https://x.com/ETNOWlive/status/1918908230886904020
Warren Buffett surprised shareholders at Berkshire Hathaway’s annual meeting on Saturday by announcing his plans to step down as CEO by the end of the year. He proposed Greg Abel, vice chairman of non-insurance operations, as his successor. During a 4.5-hour question-and-answer session, Buffett addressed a wide range of topics.
He expressed concerns about President Donald Trump’s steep tariffs, saying they could lead the economy into a recession.
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Buffett emphasized that “trade should not be a weapon” and advocated for international trade that does not come at the expense of U.S. prosperity. Despite his concerns over tariffs and trade wars, Buffett expressed strong confidence in America’s future.
He pointed to the resilience of the U.S. through various crises, including recessions and world wars. Buffett called being born in the U.S. the “luckiest day in my life.”
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Buffett downplayed recent market volatility, attributing it to temporary factors rather than significant long-term shifts.
Buffett announces Greg Abel as successor
He remarked that a temporary bear market slide did not trouble him, going so far as to say that a 50% tumble in Berkshire’s shares would be a “fantastic opportunity.”
Addressing the nation’s fiscal condition, Buffett voiced concerns about the growing deficit. He stressed the importance of reducing government spending to sustainable levels and criticized Congress for not taking action. Buffett revealed that Berkshire almost deployed $10 billion of its record cash reserves recently, but the deal didn’t materialize.
He mentioned that the company is ready to spend significant sums when attractive opportunities arise. Supply chain expert Jack Buffington joined to discuss Buffett’s criticism of Trump’s tariffs. Buffington echoed Buffett’s concerns, noting that supply chains are highly sensitive to any form of trade restriction.
He emphasized that tariffs can lead to increased costs for consumers and disruptions in global supply chains, which could affect various industries and the overall economy. As Buffett prepares to depart from his long-held position at Berkshire Hathaway, his remarks continue to carry significant weight in financial and business circles. His legacy includes not only his successful investments but also his candid approach to economic policies and their broader implications.