Warren Buffett Announces 2024 Retirement at 94 \ Newslooks \ Washington DC \ Mary Sidiqi \ Evening Edition \ Warren Buffett stunned investors by announcing his retirement at the end of 2024, naming Greg Abel as his successor. The legendary investor assured shareholders he would retain his Berkshire Hathaway shares and expressed full confidence in Abel’s leadership. The decision ends a historic 60-year run that made Buffett an icon in global finance.
Quick Looks
- Warren Buffett, 94, will retire by the end of 2024.
- Greg Abel, long-time heir apparent, will take over as CEO.
- Abel had no advance notice of the announcement.
- Buffett will recommend the transition to the board on Sunday.
- Thousands of shareholders gave Buffett a standing ovation.
- Buffett pledged not to sell any of his Berkshire stock.
- Investors confident in Abel’s management, but wary of investing differences.
- Some noted Buffett appeared less sharp at this year’s meeting.
- Abel expected to be more hands-on but respectful of company autonomy.
- Buffett also warned of global instability due to Trump’s tariffs.
Deep Look
In a surprise announcement that ended a five-hour shareholder Q&A in Omaha on Saturday, Warren Buffett officially declared he will step down as CEO of Berkshire Hathaway by the end of 2024, ending a six-decade leadership era that reshaped the world of value investing.
Buffett named Greg Abel, vice chairman of non-insurance operations, as his successor — a move long expected but never before assigned a timeline. “I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett told the crowd, adding that only his two children, Howard and Susie Buffett, were aware beforehand.
Even Abel, who was seated beside Buffett on stage during the announcement, appeared caught off guard. An hour later, he returned to the stage solo to conduct Berkshire’s formal annual business meeting, humbly acknowledging his new role: “I couldn’t be more honored to be part of Berkshire as we go forward.”
Buffett’s decision marks a pivotal moment in U.S. financial history. Over the last 60 years, he built Berkshire Hathaway from a failing textile firm into a $870 billion conglomerate, encompassing everything from insurance and railroads to candy and energy. His annual letters and shareholder meetings drew tens of thousands, including prominent investors and celebrities — and this year, Hillary Clinton was among the attendees.
Buffett also took time during the meeting to defend Abel’s capabilities, reassuring investors that Berkshire will thrive under new leadership. “I have no intention — zero — of selling one share of Berkshire Hathaway,” Buffett said. “That’s an economic decision. I think the prospects of Berkshire will be better under Greg’s management than mine.”
Still, questions linger about whether Abel, widely respected as a strong operator, can match Buffett’s legendary investment instincts. As CEO, Abel will now be responsible for allocating Berkshire’s massive $347.7 billion cash reserve — a task that Buffett has made an art of over decades.
Some, like investment manager Omar Malik, aren’t worried. “He’s had such a long time alongside Warren,” Malik said. “The question is whether he’ll allocate capital as dynamically. The answer is no — but he’ll do a fine job.”
Others noted signs of Buffett’s declining sharpness during the event, pointing to basic calculation errors and moments when he wandered off-topic. “It didn’t surprise me to hear him step down,” said Cole Smead of Smead Capital Management. “But no one’s getting a ‘Buffett pass’ ever again. Not Abel. Not anyone.”
Abel, for his part, is seen as a hands-on leader who values autonomy — critical in a conglomerate that allows its managers to run their own businesses. “I think we’ll get a more hands-on manager, and that could be a good thing,” said Steven Check of Check Capital Management.
Buffett Warns About Tariffs, Downplays Market Panic
Earlier in the meeting, Buffett addressed global trade, issuing a strong warning against the use of tariffs under President Donald Trump’s policies. “Trade should not be a weapon,” Buffett said. “It’s a big mistake when 7.5 billion people don’t like you very much and 300 million are crowing about what they’ve done.”
Buffett suggested that global prosperity depends on open, balanced trade and cautioned that current policies risk unnecessary international hostility.
Despite market volatility following Trump’s tariff announcements, Buffett dismissed the recent downturn. “This has not been a dramatic bear market,” he said. “We’ve seen far worse.” He cited historic crashes, including the Great Depression, as more severe benchmarks. Notably, he confirmed that Berkshire has not repurchased shares this year, saying current prices don’t justify it.
He also indicated Berkshire is holding onto its enormous cash stockpile in anticipation of a better investing climate. “We will be bombarded with opportunities someday,” Buffett said. “And we’ll be glad we have the cash.”
Some investors, like Chris Bloomstran of Semper Augustus Investments, suggested that a financial crisis may benefit Berkshire by creating buying opportunities. “Berkshire thrives in crisis,” Bloomstran said. “He won’t say it, but I’m sure he’s hoping for a deeper trade war.”
The End of an Era
Buffett’s retirement announcement, though long anticipated, marks the formal conclusion of one of the most storied careers in global finance. The “Oracle of Omaha” has inspired generations of investors with his focus on intrinsic value, patience, and disciplined risk management.
Buffett’s legacy is also a deeply personal one. Many attendees, like Haibo Liu, traveled from around the world just to witness what they feared might be Buffett’s final annual meeting. “He’s helped me so much,” Liu said after camping out overnight for a front-row spot. “I really wanted to say thank you.”
Though Abel is now poised to lead, Buffett’s presence, philosophy, and ownership will continue to guide Berkshire Hathaway’s path. But for the first time in decades, its future will unfold without Buffett at the helm.
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