Warren Buffett Steps Down as CEO—and Other Key Takeaways From Berkshire’s Annual Meeting

Berkshire Hathaway (BRK.A, BRK.B) held its highly anticipated annual shareholders meeting Saturday, where Warren Buffett announced plans to step down from his role as CEO at the end of the year. Here are some key takeaways from the event.

Buffett Says Greg Abel Will Take Over as CEO at Year-End

After 60 years as CEO of Berkshire Hathaway, Buffett said Saturday that he intends to step down, with Vice Chair Greg Abel set to assume the helm at year-end.

“I think the prospects of Berkshire will be better under Greg’s management than mine,” Buffett said, and that he has no plans of selling his shares.

Anticipating Abel would be Buffett’s successor, shareholders have been watching closely for clues as to how Berkshire could change under his leadership. During Saturday’s meeting, Abel suggested he aims to continue the values that have guided Berkshire under Buffett. 

“It’s really the investment philosophy and how Warren and the team have allocated capital for the past 60 years,” he said, adding, “it will not change, and it’s the approach we’ll take as we go forward.”

‘Trade Should Not Be a Weapon,’ Buffett Says

Amid economic uncertainty in the face of President Trump’s rapidly shifting tariff policies, many investors were also eager to hear what the “Oracle of Omaha” had to say about tariffs.

Buffett said at the event that he believes “there is no question that trade can be an act of war, and I think it’s led to bad things,” echoing statements earlier this year.

“Trade should not be a weapon,” he said, adding that the United States has already “won” in his view, as an “incredibly important country,” that “should be looking to trade with the rest of the world, and we should do what we do best, and they should do what they do best.”

Buffett Says Fiscal Deficit Is ‘Unsustainable’

Asked about whether he believes the Trump administration’s cost-cutting Department of Government Efficiency is a net positive for the country, Buffett said, “I think that bureaucracy is something that is dangerous, and big corporations—overwhelmingly—most of them look like they could be run better.”

“We’re operating at a fiscal deficit now that is unsustainable for a period of time. We don’t know whether that means two years or 20 years, because there’s never been a country like the United States,” he said, but that it “can’t go on forever.”

“It’s a job I don’t want, but it’s a job I think should be done,” Buffett said.

Berkshire’s Cash Pile Climbs To Record $347.7B as Selling Spree Continues

Berkshire ended the quarter with a record $347.7 billion in cash, cash equivalents, and short-term investments in U.S. Treasury bills, as the company kept up its selling spree.  

Buffett said Saturday that he’s always looking for new opportunities and would like to lower Berkshire’s cash reserves, but suggested that may not change soon.

“It’s very unlikely to happen tomorrow,” Buffett said, though he suggested “it’s not unlikely to happen in five years.”

Buffett Jokes Apple CEO Tim Cook ‘Made Berkshire a Lot More Money’ Than He Has

Tim Cook, CEO of Apple (AAPL)—one of Berkshire’s longstanding holdings—also attended the event, drawing a shoutout from Buffett. 

“I’m somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I’ve ever made Berkshire Hathaway,” Buffett joked. 

Berkshire has significantly trimmed its stake in Apple over the past year, but it remains one of the company’s largest holdings.