Warren Buffett, the renowned billionaire investor, shared his intention to retire from Berkshire Hathaway by year’s end, which received a warm response from attendees at the company’s annual shareholders meeting.
At 94, Buffett suggested that Greg Abel, the current chairman, could take his place, reassuring fans that he has no immediate plans to sell his shares in the company.
This announcement came after Buffett criticized the extensive tariffs set by President Trump, cautioning against using “trade as a weapon,” which he believes could provoke global discontent.
“When 7.5 billion people are feeling sidelined, and 300 million are upset about it, that’s a mistake,” Buffett remarked during the meeting.
While he advocated for balanced trade between countries, he expressed skepticism about the effectiveness of tariffs, suggesting that a flourishing global community would lead to a safer world.
Buffett also addressed recent stock market volatility that followed Trump’s tariff announcement last month.
He dismissed the drop in market value, recalling three instances in the past six decades when Berkshire’s shares had also halved.
He referenced a significant historical market decline, noting that the Dow Jones Industrial Average fell from 240 on the day he was born in 1930 to just 41 during the Great Depression. As of now, the Dow stands at $41,317.43.
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