Warren Buffett does not want to be boss at 94

The legendary US investor Warren Buffett wants to hand over the leadership of his Holding Berkshire Hathaway after more than half a century. He would propose to the Board of Directors to raise his designated successor Greg Abel on the top post at the end of the year, the 94-year-old said at the Berkshire shareholder meeting. « Time has come. » He then wanted to continue as a consultant, but the decisions will make Abel, Buffett emphasized. However, he would probably go to the office anyway, he told the broadcaster CNBC.

Buffett raised the announcement at the end of his 60th shareholder meeting at Berkshire Hathaway. The approximately 40,000 participants in the hall in his hometown Omaha then recognized him with a minute applause. He only informed his two children from his intention – but not Abel himself, said Buffett.

A success story

Berkshire was originally a small textile company. Buffett bought it in the 1960s and transformed them into a successful investment company. His sense of good business ensured that Berkshires investments in various companies have developed significantly better over the years than the stock market on average. From 1964 to 2024, the stock market value per share rose by 5,502,284 percent, it said in the latest Berkshire annual report.

The investment philosophy behind it: to get in with promising companies at good prices. Buffett enjoys cult status with his fans as the « Oracle of Omaha ». The shareholder meetings are sometimes also referred to as the « Woodstock for Capitalists », based on the legendary music festival 1969, in which Jimi Hendrix and The Who appeared. Buffett often ask shareholders for advice for her future or, in his opinion, far beyond investment issues.

This year, a participant from Gifhorn wanted to know what economic principles Buffett Benjamin Franklin would have given in the American declaration of independence in 1776.

Big shoes for successors

Berkshire Hathaway includes the Insurer Geico, the BNSF railway company, the Fast food chain Dairy Queen, the chocolate provider See’s Candies and the battery manufacturer Duracell. Holding also holds investments in many other companies, such as Apple and Coca-Cola. Apple boss Tim Cook was there in Omaha on Saturday.

The 62-year-old Abel will inevitably have to be measured by Buffett’s track record. The Energy Manager from Canada was named as Buffett’s successor to the Buffett. He has been with Berkshire since 1999 and was given responsibility for business outside of insurance in 2018.

Buffett is likely to leave Abel a lavish monetary cushion for investments: Berkshire’s money reserves have now reached almost $ 350 billion. Buffett repeatedly said in recent years that he does not see any suitable deal opportunities in the market. Abel said in Omaha that investment approaches would not change under his leadership.

Criticism of Trump’s customs policy

At the shareholder meeting, Buffett criticized Donald Trump’s customs policy – but without naming the president. « Trade shouldn’t be a weapon, » he said. The United States should act with other countries – and if the rest of the world is richer, « this will not be at our expense », but will also make America richer.

Trump announced high import duties – with the declared goal of bringing more production into the country. The US President also sees the high trade deficit as a problem: in the United States, goods are inserted into significantly higher value than exported. Trump quickly stopped the tariffs for most countries after the stock exchanges and financial markets had then collapsed. Experts also expect delivery bottlenecks in the United States in the coming months through the China-Zölle, which has remained in force.

Once an alternative to tariffs suggested

Buffett had once proposed import certificates to reduce the trade deficit. The idea was that companies received import rights for exports from the USA, which they can then sell to other companies. He admitted to the shareholder assembly that the idea was not popular.

Buffett warned the United States against raising the rest of the world. In his view, it would be « a big mistake » if 7.5 billion people don’t like one and 300 million burst with how well they are. « I don’t think that’s right – and I don’t think that’s the way. »