For several hours at Berkshire Hathaway’s annual meeting in Omaha, Warren Buffett, now 94, delivered a sentence-by-sentence masterclass in practical scepticism. Fielding questions on trade policy, monetary risk, artificial intelligence and the handover of his empire, he mixed an investor’s technical caution with an old man’s plain language about how to live a prosperous life.
Buffett singled out trade wars as a blunt instrument that ultimately hurts ordinary consumers. Tariffs may look like short-term protection for particular industries, but they break global supply chains, raise costs and clip efficiency — consequences that translate into higher prices and lost opportunities for workers and businesses alike.
He also voiced an unusually stark worry about the United States’ fiscal trajectory. Excessive spending, mounting deficits and the temptation to “print” money to cover liabilities, he warned, can erode the dollar’s purchasing power over time. That is not just an American problem: fluctuations in the dollar ripple across commodity prices, capital flows and emerging markets, making inflation a transnational concern.
On technology, Buffett maintained his long-standing humility. He will not force Berkshire’s strategy to revolve around artificial intelligence, preferring to let specialists — notably vice chairman Ajit Jain — evaluate technological bets. His reluctance to invest in things he does not understand is a theme that runs through his remarks: expertise, not hype, should guide allocation.
Yet Buffett’s message was no counsel of inaction. He distinguished between patience and passivity: patience is the virtue of waiting for clear, high‑quality opportunities; passivity is paralysis in the face of evident value. He told a revealing anecdote from 1966 about a chance to buy a business at an anomalously low price, showing how careful analysis followed by decisive action can define a lifetime of compounded returns.
Compound interest — time working on quality assets — remains Buffett’s core prescription for ordinary investors. He warned against “get rich quick” schemes, arguing that steady accumulation and reinvestment usually beat speculative attempts to leap ahead. The lesson is evergreen: protect the base of your capital and let time amplify disciplined choices.
On work and vocation, Buffett reiterated a refrain listeners have heard before: choose work you love rather than work you only do for money. He framed this as an investment in character and endurance. Those who love their work are more likely to invest effort and time, build reputational capital and ultimately outcompete those who treat labour as a mere transaction.
Buffett also spoke about social capital: the company you keep matters. He recommended surrounding yourself with thoughtful, energetic and ethical people, noting that your close associates largely determine the trajectory of your behaviour and opportunities. Reputation, he stressed, is a rare and durable asset; it takes years to build and minutes to squander.
Intellectual habits — curiosity, reading and independent thinking — rounded out his practical advice. Even at 94, Buffett praised a life of active inquiry and recommended deep reading rather than quick consumption. He argued that thinking critically and resisting ready-made answers are what turn information into lasting knowledge.
The meeting underscored another fact: Berkshire’s succession process is now visible in everyday management. Gregory Abel, Buffett’s chosen successor, echoed the emphasis on trust and long-term thinking, promising to keep reputation at the forefront. For markets and corporate observers, the event was a reminder that Berkshire’s enduring value is as much cultural as financial.
Why this matters: Buffett’s remarks are not merely aphorisms for retail investors. They are a compact defence of institutions and practices that underpin stable markets — open trade, sound fiscal policy, executive prudence and reputational integrity. In a year marked by geopolitical frictions and rapid technological change, his counsel is a call to preserve the slow-moving fundamentals that sustain capital formation and social trust.