Warren Buffett, the legendary investor who turned Berkshire Hathaway Inc. into a $1.16 trillion powerhouse, is stepping down by the end of this year. After leading the company for over six decades, the 94-year-old billionaire made the announcement during Berkshire’s annual shareholder meeting in Omaha, Nebraska.
Greg Abel, currently the vice chairman overseeing non-insurance operations, will take over leadership, which is pending board approval. Buffett revealed that the board is set to meet on Sunday to confirm the decision.
The announcement came as a surprise to many, including the board and Abel himself. Although Abel had long been considered Buffett’s likely successor, he did not know the news would be revealed during the meeting’s closing moments.
Warren Buffett Expresses Concern Over U.S. Dollar
At Berkshire Hathaway’s 60th annual shareholder meeting, Warren Buffett made an important announcement about the future of the company and shared his views on the U.S. economy. This was Buffett’s last meeting as the CEO of Berkshire Hathaway, marking the end of an era. During the event, he officially handed over the leadership to Vice Chairman Greg Abel, who will now lead the company as its new CEO.
Concerns About the U.S. Dollar
In his speech, Warren Buffett raised concerns about the long-term stability of the U.S. dollar. He warned that there could be situations in the future where Berkshire Hathaway might prefer to hold or invest in foreign currencies instead of the dollar. Warren Buffett said, “Obviously we wouldn’t want to be owning anything in a currency that was really going to hell,” meaning he would not want the company’s money in a currency that is rapidly losing value.
He explained that if the U.S. faces serious financial problems, like a growing national debt or rising inflation, the company might choose to use other currencies for safety. For example, if Berkshire Hathaway makes a big investment in a European country, it may consider using that country’s currency for business or financing purposes.
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Global and Economic Concerns
Buffett’s comments come at a time when many experts are worried about the U.S. economy. Issues such as the increasing national deficit and strict trade policies have created global economic uncertainty. Buffett mentioned his concerns about how the U.S. government is handling finances and how some parts of the system are becoming less efficient due to too much bureaucracy.
Still Positive About America
Despite these warnings, Warren Buffett remains hopeful about the future of the American economy. He said, “This is the best place in the world to be,” showing his continued belief in the strength of the U.S. market. He added that there are still many good opportunities for investing and growing wealth in the country.
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Warren Buffett Warns Against Using Trade as a Weapon
Warren Buffett voiced concern over using trade as a political tool, subtly criticizing the U.S. government’s aggressive tariff policies during Donald Trump’s presidency. He stated, “Trade should not be a weapon,” emphasizing that tariffs and trade restrictions could be seen as acts of hostility. According to Buffett, such actions have created negative outcomes, including rising tensions and unstable markets.
His remarks came after the Trump administration introduced some of the highest import tariffs in decades—145% on Chinese products. In response, China hit back with 125% tariffs on U.S. goods. Although the U.S. later paused many of these tariffs for 90 days, the trade war with China continued to escalate.
Buffett warned that pushing away allies and promoting protectionism could seriously harm the U.S. He said, “It’s a mistake to isolate ourselves when the rest of the world—7.5 billion people—doesn’t feel friendly toward us, and only 300 million Americans are celebrating our success. That’s not wise.”
He also stressed the importance of global cooperation in a world where nuclear weapons exist. “A divided world is dangerous. Instead, we should aim for shared prosperity. The more the world grows economically, the safer and more stable life becomes for everyone,” he said.
Buffett highlighted that open markets benefit all nations. He believes that global growth helps the U.S. too, making it more secure and improving the future for upcoming generations.
Buffett stood by his belief that stocks are the best long-term investments, usually performing better than other assets. He cautioned against real estate, calling it complicated and harder to manage. He also emphasized that active investing requires smart decision-making and isn’t ideal for passive investors, especially in today’s unpredictable market.
