Warren has said he wants to be remembered as a teacher, and during this meeting, he added that he'd also like to be remembered for his old age—both of which he surely will be.

At 94, and after 60 years as Berkshire Hathaway’s Chairman and CEO, Warren has suggested stepping down and passing the role of CEO to Greg Abel at year end. He received a standing ovation from the audience to which Warren acknowledged by saying: “I can take that two ways and I will take the more optimistic one.”

This decision marks the end of an era – one that’s difficult to come to terms with. Warren Buffett and Charlie Munger have been deeply influential role models, guiding us with their wisdom, humility, clarity, and wit.

As we continue to reflect on their remarkable legacy, we would like to share some of Warren’s insights from this year’s Q&A period:

Thoughts on Tariffs and Tensions

Warren shared his thoughtful concerns about the long-term consequences of tariffs, warning that they can escalate into acts of economic aggression and foster dangerous attitudes among nations. He emphasized the importance of global trade and cooperation, suggesting that the world should be built on mutual strengths – not competition that breeds envy. In his view, using trade as a weapon is unwise and unproductive, especially when a small group of nations celebrates success while the majority feel left behind. Warren cautioned against alienating the world’s 7.5 billion people while 300 million Americans claim victory, calling it neither right nor smart.

During the break, Becky Quick interviewed a few managers of Berkshire’s CEOs discussing the real-world impact of tariffs. Irv Blumkin, CEO of Nebraska Furniture Mart, shared that it would be highly unlikely to bring manufacturing back to the United States. They are trying to ship as much as possible before the 90-day period comes to an end and beyond that, they will have to adapt. There are warehouses that have a short-term supply however, they may see a short supply of goods from overseas moving forward. Troy Bader, CEO of Dairy Queen, is concerned about the impact the tariffs will have on consumers and their purchasing decisions. Dan Calkins, CEO of Benjamin Moore, states that they plan to resume manufacturing in Canada by the end of this month to support their Canadian retailers.

Warren reminded us of America’s remarkable journey over the past 250 years. He said the luckiest day of his life was the day he was born in the United States. He encouraged optimism, noting that while not all global issues are resolved, progress continues. We live in a world that is constantly changing however, one thing that hasn’t changed much is humans.

Market Volatility

Warren stated there have been three times when Berkshire’s stock dropped by 50% or more—so the recent 15% dip in the US market really isn’t anything out of the ordinary. These current times may feel uncertain, but they’re not exceptional in the grand scheme of things. If a 15% decline is enough to shake your confidence, it might be time to rethink your investment philosophy. Warren was honest about the fact that we’re all human and emotions are real—but when it comes to investing, you’ve got to learn to leave those emotions at the door.

Raising Cash

In the news over the past year, there has been a lot of speculation on why Berkshire Hathaway has raised the amount of cash they have. Warren wants to make it clear that he is not withholding from investing just to merely make Greg look good. Berkshire has made a lot of money in the past by not being fully invested. The reality is nobody knows what will happen tomorrow, in a month, in a year, or in 5 years. People talk about what will happen in the future because it’s easy to but it has no value. In the future, they will have opportunities which they will happen to have the cash for. Greg said that it is important not to underestimate the research being done when being patient, it helps them be prepared to act when the time comes. Cash is a strategic asset and they will never be dependent on a bank or another party for Berkshire Hathaway to be successful.

Greg Abel

It was clear just how much respect and trust Warren has in Greg Abel, who will take over as CEO at year end. Warren shared that he's naturally critical and always looking for what could go wrong—so when he chooses people to work with, mutual trust is a must. He also emphasized how important it is to do work you enjoy and to surround yourself with people you genuinely want to work with. Sometimes, he said, it's worth waiting to find the right fit—it’s a bit like dating. Greg is very humbled, expressing his gratitude for the opportunity and for his 25+ years at Berkshire, and he took a moment to sincerely thank Warren.

Investing Lessons

When it comes to investing, Warren emphasized how important it is to “turn every page.” He meant really digging in—knowing companies inside and out, understanding their strengths, weaknesses, and everything in between. But this lesson goes beyond investing—it’s just as true in life. As Charlie would often say: stay curious and read constantly. Asking good questions and taking the time to learn the answers will pay off in the long run.

Warren also mentioned he’d take investing in stocks over real estate any day. For him, there’s really no comparison—real estate is time-consuming and full of negotiations. When buying shares of companies, you can do your homework, study the financials, and make informed decisions immediately.

When it comes to investing, the key is to actually look at a company’s financial statement and really understand the full picture, including the risks. The best deals often come when people are feeling the most pessimistic. That’s when emotion takes over—and that’s when the best opportunities tend to show up.

Insurance

Ajit talked about how they're continuing to integrate technology into the insurance side of the business and are always looking for ways to evolve. He addressed the disruption that autonomous vehicles could bring, explaining that while these cars are indeed safer and lead to fewer accidents, the focus of insurance will likely shift toward product liability. One big challenge is the cost of repairs—advanced technology means repairs can be incredibly expensive. We’ve seen this before: as cars became safer and deaths declined, repair costs went up. Warren added some perspective by noting that back in 1950, the average Geico policy cost just $150 a year. Today, it's not unusual to pay $2,000 annually. Cars have definitely become safer, but the cost to fix them has skyrocketed.

Life Lessons

- You want to spend time with people who are better than you are because you go in that direction.

- Remember those that make you better and forget about the rest.

- Do something that you’d do if you didn’t need it for the money.

- If someone is helpful to you, find ways to be helpful to them and it will compound

- Happy people live longer even though Warren jokingly attributed living longer to Coca Cola

- Everyone has setbacks and some have worse luck than others however, we all certainly have a setback when we die.

- Focus on the things that are good in your life than the bad.

- You shouldn’t take a position on anything until you can describe the arguments against it better than the person you’re arguing with. You should argue their case better than they can.

We highly encourage you to listen to the full 2025 meeting on CNBC to hear all of Warren’s insights: https://www.cnbc.com/brklive/.

You can also explore recordings of past meetings in CNBC’s Warren Buffett Archive: https://buffett.cnbc.com/annual-meetings/. There’s a wealth of wisdom in every meeting—it’s well worth the time.