Oracle of Omaha, Wall Street guru, legendary investor. A man of many names, Warren Buffett will step down as CEO of Berkshire Hathaway, the company he founded in 1965, at the end of this year. The surprise announcement came during the company’s annual shareholder meeting in Omaha, Nebraska, where thousands of investors gathered, many expecting updates on succession (but few prepared to deal with that now).
Greg Abel, the current vice chairman of non-insurance operations, will take the reins, as announced during the conference, a decision still pending board approval. Buffett, who is 94 years old, will remain as chairman until his death, at which point his son, Howard Buffett, will assume that role in his place, the Omaha oracle said in front of a standing ovation from shareholders—a rare moment of visible emotion in the world of high finance.
From selling gum and Coca-Cola as a child to steering a $1.1 trillion conglomerate, Buffett’s life has been a masterclass in long-term investing. He bought his first stock at 11 and by 20 had saved $5,000 (a fortune for the time). After launching his own investment partnership in 1956 with just $100, Buffett went on to buy and build Berkshire Hathaway, transforming a textile business into a portfolio giant, with relevant stakes in companies like Coca-Cola, Apple, and American Express.
Oracle’s Take
At this year’s meeting, Buffett didn’t only address succession. He also tackled global economics, specifically lambasting U.S. trade wars. “Trade should not be a weapon,” he said, calling tariffs a “big mistake” and warning that such policies could escalate into something far more dangerous. The audience applauded when he added that America should focus on what it does best and let other countries do the same.
These remarks weren’t just philosophical. Berkshire’s own earnings release issued a clear warning: tariffs are hurting the company’s outlook. Operating earnings fell 14% in the first quarter, with insurance underwriting profits plunging nearly 50% compared to a year ago. The quarterly report admitted that macroeconomic uncertainty and geopolitical shifts are clouding the firm’s ability to forecast future performance.
Buffett also opened up about Berkshire’s swelling cash reserves, now at a record $347 billion. He acknowledged that sitting on that much money isn’t ideal but defended the company’s cautious stance. Notably, he mentioned Berkshire nearly made a $10 billion investment but opted not to, without offering further details.
Special Guests
One of the meeting’s more personal moments came when Buffett singled out Apple CEO Tim Cook in the crowd, crediting him with adding more value to Berkshire than Buffett himself ever had. Berkshire’s Apple stake alone was worth nearly $70 billion last fall, underscoring Cook’s role in driving shareholder returns.
The event, often dubbed “Woodstock for Capitalists,” attracted big names from finance and politics, including Hillary Clinton and Bill Gates. The mood was reflective but forward-looking. His departure as CEO marks the end of an era, but also the beginning of a closely watched transition that could redefine the next chapter of Berkshire Hathaway. As Buffett prepares to hand over the reins, he does so with the quiet confidence that has defined his career: no drama, just a bet on long-term value.
