About this Video

• Video Title: Berkshire's 2025 annual shareholder meeting: Watch the full morning session
• Channel: CNBC Television
• Speakers: Warren Buffett, Greg Abel, Ajit Jain, Becky Quick (moderator)
• Duration: 02:29:48

Introduction

This CNBC Television video is a recording of the morning session of Berkshire Hathaway's 2025 annual shareholder meeting. Warren Buffett, along with Berkshire's vice chairmen Greg Abel and Ajit Jain, answer shareholder questions covering a wide range of topics, including Berkshire's investment strategies, views on trade, the insurance industry, and leadership transition.

Key Takeaways

• Record-breaking attendance and sales: Berkshire Hathaway's 2025 annual meeting set records for attendance and sales across various Berkshire businesses.
• Warren Buffett's views on trade: Buffett reiterated his belief in the benefits of balanced trade and criticized tariffs as "acts of economic war." He defended his past proposal for import certificates as a way to manage trade deficits, differentiating them from tariffs.
• Berkshire's significant cash holdings: Berkshire's substantial cash reserves are viewed as a strategic move to manage risk, prepare for a leadership transition, and capitalize on future investment opportunities. Buffett emphasizes the opportunistic nature of investment decisions and the importance of not being fully invested at all times.
• Berkshire's long-term Japanese investment: Buffett and Abel discussed their significant investment in five Japanese trading companies, highlighting the long-term nature of the investment and the strong relationships built with those companies.
• GEICO's turnaround and AI's impact: Abel detailed Geico's successful turnaround, focusing on improvements in risk assessment, telematics, and cost reduction. Both Abel and Buffett acknowledged AI's potential transformative impact on the insurance industry. Buffett's preference for a human-led approach over AI was stated.
• Succession planning: Buffett reiterated his confidence in Greg Abel as his successor, emphasizing Abel's capabilities and their shared values and approach to business.
• Investment philosophy and advice to young investors: Buffett stressed the importance of associating with smart and ethical people, focusing on long-term value investing, and maintaining patience while remaining prepared to act quickly on promising opportunities. He also stressed the importance of working in a field that one would enjoy even without needing the income.

The transcript doesn't offer a concise, step-by-step plan from Warren Buffett on how to get rich. However, his advice consistently emphasizes these points:

• Associate with smart, ethical people: Buffett repeatedly stresses the importance of surrounding oneself with individuals who inspire personal and professional growth. He highlights the positive influence of his long-term business partners and colleagues.

• Long-term value investing: He advocates for a patient, long-term approach to investing, focusing on identifying undervalued companies with strong fundamentals and holding them for extended periods. He discourages short-term trading and emotional decision-making.

• Be prepared to act quickly: While emphasizing patience, he also notes the importance of being ready to seize attractive opportunities when they arise. This requires diligent research and a thorough understanding of the market.

• Find something you'd do even without the money: Buffett suggests pursuing a career and investment strategy that one finds intrinsically rewarding, independent of financial gain. This implies passion and dedication as key drivers of success.

• Avoid high-risk ventures: He cautions against chasing quick profits through highly leveraged investments or speculative ventures. His strategy focuses on steady, sustainable growth based on sound judgment and careful assessment of risk.

In essence, Buffett's advice isn't about a "get-rich-quick" scheme, but rather about cultivating a mindset and approach built on sound principles, long-term vision, and ethical conduct. He stresses the importance of personal growth and the building of strong relationships, in addition to financial acumen.