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I was in the room when Warren Buffett
said he was stepping down. The mood went
from shock and disbelief to gratitude.

Original Article

Posted By: Dreadnought, 5/3/2025 3:03:19 PM

I was in the room when Warren Buffett said he would step down as CEO at the end of this year, marking the end of a remarkable tenure that has lasted nearly six decades. The legendary investor and Berkshire Hathaway boss made the surprise announcement in the closing minutes of a nearly five-hour-long Q&A on Saturday at his company's annual meeting in Omaha. The packed stadium was stunned into silence. The longest-serving S&P 500 CEO, who took the top job in 1970 and built Berkshire from a failing textile company into a $1 trillion company known around the world, was stepping down.

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Reply 1 - Posted by: Dreadnought 5/3/2025 3:04:13 PM (No. 1944796)
Per Barron's today (paywall): "Buffett on Government Spending: The Deficit Is ‘Unsustainable’" "Buffett had largely avoided commenting on politics during the afternoon part of the annual meetings Q&A and seemed reluctant to directly address a question on what he thought about Tesla CEO Elon Musk’s efforts to cut government spending through the Department of Government Efficiency, or DOGE. What Buffett did say was Congress isn’t doing its job to reduce the fiscal deficit. “We are doing something that is unsustainable,” he said."
14 people like this.

Reply 2 - Posted by: Dodge Boy 5/3/2025 4:04:11 PM (No. 1944828)
Buffett knows his days on this earth are numbered and he doesn't expect to remain above room temperature for much longer. This "news" only reflects his coming to terms with his own mortality.
12 people like this.

Reply 3 - Posted by: Italiano 5/3/2025 4:28:28 PM (No. 1944831)
Not the same team as Soros, but the same league.
9 people like this.

Reply 4 - Posted by: Skinnydip 5/3/2025 5:37:10 PM (No. 1944841)
Paywall
5 people like this.

Reply 5 - Posted by: franco 5/3/2025 7:09:59 PM (No. 1944863)
Back before the internet, Buffett made extensive use of the "information float" (time delay between first public disclosure and wide dissemination of information) to data-mine quarterly and annual reports with a small field of cozy competitors in his field. Then some books were published on his methods in the early 1990s, and then the internet collapsed the information float, and Buffett's performance lagged markets at the end of the 20th Century. His solution was to become a crony capitalist, which worked out great if you were a shareholder in his company, but wasn't so good for taxpayers, who were the ones putting money into his pockets and *not* his formerly legendary investment acumen. Among his "crony" deals: Buying the railroad that transports barrels of oil originating in Alberta to distant refineries in Texas. That's profitable for Buffett because he staunchly opposed the Keystone Pipeline, thus making his rail transport the only way for that oil to move. I will be very happy today to see Keystone become real again. I really don't give a damn if Buffett or his shareholders take a hit -- it's better for the country and the environment to have that pipeline.
16 people like this.

Reply 6 - Posted by: bhkat 5/3/2025 8:43:20 PM (No. 1944895)
The hypocrite who says that the government should increase income tax while hiring an army of lawyers to keep his own taxes low.
5 people like this.

Reply 7 - Posted by: MinnesotaWildman 5/3/2025 8:50:30 PM (No. 1944896)
Most investors rarely beat the market (S&P). Buffet didn't just beat it year over year, he trounced it. Nearly 20% yearly returns vs 10% for the market. I don't care what political team he's on or BS talk about 'crony' deals. At his level, they all get them. What he has achieved in his life is extraordinary. He is the GOAT of three investment generations. Okay I'm done. But oh, I know it's your schtick, but show a little respect #2.
3 people like this.

Reply 8 - Posted by: Lawsy0 5/4/2025 12:59:47 AM (No. 1944909)
Rich man speak with fork'ed tongue.
2 people like this.

Reply 9 - Posted by: privateer 5/4/2025 7:10:39 AM (No. 1944936)
I hope the poor old duffer can manage to make ends meet; now that he's lost his job.
2 people like this.

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I was in the room when Warren Buffett said he would step down as CEO at the end of this year, marking the end of a remarkable tenure that has lasted nearly six decades. The legendary investor and Berkshire Hathaway boss made the surprise announcement in the closing minutes of a nearly five-hour-long Q&A on Saturday at his company's annual meeting in Omaha. The packed stadium was stunned into silence. The longest-serving S&P 500 CEO, who took the top job in 1970 and built Berkshire from a failing textile company into a $1 trillion company known around the world, was stepping down.
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