him a prolonged standing ovation.
This signaled their deep appreciation for his leadership and legacy.
Image Credits: Photo by Nastuh Abootalebi on Unsplash
