At the highly anticipated Berkshire Hathaway annual meeting, Buffett made a significant announcement regarding his plan to step down as CEO by the end of the year and recommended Greg Abel as his successor.

Buffett emphasized that trade should not be used as a weapon, criticizing protectionism as a serious mistake; when discussing the U.S., he expressed concerns about fiscal, economic, and trade policies but remained optimistic about the future of American capitalism. He showed long-term confidence in his investments in Japan, stating that he plans to hold shares in Japanese trading companies for fifty to sixty years. Regarding stock market volatility in the U.S., he believes it is not a severe bear market, and the record cash reserve of $347.7 billion creates room for potential investment opportunities over the next five years. When discussing investment philosophy, he places greater importance on the balance sheet rather than the income statement, reminding young people to associate with excellent individuals.

The company also released its financial report on the same day, showing a net profit of $4.6 billion in the first quarter, operating profit down to $9.64 billion, and cash and treasury bond reserves increased to $347.7 billion, remaining net sellers of stocks for ten consecutive quarters, with no stock buybacks this quarter. Berkshire's stock price rose by 18.9% during the market turmoil in 2025, while the S&P 500 index fell by 3.3%.

Here are the main highlights from Buffett's 4.5-hour Q&A session:

1. Succession Plan

Buffett's announcement of his plan to step down as CEO became the biggest highlight of the meeting. He proposed that Greg Abel, the Vice Chairman of Non-Insurance Business, succeed him as CEO, and Abel also answered questions alongside the 'Oracle of Omaha' that day.

Buffett is one of the world's wealthiest and most legendary investors, signifying the end of an era after managing Berkshire for decades.

Buffett plans to formally announce this decision to the board on Sunday. He stated that the board can decide on the best succession arrangements and make necessary adjustments. Buffett intends to step down by the end of the year.

Buffett mentioned that he had previously informed his two children on the board, Howie and Susie, but other board members were not aware until now. Buffett stated, 'I think it is time for Greg to become the company's CEO by the end of the year.' He added that he would 'stay with the company to assist' and would not sell any shares.