First of all, let me make it clear that Buffett’s speeches do not provide many opportunities to make quick money, but they can often help people lose less money~

The 2025 Berkshire Hathaway Annual Shareholders Meeting was held in Omaha, Nebraska, USA on May 3. Warren Buffett delivered an important speech at the meeting, covering a number of key topics including succession planning, the US economy, trade policy, corporate strategy, etc.

Here is my summary of the key points of Buffett’s speech:

Buffett announced at the meeting that he plans to resign as CEO of Berkshire Hathaway at the end of 2025 and pass the baton to Vice Chairman Greg Abel, 62.

Buffett stressed that Berkshire's unique culture will be preserved under Abel's leadership. His eldest son, 70-year-old Howard Buffett, is expected to take over as non-executive chairman to maintain the company's culture.

Buffett is 94 years old this year, while Charlie Munger, another big boss of Berkshire Hathaway, died in 2023 at the age of 99.

Buffett mentioned his late long-time partner Charlie Munger several times at the shareholder meeting, calling him the "architect" of Berkshire. He shared his friendship with Munger and referred to Abel as "Charlie" in a slip of the tongue, which triggered warm laughter and applause from the audience.

Time is merciless, so today is also Buffett's last time to attend the annual shareholders' meeting as CEO.

He concluded by saying, “Not only do I hope you guys come back next year, I hope I can come back myself,” which prompted a standing ovation.

Regarding the Trump administration's aggressive tariff policy, which has concerned everyone, Buffett made it clear that "trade should not be a weapon."

Buffett recalled how the United States grew from "nothing" to global power 250 years ago, thanks in part to trade with other countries. He warned that trade restrictions could be seen as an "act of war" and would be detrimental to the global economy.

He believes that balanced trade is beneficial to the world, and restricting trade may lead to bad attitudes and economic consequences. The United States should focus on its own advantages and cooperate with other countries in the world to prosper together. He emphasized: "The United States should do what we are best at, and they should do what they are best at."

Buffett likened the US economy to a "grand cathedral with a casino attached", saying that US capitalism has achieved unprecedented success and created an unparalleled economic miracle. He stressed that the US has met the needs of hundreds of millions of people by producing goods and services, while warning that the relationship between the "casino" (speculative behavior) and the "church" (real economy) should be balanced to ensure that the real economy is nourished.

I feel that this evaluation is also suitable for use in the encryption circle.

Buffett warned that the current level of the U.S. fiscal deficit is "unsustainable in the long term." He called on the government to control the budget deficit, saying it is a problem that "can never be fully solved," and mentioned that Federal Reserve Chairman Jerome Powell needs more support on fiscal policy.

Buffett rarely said, "Something may happen in the United States that makes us want to hold large amounts of other currencies." This remark has attracted attention, and combined with Berkshire's record cash reserves of US$347.7 billion, it shows his vigilance against potential risks to the US economy.

Berkshire's cash reserves reached $347.7 billion in the first quarter, a record high. Buffett said that this scale exceeded his expectations and the company is waiting for the right investment opportunities. He emphasized: "We only swing at the ball we like."

Buffett mentioned that Berkshire has continued to sell stocks in the past nine quarters, selling more than $134 billion in stocks in 2024, mainly reducing core holdings such as Apple and Bank of America. Despite this, Apple is still Berkshire's largest single stock holding.

Buffett said that the current market lacks attractive investment opportunities that meet Berkshire's standards. He is wary of high valuations and market volatility and would rather hold cash than act rashly.