OMAHA, Neb. — Warren Buffett, the renowned billionaire investor and head of Berkshire Hathaway, urged the United States to step back from its ongoing trade war during his annual shareholder meeting on Saturday. Addressing a crowd of thousands at the CHI Health Center, Buffett emphasized that trade should be a collaborative effort rather than a contentious battleground.
“Trade should not be a weapon,” he remarked, promoting a vision where nations collaborate based on their strengths. Many in attendance, eager to hear his insights on tariffs that have unsettled global markets, responded with enthusiastic applause. His comments came as a timely response to questions about the business climate amid escalating trade tensions and economic uncertainty.
This year’s meeting, often dubbed the “Woodstock for Capitalists,” brought together a diverse audience, eager to engage with Buffett’s reflections on the economy and the future of Berkshire Hathaway. Notably, Buffett announced he will retire as CEO by year’s end, handing the reins to Greg Abel, his long-term successor. His announcement received a prolonged standing ovation, symbolizing the deep respect and admiration he commands among shareholders.
While he refrained from directly criticizing any politicians, there were undercurrents of concern regarding the current administration’s trade policies. Analysts suggest that Buffett, who traditionally adopts a measured tone on political matters, may find the ongoing uncertainty frustrating, particularly given its implications for his vast and varied business empire.
In the wake of these trade tensions, Berkshire Hathaway reported a significant drop in quarterly profits compared to the previous year. The company noted the unpredictability of tariffs’ impacts on its numerous investments and business activities, warning of potential negative consequences. This stark outlook reflects broader concerns shared by numerous large corporations, many of which have adjusted their financial forecasts downward due to the volatile trade environment.
Buffett is not only a prominent figure in finance but also revered for his folksy demeanor and patriotism. He frequently highlights the interconnectedness of global prosperity, framing his opposition to tariffs as fundamentally tied to national security. “As the rest of the world thrives, so too does the United States,” he stated, aiming to inspire confidence among shareholders and the public alike.
In a stark contrast to typical corporate events, Buffett’s gatherings foster a vibrant atmosphere, blending fan enthusiasm with economic discussion. The exhibit hall featured displays of Berkshire-owned brands, drawing nearly 20,000 visitors over the weekend. Attendees left with an array of goods, including popular items from See’s Candies and plush toys resembling Buffett and his late partner, Charlie Munger, reinforcing the event’s unique blend of commerce and community spirit.
Among the attendees were long-time investors like Lorenzo Alaan, who passionately shared his commitment to maintaining his Berkshire shares for future generations. “You sell your house, your jewelry—don’t sell Berkshire,” he emphasized, reflecting a sentiment echoed by many dedicated shareholders.
As Buffett prepares to step down, his legacy as a business leader and advocate for a more interconnected global economy will likely influence discussions in the financial community for years to come, making his final remarks at this gathering particularly poignant.