Warren Buffett announced his retirement at the age of 94 during Berkshire Hathaway’s annual shareholder meeting in Omaha, Nebraska. He also expressed concerns about the ongoing trade war and its potential negative impact on the U.S. economy. “Trade should not be a weapon,” Buffett remarked, urging the U.S. to collaborate with other nations.
“We should do what we do best, and they should do what they do best,” he added. Buffett’s comments were seen as a critique of the Trump administration’s tariff policies, which have caused significant disruptions in global markets. The annual event attracts tens of thousands of attendees from around the globe.
Buffett confirmed that he would step down as CEO at the end of the year, with Greg Abel set to succeed him. This announcement was met with a prolonged standing ovation. Buffett has mostly refrained from commenting on trade matters this spring, even as other business leaders have voiced their concerns over the tariffs’ economic impact.
Cathy Seifert, a CFRA Research analyst covering Berkshire, noted that Buffett is likely frustrated by the uncertainty introduced by these policies. On Saturday morning, Berkshire Hathaway reported a significant drop in quarterly profit compared to the previous year.
Buffett steps down, critiques tariffs
The company noted the unpredictable nature of the trade war makes it difficult to forecast the exact impact on its diverse businesses. Buffett’s influence extends far beyond Berkshire Hathaway, which he purchased in 1965 when it was a failing textile mill. Under his leadership, it has grown into a conglomerate with interests ranging from insurance and railroads to Dairy Queen and Duracell batteries.
Buffett’s folksy charm and patriotic fervor were evident throughout his speech. He lauded the United States, calling his birth there the “luckiest day in the world.” He framed his criticism of tariffs as a matter of national security, believing that global prosperity would ultimately benefit the U.S. and its citizens. The annual shareholder meeting is renowned for its unique atmosphere, blending elements of a fan convention, religious revival, and shopping extravaganza.
Nearly 20,000 people visited the exhibit hall on Friday, exploring displays and stores dedicated to Berkshire-owned brands. Attendees included a diverse mix of devoted shareholders, some of whom have held Berkshire shares for decades. One retiree, Dr.
Lorenzo Alaan, shared his advice: “I told my kids: Do not sell it. You sell your house, your jewelry, don’t sell Berkshire. It’s for your children and grandchildren.”
As Buffett prepares to step down, his influence on Wall Street and his advocacy for America’s economic principles remain deeply felt.
Image Credits: Photo by Renel Wackett on Unsplash
