Berkshire Hathaway Annual Meeting 2025

[schin]

On 5/3/2025 at 6:53 PM, sleepydragon said:

 

 

I think there's a bit of sacrifice on the part of Buffett and Olson, by stepping aside now , so BRK and all shareholders can have a smooth transition, while they can watch on the side as a backup.

 

For context for those wanting to review Ron's comments... I didn't find it strange.  I felt Ron was trying to say Greg has to build his "administration and cabinet"... 

 

https://www.youtube.com/watch?v=6GQZy810rIk

[adesigar]

17 hours ago, SafetyinNumbers said:

The insider information is only valuable if one knows the trade. I was just curious if there was consensus on that. If there is selling, what could be some of the beneficiaries? What’s the right multiple for BRK i.e. when is it a buy again?

Dont know what the market will do tomorrow but BRK is still cheaper than the S&P.

[Blugolds]

3 hours ago, adesigar said:

Dont know what the market will do tomorrow but BRK is still cheaper than the S&P.

looks like B down $10/sh pre market as of now. 
 

could be because BRK overvalued, or could be related to new captain at the helm.

 

I tend to lean toward the Steve Jobs -> Tim Cook line of thinking, there’s a possibility that Greg ends up optimizing things with better more hands on management, not that subs will lose their autonomy but just some critique and possibly more accountability from sub management vs Warren. It’s tough to know just how hands off Warren was and if there is room for optimization there and  if Greg is able to do it. He’s got big shoes to fill and I think he’s probably wired to not want to let Warren and BRK shareholders down, he knows all eyes are on him. 
 

cautiously optimistic and confident is my mindset, not necessarily due to a perception of Greg’s ability, it’s just that Buffet is the GOAT. 

[nwoodman]

26 minutes ago, Blugolds said:

I tend to lean toward the Steve Jobs -> Tim Cook line of thinking, there’s a possibility that Greg ends up optimizing things with better more hands on management, not that subs will lose their autonomy but just some critique and possibly more accountability from sub management vs Warren. It’s tough to know just how hands off Warren was and if there is room for optimization there and  if Greg is able to do it. He’s got big shoes to fill and I think he’s probably wired to not want to let Warren and BRK shareholders down, he knows all eyes are on him. 

My view too. I don’t think IV changed materially with the announcement.  Share price was a little head of typical valuations so wouldn’t be surprised with a 10-15% decline.  I am looking forward to Greg taking the reigns, I think we will learn a lot.  

 

In a couple of years time it might be like buying Apple in 2014. One can only hope.  There is certainly more than a little bit of dry powder for buybacks. 

[WFF]

Buffett remain as Chairman, while Abel becomes CEO.

[MCR]

I didn't go to Omaha this year for the annual meeting. Yesterday, I started to wonder what the subsidiary companies do with the unsold product after the meeting? In past years, I've seen some of the same items sold in subsequent meetings.

 

There used to be a link on the BH website where I could find annual meeting merchandise but I don't see it anymore. I recall finding some items on the Oriental website but I struck out.

 

I did a Google search for Brooks yesterday and found this year's running shoes for sale on the website. (For some reason, a search for "Berkshire" directly on the Brooks site comes up empty.) 

If anyone has any tips or suggestions for where to look, please let me know. I imagine in some cases it might take some time for anything to show up online somewhere, but the Brooks example leaves me hopeful...

[73 Reds]

5 hours ago, adesigar said:

Dont know what the market will do tomorrow but BRK is still cheaper than the S&P.

Yeah, little to no change other than perhaps a little more proactive deal making.  Buffett is still down the hall and his phone number is not going unlisted for any potential new acquirees.   The old man is far from gone; he put on quite a show Saturday but clearly misses his old Compadre, which IMO is the main reason for him stepping down as CEO.  Hopefully Ron Olson is correct and Buffett will assume Charlie's role as consigliere as to Greg.

[gfp]

On 5/3/2025 at 4:05 PM, gfp said:

Oh I guess it could have been Colonial Pipeline?

https://energynow.com/2025/04/brookfield-nears-9-billion-plus-deal-for-colonial-pipeline-sources-say/

 

Another possibility I suppose - could have been through Pilot 

https://www.cnbc.com/2025/05/05/sunoco-to-buy-parkland.html

 

Another thought - did Jorge call Warren about Sketchers?  Doesn't seem to fit the "$10 B deal for Berkshire" mold but hmmmm

Edited May 5, 2025 by gfp

[Pellom]

3 hours ago, Blugolds said:

looks like B down $10/sh pre market as of now. 
 

could be because BRK overvalued, or could be related to new captain at the helm.

 

I tend to lean toward the Steve Jobs -> Tim Cook line of thinking, there’s a possibility that Greg ends up optimizing things with better more hands on management, not that subs will lose their autonomy but just some critique and possibly more accountability from sub management vs Warren. It’s tough to know just how hands off Warren was and if there is room for optimization there and  if Greg is able to do it. He’s got big shoes to fill and I think he’s probably wired to not want to let Warren and BRK shareholders down, he knows all eyes are on him. 
 

cautiously optimistic and confident is my mindset, not necessarily due to a perception of Greg’s ability, it’s just that Buffet is the GOAT. 

 

The four minutes of applause, while certainly a show of appreciation to Warren, was also the crowd affirming his commitment to never sell any Berkshire shares. No one in that room is going to dump the stock. 

[WFF]

56 minutes ago, gfp said:

Another thought - did Jorge call Warren about Sketchers?  Doesn't seem to fit the "$10 B deal for Berkshire"

Seeing the deal cross the wire, I was thinking the same thing.

[Castanza]

On 5/3/2025 at 10:52 AM, Blake Hampton said:

 

I'm sorry, and I really don't mean to be rude, but you were just buying 20-year treasury debt. I would hardly call that a hallmark of someone concerned about inflation.

 

That's the difference between someone with a 20 year perspective and one with a quarter to quarter perspective. 

[MikeL]

Question for my fellow Canadian investors:

How much USD asset do you own as a percentage of your total net worth?

Are you worried about USD devaluation against CAD?

Do you plan to sell some USD asset and exchange it to CAD?

[ValueNation]

8 minutes ago, MikeL said:

Question for my fellow Canadian investors:

How much USD asset do you own as a percentage of your total net worth?

Are you worried about USD devaluation against CAD?

Do you plan to sell some USD asset and exchange it to CAD?

 

Good question. This has been on my mind as well. I've always had at least 20% in USD assets, and have been thinking this could be on the high side over the next 5 years. The way I've been thinking is that new money will be preferentially put towards CAD assets this year, rather than selling USD assets (most of which are very long term plays)

[Jaygo]

8 hours ago, MikeL said:

Question for my fellow Canadian investors:

How much USD asset do you own as a percentage of your total net worth?

Are you worried about USD devaluation against CAD?

Do you plan to sell some USD asset and exchange it to CAD?

 

Almost entirely in CAD. 90% 

 

I hold a BRK position with no current intent on changing but ive mostly moved everything to Canadian dollars in the past 6 months. Anything I understand tends to be way cheaper as Canadian global companies vs the US domiciled ones. 

 

US holdings as of now are BRK, SKYH, PAR, GDXJ, PRM, QXO All small except BRK

 

The only thing I would mention is that in many ways much the big move has already happened. I dont think we will see parity or anything similar unless we get are act together and oil moons again like the GFC.

[MikeL]

I have 50% of my liquid asset in USD, within the 50%, half of that is BRK, it's in non-registered account, and I am not planning to touch it, the majority of the other half is USD currency. I might use norbert's gambit to exchange some to CAD, feel a little uneasy with the heavy weight in USD.

Edited May 6, 2025 by MikeL

[Spooky]

9 hours ago, MikeL said:

Question for my fellow Canadian investors:

How much USD asset do you own as a percentage of your total net worth?

Are you worried about USD devaluation against CAD?

Do you plan to sell some USD asset and exchange it to CAD?

 

I have about 40% in USD denominated assets but in reality my exposure is higher since my big Canadian stocks, CSU and FFH, both have significant US assets / business. I'm not planning on making any changes unless the rule of law starts to unravel in the US. In the long run they will course correct and figure things out.

 

However, I am trying to build up a bigger cash pile and widen my investing horizons to some other countries like the UK, Japan, Sweden, Korea, etc.

 

 

[sleepydragon]

One thing i noticed is Buffett saying “years of drinking coke has not done much damage to me”, etc.. that to me signal Buffett currently has no serious health issues. 

[Paulene]

On 5/3/2025 at 3:51 PM, Munger_Disciple said:

 

Yeah, I also thought Ron's comment about Greg needing a sounding board a bit strange. Warren is still there & Greg can discuss things with Ajit as well. The other thing odd about it was when he told Becky he would be available to her & CNBC after leaving BRK board, to chat even off-the record. 

Ron looked like he was going to cry.  I would, too.  After so many years of business and friendship with the great people of Berkshire Hathaway and all that surrounds such an enterprise, this was his last interview, as a board member of this very esteemed company, with the great Becky Quick, from CNBC, broadcasting to the world.  I would hope he would want to keep in contact with his compatriots.  I would hope he would be touched beyond words.

 

It's also emotional to find out that this is the last annual meeting of his great friend, Warren Buffett, as CEO, that indeed the guard will change.   I would be very protective of the new guard, Greg Abel, so i think the hope for the very best of close allies be his.   Make sure that everything you learned and saw was passed on to him so he will have a successful fledging.  (I've been watching baby birds below my window.)  

 

Warren built this enterprise, from the ground up. Every system was created by Charlie and himself--over 60 years.  It will be a great undertaking to walk into the role of CEO of such a conglomerate, with systems in place.  Abel will have a learning curve, and as many people as possible needed to support him.  A good friend, a wise consigliere and trustworthy lieutenants will all be needed.  The willing friendships.  He probably has many already there, but his tenure hasn't quite started.  

 

Ron was expressing his earnest wishes that Greg have the closest of good advice and respect.  Something Charlie and Warren built up over 60 years.  It's asking a lot of Greg--of any one, so his wishes are for Greg to develop those relationships at Berkshire.  Nothing more important than good and trusted friends--beyond Warren.  Doesn't mean he doesn't believe he won't have them, or doesn't, but they are the most important things one needs to succeed and move forward.  Warren won't always be there.  

 

Words fail.  One of the great, life-changing experiences of my life was meeting Warren Buffett.  Through his kids.  and through them I met Ron and some of the people in Berkshire Hathaway.  To realize that there are great people in the world and I could learn from them.  That though they are only human, they aspire.  They try to be their best.  And they hope that for each other.  As Warren said, if you succeed in life, try to bring others along with you.  

[Munger_Disciple]

1 hour ago, Paulene said:

Ron looked like he was going to cry.  I would, too.  After so many years of business and friendship with the great people of Berkshire Hathaway and all that surrounds such an enterprise, this was his last interview, as a board member of this very esteemed company, with the great Becky Quick, from CNBC, broadcasting to the world.  I would hope he would want to keep in contact with his compatriots.  I would hope he would be touched beyond words.

 

It's also emotional to find out that this is the last annual meeting of his great friend, Warren Buffett, as CEO, that indeed the guard will change.   I would be very protective of the new guard, Greg Abel, so i think the hope for the very best of close allies be his.   Make sure that everything you learned and saw was passed on to him so he will have a successful fledging.  (I've been watching baby birds below my window.)  

 

Warren built this enterprise, from the ground up. Every system was created by Charlie and himself--over 60 years.  It will be a great undertaking to walk into the role of CEO of such a conglomerate, with systems in place.  Abel will have a learning curve, and as many people as possible needed to support him.  A good friend, a wise consigliere and trustworthy lieutenants will all be needed.  The willing friendships.  He probably has many already there, but his tenure hasn't quite started.  

 

Ron was expressing his earnest wishes that Greg have the closest of good advice and respect.  Something Charlie and Warren built up over 60 years.  It's asking a lot of Greg--of any one, so his wishes are for Greg to develop those relationships at Berkshire.  Nothing more important than good and trusted friends--beyond Warren.  Doesn't mean he doesn't believe he won't have them, or doesn't, but they are the most important things one needs to succeed and move forward.  Warren won't always be there.  

 

Words fail.  One of the great, life-changing experiences of my life was meeting Warren Buffett.  Through his kids.  and through them I met Ron and some of the people in Berkshire Hathaway.  To realize that there are great people in the world and I could learn from them.  That though they are only human, they aspire.  They try to be their best.  And they hope that for each other.  As Warren said, if you succeed in life, try to bring others along with you.  

 

I agree it must have been a very emotional moment for Ron. He contributed enormously to Berkshire in his role as the lead independent director for several years (prior to Sue Decker) and I would like to express my gratitude to Ron as a shareholder and wish him all the best. 

[Buckeye]

1 hour ago, Paulene said:

Ron looked like he was going to cry.  I would, too.  After so many years of business and friendship with the great people of Berkshire Hathaway and all that surrounds such an enterprise, this was his last interview, as a board member of this very esteemed company, with the great Becky Quick, from CNBC, broadcasting to the world.  I would hope he would want to keep in contact with his compatriots.  I would hope he would be touched beyond words.

 

It's also emotional to find out that this is the last annual meeting of his great friend, Warren Buffett, as CEO, that indeed the guard will change.   I would be very protective of the new guard, Greg Abel, so i think the hope for the very best of close allies be his.   Make sure that everything you learned and saw was passed on to him so he will have a successful fledging.  (I've been watching baby birds below my window.)  

 

Warren built this enterprise, from the ground up. Every system was created by Charlie and himself--over 60 years.  It will be a great undertaking to walk into the role of CEO of such a conglomerate, with systems in place.  Abel will have a learning curve, and as many people as possible needed to support him.  A good friend, a wise consigliere and trustworthy lieutenants will all be needed.  The willing friendships.  He probably has many already there, but his tenure hasn't quite started.  

 

Ron was expressing his earnest wishes that Greg have the closest of good advice and respect.  Something Charlie and Warren built up over 60 years.  It's asking a lot of Greg--of any one, so his wishes are for Greg to develop those relationships at Berkshire.  Nothing more important than good and trusted friends--beyond Warren.  Doesn't mean he doesn't believe he won't have them, or doesn't, but they are the most important things one needs to succeed and move forward.  Warren won't always be there.  

 

Words fail.  One of the great, life-changing experiences of my life was meeting Warren Buffett.  Through his kids.  and through them I met Ron and some of the people in Berkshire Hathaway.  To realize that there are great people in the world and I could learn from them.  That though they are only human, they aspire.  They try to be their best.  And they hope that for each other.  As Warren said, if you succeed in life, try to bring others along with you.  

Great take Paulene. Thank you for sharing. 

[Paulene]

20 hours ago, Buckeye said:

Great take Paulene. Thank you for sharing. 

Glad you agree.  Thanks.