The widespread admiration for Warren Buffett transcends the financial sector, with numerous individuals outside of Wall Street drawn to his investment strategies and philanthropic endeavors.
Rewritten Article:
Hey there! It's time to talk about the legend of Wall Street, Warren Buffett, stepping down as CEO of Berkshire Hathaway. At the ripe age of 94, this billionaire investor is hanging up his cape, and his company is one of the world's behemoths, owning businesses from insurance, railroads, and even ice cream shops to battery makers. But Buffett has a fanbase that stretches far beyond the stock market. NPR's Maria Aspan took a ride to Buffett's hometown, Omaha, to check out the scene.
Maria searched high and low, and she found fans coming from the four corners of the earth.
PERSON 1: All the way from London.PERSON 2: Fresh from Boston.PERSON 3: From south of Omaha, around 30 miles.PERSON 4: We're from a small town of 26,000 people, Fort Dodge.
Yep, you guessed it - they were all here for Berkshire Hathaway's annual bash known as Woodstock for Capitalists. Thousands of investors flocked to downtown Omaha to shop at a humongous pop-up market selling Berkshire-owned goodies like See's Candies, Fruit of the Loom underwear, and Geico pickleball sets.
PERSON 5: Pickleball, Here you go!PERSON 6: Christmas shopping, actually.PERSON 5: Oh, going to buy it then?aliaPERSON 5: You bet!
They came to run in a Berkshire-sponsored 5K race.
ANNOUNCER: You're not just running; you're rebalancing your life portfolio!
And most importantly, they came to say farewell to Warren Buffett.
BUFFETT: This is my 60th annual meeting, and it's the biggest, and I think it's going to be the best yet.
Buffett is one of the titans of American capitalism. He's made common-sense investing accessible to the masses, and he's made a pretty penny for his shareholders and himself. Two dedicated fans, Lorenzo Alaan and Peter Shieh, shared their thoughts.
ALAAN: Listen, I'm almost 80 years old, and Warren Buffett is gonna retire soon. I wanna see him.SHIEH: Yeah, I've always wanted to come. So we figured this was the time to show up.
Buffett's also known for being about as modest as a billionaire can be. He's built a cult of personality as a down-to-earth, folksy Midwesterner who still eats at McDonald's and has lived in the same house since 1958. Rosalyn Trumm, a local, has been attending Berkshire's annual meeting for years.
TRUMM: It's spiritual and morally uplifting. I think it's remarkable to hear Warren talk about what business, society, and values should be.
That's the stuff Buffett loves to talk about. He's one of the wealthiest men on the planet, but he markets himself as an economical, street-smart senior. And in many ways, he is. He's given away a big chunk of his dough, and he's encouraged other billionaires to join him.
SEIFERT: He's a capitalist, but he's also a responsible citizen and a decent human being.
SEIFERT is an analyst who follows Berkshire for CFRA Research.
SEIFERT: When the general public bashes billionaires, I don't think they're bashing Buffett.
That's no small feat, considering billionaires like Elon Musk are becoming very unpopular for wielding extraordinary political power these days. Buffett usually steers clear of politics. But last weekend, he did weigh in on President Trump's sweeping new tariffs, just like his folksy self.
BUFFETT: In the United States, I mean, we should be looking to trade with the rest of the world, and we should do what we do best, and they should do what they do best. Trade should not be a weapon.
Buffett has always stood for stability and the wealth that comes from it. But now he's rocking the boat. On Saturday, he surprised everyone by passing the torch to his deputy, Greg Abel.
BUFFETT: The time has come where Greg should become the chief executive officer of the company at year end.
A 94-year-old retirement announcement? Not that shocking. Buffett will remain chairman of Berkshire, and he publicly designated Abel as his successor years ago. But Abel just doesn't have the same folksy charm Buffett does. So sooner or later, Berkshire Hathaway and its investors will have to get used to life without their beloved billionaire. But some shareholders are sticking with the plan. Just before Buffett announced his retirement, Maria asked Lorenzo Alaan about Berkshire after Buffett.
ALAAN: I feel confident. I feel confident. I told my kids, don't sell your Berkshire shares. Sell your house, your jewelry – but don't sell Berkshire.
That's the kind of devotion you can't put a price tag on.
Maria Aspan, NPR News, Omaha.
FADEL: A big thanks to Nebraska Public Media's Arthur Jones for his additional reporting on this story. Transcript provided by NPR, Copyright NPR.
NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary.
Here's some interesting tidbits you might find helpful:
- Leadership Change: Greg Abel, a 25-year veteran of Berkshire Hathaway, is set to succeed Buffett. Abel has been involved in the day-to-day operations and is well-equipped to ensure continuity.
- Buffett's Strategy: Berkshire's success under Buffett can be attributed to his investment approach and strategic decisions, which have made common-sense investing accessible to regular people and generated substantial returns for shareholders and Buffett himself. New leadership may bring different strategies, although continuity is expected.
- Investor Confidence: While Bart's retirement might raise concerns about his absence, investor confidence is likely to be maintained due to Buffett's endorsement of Greg Abel and the company's proven structures.
- Financial Stability: Berkshire's strong cash reserves and diversified portfolio support its financial stability, making it less reliant on external financing during market uncertainties.
- Despite Warren Buffett's retirement as CEO of Berkshire Hathaway, the company's fanbase, which includes fans from all over the world, continues to endure.
- At the Berkshire Hathaway annual meeting in Omaha, thousands of investors flocked downtown to shop at a pop-up market featuring Berkshire-owned goods like See's Candies, Fruit of the Loom, and Geico products.
- During the meeting, Buffett highlighted that this was his 60th annual meeting, stating it was the biggest and best yet.
- analysts and fans alike recognize Buffett's position as one of the titans of American capitalism, making simple investing concepts accessible to the masses and generating substantial returns for shareholders and himself.
- Two dedicated fans, Lorenzo Alaan and Peter Shieh spoke about wanting to see Buffett before his retirement, appreciating his down-to-earth persona and folk wisdom.
- Despite his vast wealth, Buffett has been criticized for being modest and maintaining a folksy image, eating at McDonald's and residing in the same house since 1958.
- While Buffett typically avoids politics, he did offer his thoughts on President Trump's tariffs, advocating for free trade and not using it as a weapon.
- In a surprising move, Buffett announced the succession of Greg Abel as CEO, while remaining chairman of Berkshire Hathaway, and investors remain confident in the company's future under his leadership.
