On May 3, 2025, in Omaha at the Berkshire Hathaway Annual Meeting I witnessed a significant chapter in the history of business and investing as Warren Buffett, the legendary investor, CEO and Chairman of Berkshire Hathaway announced his retirement.

It’s difficult to watch legends retire. Much like the heartbreaking retirement of Sir Don Bradman in Australia, or the farewells to icons like Babe Ruth or Mickey Mantle in the US, Buffett's departure symbolises the conclusion of an extraordinary era. One of unparalleled investment genius and unwavering commitment to shareholder value.

Buffett is set to step back after six decades behind the wheel, and hand the leadership over to Berkshire’s CIO, Greg Abel. Abel will take over against the backdrop of a record high in Berkshire Hathaway’s share price – a record that he’s directly contributed to with his successful stewardship and strategic foresight. Indeed it’s a testament to Buffett’s confidence in Abel that he’ll keep all his shares on his way out.

Willing and Abel: meet the new boss

New CEO Greg Abel inherits a company in strong financial shape, even as headline profits took a hit. Operating earnings fell 14% to US$9.64 billion for the quarter, pulled down by a US$1.1 billion insurance loss from the Southern California wildfires and a US$713 million foreign exchange loss.

Still, Berkshire’s war chest has swelled to a record US$347 billion, and its Class A shares are up nearly 19% year-to-date—comfortably beating the S&P 500. The record share price stands as a testament to Buffett himself.

For his part, Abel has called the cash pile an “enormous asset” that offers both protection and opportunity in uncertain times. Buffett’s buffer, if you will.

What I heard first-hand from Buffett

I was fortunate enough to attend Berkshire’s Annual Meeting where Buffett made his announcement. As the words rang out of his imminent departure from Berkshire, the room was a mixture of gasps, chatter and people reaching for their phones to spread the news.

As those reactions swept the crowd, I leaned forward in my chair to try and capture every word, knowing this might be one of the last times we get access to one of investing’s true legends.

Here’s what I heard.

On being surrounded by the right people

In a moment of humility for the billionaire investor, Buffett credited Tim Cook, the CEO of Apple, for a lot of Berkshire’s success. Buffett stated from the stage: “Tim Cook has made more money for Berkshire Hathaway than I ever have.”

Apple was the stock that turned Buffett into a tech investor for the first time in 2016 when the company was trading at around US$27.50 per share. In 2025, those same shares have now skyrocketed to over US$200 per share with a market cap of over US$3 trillion (that’s trillion, with a ‘t’).

Through a series of investments over the past decade, Buffett made a profit of over $72 billion on Apple or 418%. While Buffett tended to stay away from tech stocks the opportunity to buy the Apple brand at the right price proved to be one of his best investments.

The Wall Street Journal recounts Buffett circa 2015 asking his investment managers to bring him an S&P 500 stock that met three key metrics:

• It should have a PE multiple of no more than 15 based on the upcoming 12 months’ of projected earnings;
• Managers should be 90% sure the stock would be a revenue generator in the next five years, and
• The company should have a growth potential of at least 7% per annum over the next five years.

Buffett got his answer in the form of Apple, and the rest was history.

On ‘weaponising’ global trade

In a world now plagued by trade barriers and tariff trouble, Buffett expressed concern over the current state.

He believes that cooperation on trade is always going to be the key to success. “We should be looking to trade with the rest of the world,” he stated definitively.

Buffett also stressed that trade should never be weaponised and advocated for a more cooperative approach between nations.

On the ‘privilege’ of his upbringing

With a wistful and reflective tone, Buffett once again said that he’s the “luckiest person” for having been born in the United States.

Again, this isn’t the first time Buffett has expressed his gratitude. He recognises his privilege and has allowed it to influence his approach to not only investing, but to his life as a whole.

Buffett emphasised in this retrospective that it’s important to recognise the advantages you come across every single day to utilise them as they arise.

On his legendary investment philosophy

Buffett reiterated that successful investing is about knowing when to hold them and knowing when to fold them.

“Investing is a combination of patience and being prepared to act quickly,” he noted. He encouraged investors to “turn every page” when evaluating potential investments and to stay obsessed with the details. Especially when assessing and managing risk.

When asked about the mindset required for successful investing, Buffett replied, “You should always be looking for what’s wrong.”

It’s part of investing: “What am I missing?” This perspective encourages a skeptical view, promoting critical thinking and diligence in the evaluation process.

He asserted that it’s crucial not to engage in reckless behaviour: “If people are doing stupid things, don’t participate.”

On his greatest investments – personal connections

Buffett stressed the immense value of personal connections, stating, “A few people you meet can change your life; you need to treasure these people.”

He elaborated that seeking out individuals who challenge and inspire you is essential, advocating for surrounding oneself with those who are better than you.

On US currency concerns

On the topic of currency, Buffett voiced concerns about the potential dangers of inflation and currency devaluation, describing it as a “scary thing.”

He noted, “There are things happening in the U.S. that would make us want to own other currencies,” underscoring the importance of reliable monetary systems.

He offered advice to emerging markets suggesting the adoption of a trustworthy currency for sustainable growth.

On investing during difficult times

Buffett candidly shared the realities of common stock ownership, recalling that Berkshire Hathaway has experienced a 50% decline in value three times during his leadership.

“If you can’t handle stocks going down 50%, you need a different investing philosophy,” he advised, highlighting the necessity of resilience in the face of setbacks. He added, “You experience more setbacks when you die,” emphasising the importance of maintaining a positive focus on what is good in life and business.

On his next big picks

Of course, Buffett was asked – maybe for one last time at the Berkshire meeting – what his current picks or industries to watch were.

Buffett addressed emergent trends throughout the event. One he settled on, however, was the imminent transformation of the auto insurance industry, particularly thanks to self-driving technology.

He also touched on the overarching strategy of managing diverse businesses, comparing it to a “cathedral with a casino attached,” where a balance must be maintained between long-term vision and short-term opportunities.

On the role of government

Lastly, Buffett touched on the role of government in the economics of currency, noting that without appropriate checks, there could be dire implications for economic stability.

He encapsulated the complexity of being an operator versus an investor, asserting, “It’s tougher to operate than to invest.”