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RPT-Buffett will step down from his position as CEO of Berkshire after 60 years, and pass the baton to Abel
Warren Buffett, perhaps the most famous investor in the world, is retiring at the end 2025. He will hand over Berkshire Hathaway's reins to vice chairman Greg Abel. This move marks the end of an era at Berkshire following Buffett's 60-year reign, during which he became a household brand, a multibillionaire, and an American success. Buffett, who is 94 years old, stated on Saturday that "I believe the time has come where Greg will be the CEO of the company by year's end." He wrapped up Berkshire Annual Meeting in Omaha Abel would have the final word, he said. He would "hang around" and "possibly be useful" in some cases. An announcement was made. Buffett receives a flurry of praise from CEOs and Investors Jamie Dimon is the CEO of JPMorgan Chase & Co. "Warren Buffett represents all that's good about American capitalism, America, and America herself - investing with integrity, optimism and common sense in our nation and businesses," Dimon said. Tim Cook, Apple's chief executive, said in a blog post: "There has never been anyone like Warren. His wisdom has inspired countless people including myself." It has been a great privilege to know him. Abel will be thrust into the spotlight by Buffett's decision at Berkshire. Abel is the long-time successor of Buffett, according to Berkshire. He may not have Buffett's star power, but he will preserve the culture at the conglomerate. Buffett claimed that Abel, and the majority of Berkshire’s board of directors were unaware of his plans before his announcement. Buffett did however inform his two children, who are also directors. He said that the Berkshire board of directors would meet on Sunday in order to discuss this transition. Abel is 62 years old and has been vice chairman of Berkshire since 2018. He was named Buffett’s likely successor in the role of chief executive for 2021. Abel said to shareholders, "I could not be more honored and humbled to be a part of Berkshire in the future." Buffett said that he has "zero intention" of selling his Berkshire shares, and nearly all will be donated to charity after his death. Buffett stated that the decision to retain every share was an economic one, as he believed Berkshire's prospects would be better under Greg’s management. RUN REMARKABLE Buffett's decision to retire caps off a 60-year journey that saw him transform Berkshire Textiles from a failing company into a conglomerate worth $1.16 trillion with businesses in the U.S. Forbes magazine reports that Buffett's fortune is $168.2 Billion, and almost all of it is Berkshire Stock. Cole Smead is the chief executive officer of Smead Capital Management. After Buffett announced his decision, he said to Bill Smead who founded the company: "Well, this is the end of an age." It's sad but life goes on. Berkshire stock has risen by 19% compared to a 3% decline in Standard & Poor 500. Investors have seen Buffett and the conglomerate as a refuge from the uncertainty surrounding the economy and President Donald Trump's policies on tariffs. The question is, will Berkshire continue to have a Buffett Premium when Buffett leaves? Cathy Seifert is an analyst with CFRA Research. You're getting a stock, and the investing skills of a legendary investor. What is the value of that legend? 'GREG CAN DON BETTER" Abel was already taking on Buffett's many responsibilities, such as capital allocation. Abel responded to a question during the meeting about how his management of Berkshire’s 189 businesses would differ. "More proactive, but hopefully, in a positive way." Buffett said Berkshire’s board could arrange for the transfer in the next few month, and that he "could be useful in some cases" once Abel takes the helm. Buffett said to shareholders that "just because you're doing well, doesn't mean Greg couldn't be better." Berkshire’s annual shareholder week, which Buffett refers to as "Woodstock for Capitalists", annually attracts tens and thousands of people from all over the world to Omaha for both the shareholder meeting, along with a variety of other events in the city. The company intends to continue hosting the weekends. Many shareholders have stated that they will continue to attend after Buffett leaves. However, many others believe attendance will decrease. Buffett, with the help of his friend and business partner Charlie Munger who died in November 20,23, took over Berkshire and turned it into a success story in America. Berkshire has close to 200 companies including Geico auto insurance, the BNSF railway, industrial and chemical firms, utilities, Dairy Queen ice-cream, Fruit of the Loom Underwear, and See's Candies. Apple, American Express, and Bank of America all ended the month with $264 billion in stocks. 'ORACLE of OMAHA' Buffett is known as "the Oracle of Omaha" because of his investment success, his folk wisdom and his modest lifestyle. Buffett has never left the home he bought in 1958 for $31,500. Buffett was a student of Benjamin Graham, an economist and former professor. Graham stressed the importance of fundamentals of companies and the need to avoid overpaying for assets. This approach made it difficult to use Berkshire's ever growing cash hoard of $347,7 billion as at the end March. Abel began working for the former MidAmerican Energy (now known as Berkshire Hathaway Energy) in 1992, 8 years before Berkshire Hathaway took over. Later, he led the business for 10 years. Buffett's wealth would have been greater if he hadn't given more than half of his Berkshire stock to charity since 2006. The rest of his estate is expected to be placed in a new trust for charitable purposes, which will be overseen by Howard, Peter and Susie. Abel faces many challenges, including how to grow Berkshire without paying too much for acquisitions. He will also have to decide whether or not to pay out a dividend as well as how to use the cash. Howard Buffett (70) is expected to succeed his father, Berkshire's nonexecutive Chairman, in the future, helping to preserve the company culture.
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Greg Abel, Warren Buffett's replacement, is seen maintaining Berkshire culture
Greg Abel, who will succeed Warren Buffett as the head of Berkshire Hathaway by the end of the year, is expected to maintain the culture of the company even if he doesn't have the same star power as his legendary boss. Analysts and investors expect Abel, who is now vice chairman of Berkshire, to continue the company's tradition of investing for the long term and not paying dividends to shareholders. Berkshire has been planning since decades for the day when Buffett will no longer be running the company. Buffett has led the company, Berkshire, since 1965. Buffett's announcement on Saturday that Abel would replace him as CEO was a shock. The Oracle of Omaha hadn't previously indicated a clear intent on when he would step down. Buffett has alluded for years to his age and, before announcing the departure of Berkshire at its annual shareholder meeting held in Omaha, Buffett said that Abel would be better suited to the task than he himself. Buffett stated that "it works better with Greg Abel because I don't work as hard as Greg Abel does." Abel was asked what his approach to managing subsidiaries would be. He replied, "More actively." Abel also praised Buffett. He said "Warren is obviously a remarkable educator, and I've benefited from this for years." A DETAILS MANAGER Gregory Edward Abel, a member of a working class family, was born on June 1, 1962 in Edmonton, Alberta. According to the Horatio Abel Association of Distinguished Americans (an education non-profit) that recognized Abel in 2018, Abel worked odd jobs cleaning discarded bottles and filling fire extinguishers. In a video on the Horatio Alger site, Abel described his childhood as a "real working-class family" where people sometimes had jobs and other times didn't. "You realized that we all worked hard to improve our family." Abel graduated in 1984 from the University of Alberta and worked at PricewaterhouseCoopers and energy firm CalEnergy. He became the chief of MidAmerican Energy in 2008, after Berkshire Hathaway Energy took over MidAmerican Energy. Abel oversees Berkshire Hathaway's non-insurance businesses, including BNSF and Berkshire Hathaway Energy, as well as dozens of chemical and industrial operations, retail and wholesale operations. In the past year, he has also taken on some of Buffett's capital allocation responsibilities. Buffett stated last year that he wanted Abel to be the final decision maker on Berkshire's public stock portfolio, which was a task previously believed to be reserved for others. Abel is described by many executives as a sharp questioner, who pays close attention to financial metrics. He also wants to understand how businesses are run. Abel's question "ensures you are thinking about directives and plans for your company", said Chris Kelly. Kelly is the chief executive of HomeServices of America - the largest residential real estate brokerage in America. "You leave the conversation smarter." (Reporting from Koh Gui Qing, Omaha; additional reporting and editing by Jonathan Stempel, Carolina Mandl and Megan Davies)
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Buffett steps down as Berkshire CEO; Abel will take over
Warren Buffett announced on Saturday that he would step down from his role as Berkshire Hathaway's chief executive at the end the year and give the reins over to Vice Chairman Greg Abel. Buffett, who is 94 years old, told Berkshire's Annual Meeting that "I believe the time has come for Greg to become the CEO of the company by year end." Buffett told his children about his plans, but Buffett said Abel wasn't aware. Abel is a vice chairman of Berkshire since 2018 and Buffett's likely successor in the role of chief executive will be Abel. Buffett said that he has "zero intention" of selling his Berkshire shares, and nearly all will be donated to charity after his death. Buffett's decision to retire caps off a 60-year journey that saw him transform Berkshire into a massive conglomerate, with businesses in every sector of the U.S. Buffett, with the help of his friend and business partner Charlie Munger who died in November 20,23, took over Berkshire and turned it into a success story in America. Berkshire Hathaway, headquartered in Omaha, Nebraska where Buffett and munger grew up today, is a conglomerate worth more than $1 trillion with over 200 companies including Geico auto insurance, the BNSF railway, industrial and chemical firms, utilities, Dairy Queen ice-cream, Fruit of the Loom Underwear, and See's Candies. Buffett is known as "the Oracle of Omaha" for his investment success, his folk wisdom and modest lifestyle. Buffett has never left the home he bought in 1958 for $31,500. Buffett was a student of Benjamin Graham, an economist and former professor. Graham stressed the importance of fundamentals of companies and the need to avoid overpaying for assets. This approach made it difficult to use Berkshire's ever growing cash hoard of $347,7 billion as at March 31. Abel began working for the former MidAmerican Energy (now known as Berkshire Hathaway Energy) in 1992, 8 years before Berkshire Hathaway took over. Later, he led the business for 10 years. Buffett joked that he did all the work and I took the bows in a television interview from April 2023. Forbes magazine estimates Buffett's fortune at $168.2 Billion. It would be much higher if he hadn't given away over half of his Berkshire stock to charity since 2006. The rest of the remaining is expected to be used for a New charitable trust Susie, Howard and Peter are his sons. Abel faces many challenges, including how to grow Berkshire without paying too much for acquisitions. He will also have to decide whether or not to pay a dividend as well as how to use the cash. Buffett acknowledged in 2024 that the size of Berkshire would likely affect its growth prospects. Berkshire has multi-billion dollar stakes in Apple, American Express, and Bank of America, among others. Howard Buffett (70) is expected to succeed to his father in Berkshire as the non-executive Chairman, helping to preserve the company's cultural.
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QUOTES -Buffett quotes from Berkshire Meeting: Trade, Opportunities, United States
Warren Buffett presiding over the 60th Berkshire Hathaway shareholders meeting, Warren Buffett gave his views on everything ranging from investment opportunities to trade. Here are some Buffett quotes: ON TRADE Trade can be a war act. We should trade with other countries in the United States. "We want a prosperous and peaceful world." On U.S. EXCEPTIONALISM "The day I was conceived was the luckiest of my life, because I was born in America." "I'm just lucky... I've been through all sorts of things... You know, if I were born today, I'd just keep negotiating until they said I could be in the United States. "We're all very lucky." "The United States of America has changed since my birth in 1930." We've been through many things. We've experienced great recessions and wars. We've seen the development of an Atomic Bomb that we could not have imagined (when I was born). "So I wouldn't get discouraged." On Opportunities: Not that long ago, we were very close to spending $10 Billion. We would spend $100 billion. The investment business has a problem in that it is not a well-organized industry. "We're running an opportunistic business." Investing in securities vs real estate: In the United States, the opportunity in the real estate market is much greater than in the security sector. In real estate, you are dealing with...usually...a single owner or family who owns a property. Maybe they have had it for a long while, or maybe they have borrowed too much money on it. The population trends may be against them. It's a huge decision for them. For a 94-year-old man, it isn't the most exciting thing to be involved in negotiating if it could take years. On CURRENCIES "Obviously, we would not want to own anything we believed was in a money that was going to hell." "There could... There are things that happen in the United States... which make us want to have a lot more currencies. "I suppose that if we were to make a very large investment in a European country, we might have to finance a great deal of it using their currency." UNITED STATES FINANCIAL POLICY "The fiscal policy in the United States is what makes me afraid." The recent movements of the stock market This period has been... It's nothing. This isn't a dramatic bear market. If you are scared by a market decline, and excited when the stock markets rise... People have feelings. But you need to leave them outside when investing. How to Make Money: You only need to be rich once. You don't...want to do anything risky. (Reporting and editing by Diane Craft, Jon Stempel, Carolina Mandl; Megan Davies, Suzanne McGee)
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Berkshire supports Japanese trading houses and could hold them "forever"
Warren Buffett gave his full support on Saturday to five Japanese trading companies in which his conglomerate is involved. Berkshire Hathaway Has invested. Buffett spoke to Berkshire shareholders at their annual meeting in Omaha, Nebraska. This was 1-1/2 months after Berkshire announced that it had increased its stakes in Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo as high as 9,8%. Berkshire had invested $23.5 billion in these companies by the year 2024. Buffett stated, "We won't even consider selling them in the next 50-years." "We were treated very well by these five companies ..... Our main activity was to cheer and clap." Greg Abel is a Berkshire vice-chairman who will succeed Buffett in the role of chief executive. He said that Berkshire would own trading houses "forever" or for at least 50 years. He said that "we're building relationship" and "we really hope to achieve big things with them." Japanese trading houses, also known as "sogo-shosha," trade a wide range of products, materials and foods, often acting as intermediaries and providing logistical support. The real economy is also very important to them, including commodities, shipping and the steel industry. Berkshire started investing in trading houses in 2019 and revealed 5% ownership stakes at Buffett's 90th Birthday the following August. Buffett has said that he prefers not to engage in businesses he doesn't understand and has compared trading houses to his conglomerate.
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Wildfires reduce Berkshire's profits; cash soars $347.7 Billion
Berkshire Hathaway, owned by Warren Buffett, posted a lower operating income in the first three months of this year, impacted by wildfire insurance losses and currency fluctuations. However, its cash holdings grew to an all-time high $347.7 Billion. The operating profit of the Omaha-based conglomerate fell 14%, to $9.64 Billion, or approximately $6,703 for each Class A Share, from $11.22 Billion a year ago. The net income fell 64%, to $4.6 billion or $3.200 per Class A Share, from $12.7 Billion, due to unrealized losses in common stock holdings, including Apple. Berkshire has had difficulty buying things, as evidenced by the increase in cash. For the third quarter in a row, it did not repurchase any of its own shares. It was also a net seller for the 10th consecutive quarter. They bought $3.18 billion of stock and sold $4.68 billion. Berkshire has said very little about the impact of President Donald Trump's tariff policy on results. Berkshire said that it was "unable" to predict the impact of the uncertainty on the company's product costs, supply-chain costs and customer demands. The wildfires that ravaged the Los Angeles area in January caused insurance claims to total $1.1 billion. The overall net insurance income fell by almost half to $1.34 billion. Geico's underwriting profit increased 13% before tax due to lower accident claims and higher premiums. The results also included 713 million in currency losses due to the weakening of the U.S. Dollar, compared to a gain of $597 million a year ago. The results were announced ahead of Berkshire’s annual shareholder meeting, which takes place in Omaha as part of an event that attracts tens and thousands of people. Buffett has been leading Berkshire, a textile company, for over 60 years. He transformed it into a conglomerate whose companies include Geico and the BNSF railway, Berkshire Hathaway Energy as well as Dairy Queen, See's Candies, and Berkshire Hathaway Energy. Berkshire shares outperformed the market in 2025. Many investors view the company as an economic safe haven, especially from potential tariffs. Tariffs have helped BNSF Railroad, which has seen its profit rise 6%. BNSF reported increased volumes of consumer products including imports from the west coast and automobiles, which indicates a higher demand for shipments prior to tariffs being implemented. Berkshire Hathaway Energy did better as well, with a 53% increase in profit through a broad-based gain and fewer losses at the HomeServices unit of real estate brokerage. Berkshire Hathaway's manufacturing, retail and service businesses saw their profits fall by 1%. Berkshire’s car dealerships have benefited from increased sales of both new and used vehicles. Berkshire said that home furnishings retailers and other retailers were struggling with "increased competitiveness, sluggish demands and the impacts of increased economic uncertainty."
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Wolff: Sustainable F1 fuel costs more than expected
Toto Wolff, Mercedes' team chief, says that the switch to 100 percent sustainable fuel in Formula One from next season has proven to be more costly than anticipated. One of the engine makers raised the issue of fuel costs at a recent Formula One Commission meeting, which included team managers and other major stakeholders. Wolff, speaking to reporters at the Miami Grand Prix round six of the year, said that it is expensive because the entire supply chain and the energy contribution must be green. "To achieve that, you'll need to use a very specific set of ingredients which are expensive. It's much more expensive than expected. We need to see if there is anything we can do to reduce the price per litre. Wolff stated that Mercedes' fuel partner Petronas is fully committed to sustainable fuels, but they are also looking at whether a change in regulation could make it more financially viable. Christian Horner, the Red Bull boss, acknowledged that there were many development costs involved but claimed it was not an issue for his team. "Perhaps a new bracket could be introduced in the future." Fuel is one of the biggest performance differences. Fuel companies are very involved in this," he said. Formula One has a goal to become carbon-neutral by 2030. This plan covers the cars and sports operations on race weekends. (Reporting from Alan Baldwin in London and editing by Ed Osmond.)
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Source: OPEC+ will agree to another accelerated increase in oil production for June
A source said that eight OPEC+ nations will meet on Saturday and agree to a new accelerated oil production increase for June, of 411,000 barrels a day. This was shortly before a meeting online of the countries. The eight countries increased their output in May by 411,000 barrels per day more than they had planned. This, combined with the U.S. tariffs on trade, drove oil prices to a record low of $60 a barrel. Sources made the comment just before countries began an online meeting to determine June output after bringing the meeting forward by one day. Four other sources had earlier stated that the accelerated increase was likely to be approved. Oil prices dropped over 1% Friday, as traders prepared for more OPEC+ supplies. Concerns about an economic slowdown due to a trade conflict between the U.S. Brent crude futures closed Friday at $61.29, down 84 cents or 1.4%. This week, it was reported that Saudi Arabian officials, de facto leaders of OPEC+ and allies, had informed industry officials and other officials that they were unwilling to support oil markets by cutting further supplies. Sources have reported that Riyadh is angry because Kazakhstan and Iraq are producing more than their OPEC+ target. Helima Croft, an analyst at RBC Capital Markets, said that "discussions seem to be pointing in the direction of a third three-month rise". Croft added, "Compliance appears to be the main focus. Kazakhstan, Iraq, and Russia continue to miss their compensation goals, although to a lesser degree." OPEC+ (which includes the Organization of the Petroleum Exporting Countries, as well as allies like Russia) is cutting production by more than 5 million bpd. Many of the cuts will remain in place through the end of 2026. The group intends to hold a full-ministerial meeting on 28 May. (Reporting and writing by Alex Lawler; Editing and writing by Barbara Lewis.
Dollar firmer, copper sags due to tariff tension
The copper prices fell on Friday, as the stronger dollar and uncertainty over demand overshadowed the optimism that China and the United States were trying to curb their trade war.
By 0940 GMT, the benchmark copper price on London Metal Exchange was down by 0.4% to $9360 per metric tonne. The metal reached a high of $9,481.50 in the first half of this week, its highest level since April 3. It was on track for a gain over the entire week.
News broke on Friday indicating that China had granted exemptions to its 125% tariffs for certain U.S. imported goods and asked businesses to identify the products that might be eligible.
Scott Bessent, the U.S. Treasury secretary, said earlier in the week that the high tariffs between both countries were not sustainable.
It's difficult to predict where this trade war will go. Nitesh Sharma, commodity strategist at WisdomTree, said that there's a negotiation going on, but it isn't an easy one.
In the short-term, we don't really know how much the trade war will affect demand. "I'm not surprised that we are having a little bit of a bad day."
The Shanghai Futures Exchange's (SHFE) most-traded contract for copper fell by 0.3%, to 77440 yuan (10,682.66) per ton.
SHFE reported on Friday that copper inventories in warehouses under its surveillance fell by 32% during the past week.
Two traders say that the steep fall in copper prices was caused by consumers selling stocks they had bought several weeks ago when the price of copper fell sharply after President Donald Trump's new tariffs.
Reports on Thursday indicated that the sharp declines of SHFE stocks had triggered fears of a possible short squeeze.
The dollar's rise, fueled by signs of eased tariff tensions, has weighed on the metals markets, making dollar-priced goods more expensive for buyers who use other currencies.
Other metals saw a 0.1% drop in LME aluminium to $2447 per ton. Zinc fell 1% to 2,662, Lead dropped 0.4% to 1,951.50 and Nickel slipped 0.8% to $15,690. Tin gained 1.5% at $32,250. (Reporting and editing by William Maclean, Additional reporting by Mohi Nrayan from New Delhi and Lewis Jackson from Beijing)
(source: Reuters)