Warren Buffett has developed Berkshire Hathaway into one of the world’s largest enterprises. At the annual shareholder meeting in Omaha, Nebraska, companies owned by Berkshire, including Marmon, utilize Buffett’s image for advertising to his shareholders.
Raven Connelly traveled from London, Katherine Schaaf took Amtrak from San Francisco, and Bill and Carol Thatcher drove from Fort Dodge, Iowa, a town with a population of 26,000. They were among the tens of thousands who visited Omaha last weekend to honor the billionaire investor Warren Buffett and unexpectedly witnessed his retirement announcement on Saturday.
Buffett expressed to an attentive audience during a lengthy Q&A that one of the business’s great pleasures is gaining people’s trust. Hours before announcing his retirement, he pondered why he would continue working at the age of 90.
At 94, known as the “Oracle of Omaha,” Buffett has earned trust and shareholder returns. He is a prominent figure in American capitalism, promoting “value” investing for those outside Wall Street.
Having purchased Berkshire Hathaway in 1965, a failing textile mill, Buffett transformed it over six decades into a major global company, encompassing businesses ranging from insurance and railroads to Dairy Queen and Duracell batteries. As a result, he has accumulated a wealth of approximately $162 billion, according to Bloomberg, ranking him among the world’s richest individuals.
Buffett is also well-regarded, especially among his devoted shareholders, who travel globally to partake in the annual Berkshire Hathaway event, dubbed “Woodstock for Capitalists.” His Q&A session, an event highlight, draws significant attention.
Rosalyn Trumm of Omaha, attending since 1995, finds Buffett’s discussions on business, society, and values uplifting. Despite prevalent public distrust of many billionaires, Buffett maintains a favorable reputation. Unlike Tesla CEO Elon Musk, who holds significant political sway and faces declining popularity as a close advisor to President Trump, Buffett is recognized as a responsible and ethical businessman.
Cathy Seifert, an analyst covering Berkshire for CFRA Research, notes that while the public often criticizes billionaires, Buffett is not usually among them.
Buffett’s retirement as CEO was anticipated yet unexpected. He had long prepared Berkshire for his succession, naming Greg Abel as his eventual successor in 2021. The passing of his business partner, Charlie Munger, at 99 in 2023 added to this transition period.
The announcement, following nearly five hours of answering shareholder queries, surprised attendees. Promising an outstanding annual meeting, Buffett announced the leadership change with flair, noting that the decision was news to Abel as well.
Buffett, known for his humility, continues to live in the same home he purchased in 1958 and maintains a simple lifestyle. Throughout his career, he has pledged to donate his wealth and encourage other billionaires to do the same, notably through the Giving Pledge, co-established with Bill and Melinda Gates.
Recently, Bill Gates expressed his intent to donate most of his wealth, acknowledging Buffett as a significant influence and a model of generosity. Buffett has adeptly marketed himself as a modest Midwesterner and is skilled in media engagement, crafting a relatable public persona while hosting annual gatherings broadcasted on CNBC.
Despite retiring as CEO, Buffett will remain chairman, ensuring his influence persists. Berkshire shareholders frequently highlight the differences between Buffett and other high-profile billionaires. Jeff Pollak, a shareholder from California, praised Buffett’s philanthropy, contrasting it with figures like Elon Musk and Jeff Bezos.
Local shops in Omaha celebrate Buffett’s reputation, with merchandise depicting him as “the nicest billionaire.” Comparisons have been made to other personalities known for curating their public image, with some labeling Buffett “the Taylor Swift of the stock market.”
(Nebraska Public Media’s Arthur Jones contributed additional reporting.)
