From Yahoo Finance: 2025-05-03 08:55:00

Billionaire Warren Buffett announced his retirement from leading Berkshire Hathaway after six decades. He recommended Vice Chairman Greg Abel as his successor, surprising many. Abel will take over all non-insurance businesses. Buffett pledged to keep his fortune invested in the company under Abel’s management. Thousands of investors gave Buffett a standing ovation.

Abel, Buffett’s designated successor, will manage Berkshire’s cash and investments. Investment manager Omar Malik isn’t worried about Abel’s future performance. Some observers noted Buffett’s less sharp performance at the meeting, prompting his retirement decision. Abel’s business acumen is praised by Buffett, but matching his legendary performance will be challenging.

Buffett warned of dire global consequences from Trump’s tariffs, calling trade a potential “act of war.” He criticized Trump’s trade policies for raising global instability. Despite market turmoil, Buffett sees few attractive investments, leading Berkshire to sit on $347.7 billion in cash. He believes a financial crisis could create investment opportunities.

The Berkshire meeting attracted 40,000 people, including celebrities and investors like Hillary Clinton. One investor camped overnight for a front-row seat. Devan Bisher, a long-time investor, expressed faith in Berkshire’s future and plans to keep his stock. Buffett’s retirement marks the end of an era for the influential investor.



Read more at Yahoo Finance: Warren Buffett shocks shareholders by announcing his intention to retire at the end of the year