Warren Buffett, age 94, announces retirement

[Demovictory9]

https://apnews.com/article/warren-buffett-berkshire-hathaway-shareholders-annual-meeting-a421061233f99859673fb131ce020d4d

OMAHA, Neb. (AP) — Billionaire Warren Buffett shocked an arena full of shareholders Saturday by announcing that he will retire at the end of the year, bringing the curtain down on a six-decade run leading Berkshire Hathaway that made him the most influential investor in the world.

Buffett said he will recommend to Berkshire Hathaway’s board on Sunday that Vice Chairman Greg Abel should replace him.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said.

Abel has been Buffett’s designated successor for years, and he already manages all of Berkshire’s noninsurance businesses. But it was always assumed that he would not take over until after Buffett’s death. Previously the 94-year-old Buffett always said he had no plans to retire.

Buffett announced the news at the end of a five-hour question and answer period without taking any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had no warning.

[spooky3]

1. I like what Buffett said about TSF:

“ Earlier Saturday, Buffett warned of dire global consequences from President Donald Trump’s tariffs while telling the thousands of investors gathered at his annual meeting that “trade should not be a weapon” but “there’s no question that trade can be an act of war.”

Buffett said Trump’s trade policies have raised the risk of global instability by angering the rest of the world.

“It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” Buffett said as he addressed the topic on everyone’s mind at the start of the Berkshire Hathaway shareholders meeting.

While Buffett said it is best for trade to be balanced between countries, he doesn’t think Trump is going about it the right way with his widespread tariffs. He said the world will be safer if more countries are prosperous.”

[sabbat hunter]

2. I have to wonder

how much the stock will drop on Monday on news of his retirement.

[WarGamer]

3. Have you ever seen the price of Berkshire Hathaway stock?

BRKA is $809,000 a share...

BRKB is $540 a share.

[LetMyPeopleVote]

6. When I represented a company purchased by Berkshire, the stock price was only $170,000 per share

That was an interesting deal.

[Celerity]

4. He doesn't retire for another 7 plus months.

[LetMyPeopleVote]

5. Warren Buffett is an amazing man

Back in 1996 or so, I got to meet Warren Buffett. Berkshire purchased a client and there was a dinner at a client's house for the signing of the merger. I pulled my ex-wife from stroke judging at a swim meet at the neighborhood pool and got her to come. There were a ton of Solomon Brothers people, investment banking types and a number of clients/friends of the firm at this dinner. This was a small deal for Berkshire Hathaway but Buffett likes furniture stores and my client had one of the chains that Buffett wanted to buy.

Buffett is a very nice man. Buffett noticed that my ex-wife had wet hair and went to talk to her. They spent ten or fifteen minutes discussing swim meets while the senior partner of a local accounting firm tried to butt in and was shushed by Buffett.

Buffett is a very nice and smart man.