A Recap of the 2025 Berkshire Hathaway Annual Shareholders Gathering

Held in Omaha, Nebraska, this year’s Berkshire Hathaway Shareholders Meeting—often dubbed the “Spring Festival Gala” of investing—was particularly historic. It marked Warren Buffett’s 60th year leading the company. Joining him on stage were Vice Chairmen Greg Abel and Ajit Jain, responding to questions from investors and reflecting on the state of the business and broader economic landscape.

Highlights from the Event:

1. Buffett announced his intention to step down as CEO before year-end but assured he has no plans to sell his Berkshire shares.
2. He stressed that the United States should prioritise cooperation in global trade, warning against its use as a geopolitical weapon.
3. The U.S. fiscal deficit came under fire, with Buffett describing it as long-ignored and ultimately unsustainable.
4. Buffett clarified he would not anchor his investment strategy solely around artificial intelligence.
5. His investment success, he said, stems largely from avoiding the temptation to go “all-in.”
6. Lastly, Buffett encouraged the audience to pursue work they love, regardless of the initial paycheck.

In-Depth Insights:

Buffett to Step Down as CEO by Year-End, No Plans to Sell Shares

Buffett shared that he plans to resign from his role as CEO by the end of the year and will propose Greg Abel as his successor. Though Abel has not been informed of this yet, Buffett trusts in his capability. Apart from Buffett’s children, even the board is unaware of the transition plan. Importantly, Buffett reiterated his confidence in the company by confirming he will not be offloading any of his stock holdings.

International Trade: A Call for Collaboration

Buffett expressed firm opposition to the weaponisation of trade. He believes such strategies are not only short-sighted but damaging to global harmony. Reflecting on America’s journey from obscurity to prosperity over the past 250 years, he advocated for equitable and peaceful trade relationships.

Japanese Investments: A Long-Term Commitment

Buffett clarified that Berkshire’s stakes in Japan—totalling around $20 billion—are a long-term bet. He sees value in the region and intends to nurture these investments for at least the next decade.

Tim Cook Gets a Nod

Apple’s CEO, Tim Cook, received high praise from Buffett for his leadership following Steve Jobs’ era. Buffett even remarked with humour that Cook has made more profit for Berkshire than Buffett himself has managed.

Market Volatility Doesn’t Rattle Buffett

Short-term market fluctuations—over a month or a quarter—mean little to Buffett. He emphasised that even up to 15% drops are no cause for alarm, pointing to volatility as a natural part of investing.

Concerns on the U.S. Fiscal Path

Buffett noted that Berkshire avoids short-sighted financial maneuvers and stays away from assets exposed to currency depreciation. Although he voiced concern about the ballooning U.S. deficit, he acknowledged that this isn’t a uniquely American dilemma.

Avoiding the “All-In” Mentality

One of Buffett’s core philosophies is measured risk. Rather than committing entirely to any single investment, he has patiently waited for valuable opportunities—something he sees as available every five years.

Why Real Estate Isn’t His Favourite

Buffett contrasted stocks and real estate, arguing that the latter is less attractive due to higher uncertainty and operational burden. While Charlie Munger was fond of property deals, Buffett refrained from diving into them.

Deficit: A Structural Risk

In no uncertain terms, Buffett described the fiscal model of the U.S. as unsustainable, regardless of whether it plays out over two or twenty years. Though he emphasised the urgency for corrective action, he joked that he wouldn’t want the job of fixing the federal budget.

A $10 Billion Deal That Almost Happened

Buffett disclosed that Berkshire came close to making a $10 billion investment recently but eventually chose not to. He said that decisions become easy when the right opportunity comes along—clear, valuable, and understandable.

Words of Wisdom on Careers

Buffett advised young professionals to find joy in their work rather than chase high starting salaries. He fondly recalled working under five different bosses he admired before founding his own venture.

AI Is Not the Sole Focus

While AI is a hot topic, Buffett said he won’t reorganise his portfolio. Jain chimed in, noting that although some insurers are exploring AI applications, Berkshire hasn’t invested in the field significantly yet. They remain open to acting swiftly if a meaningful opportunity arises.

The Power of a Balance Sheet

For Buffett, the balance sheet reveals more than the income statement. He spends more time analysing it because it’s harder to manipulate and gives a clearer view of a company’s financial health.

No Room for Recklessness

Buffett promised shareholders that Berkshire would never misuse their capital. “If we ever do something dumb,” he said frankly, “you should fire us.”

Watching Capital-Heavy Tech Titans

Buffett pointed out that while tech giants have reaped significant rewards through heavy investment, business models that generate profits with minimal capital, like Coca-Cola, are more attractive.

Seeing Opportunity in Stock Price Drops

A dramatic 30% dip in Berkshire’s stock wouldn’t faze Buffett. On the contrary, he would likely view it as a great time to buy. Emotion, he emphasised, has no place in rational investing.

Optimism for America’s Tomorrow

Buffett remains bullish on the U.S., drawing strength from history. Even through the Great Depression and global wars, the nation has emerged stronger—and today’s issues, he believes, will pass as well.

Final Words: Choose Good Company and Keep Calm

Surround yourself with people of integrity and quality, Buffett advised. The market is unpredictable, but those who stay grounded and unemotional are the ones who thrive.

Energy Solutions Require Unity

Addressing the pressing need for energy reform, Buffett called for a wartime-like alliance between government and business. With the financial resources and technical know-how, Berkshire is prepared to be part of the solution.