Omaha, Nebraska.- The investor Warren Buffett94, surprised thousands of shareholders gathered on Saturday at the Omaha Stadium, announcing their retirement at the end of the year and launching strong criticisms of Donald Trump’s tariff policy.
“Commerce should not be a weapon”Said the eighth richest man in the world, with a fortune estimated at 146.2 billion dollars.
Buffett spoke at the annual meeting of his Berkshire Hathaway conglomerate, after a month in which President Trump’s tariff policies caused great falls of actions prices and the fears of recession increased.
“A balanced trade is good for the world” and “trade should not be a weapon.” But “There is no doubt that trade can be an act of war”Said the tycoon who runs Berkshire for six decades and is possibly the most venerated investor in the world.
“I don’t think it’s a good idea to design a world in which a few countries say, ha ha, we have won”Buffett added. “Yes, I think the more prosperous the rest of the world (…) the more prosperous we will be.”
Buffett said Trump’s commercial policies have increased the risk of global instability by enraging the rest of the world.
“It is a big mistake in my opinion when you have 300 million that boast of how well they have gone, and 75 billion people who don’t love you much,” said Buffett.
As for the future of his investor Berkshire Hathaway, Buffett said he will recommend to the board of directors that the Canadian Greg Abel62, becomes CEO at the end of the year.
“I think the time has come when Greg should become the general director of the company at the end of the year,” Buffett said.
Abel is Buffett’s designated successor for years and It already manages all businesses not related to Berkshire insurance. But it was always assumed that it would not take control until after Buffett’s death. Until now, the investor had always said that he had no plans to retire.
Buffett gave the news at the end of a five -hour question and answers session in which he had not made any mention of his retirement. He said that the only members of the Board who knew that this was coming were their two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had not received a previous notice.
Many investors believe that Abel will do a good job by directing Berkshire, but it remains to be seen how good it will be investing the company’s cash. Buffett also supported him on Saturday by committing to maintain his fortune invested in the company.
“I have no intention,” I- of selling a single action by Berkshire Hathaway. Eventually, I will give it away “said buffett. “The decision to maintain every action is an economic decision because I believe that Berkshire’s perspectives will be better under the management of Greg than under mine.”
Thousands of investors at the Omaha stadium gave Buffett a prolonged standing ovation after their announcement in recognition of their 60 years leading the company.
Buffett said he does not see many investments at attractive prices these days, so Berkshire is sitting on 347.7 billion dollars in cash, but predicted that one day Berkshire will be “bombarded with opportunities for which we will be happy to have the cash.”
He added that the recent agitation in the markets that generated headlines after the Trump tariffs announced last month “It’s really nothing.” He dismissed the recent drop in the market because he has seen three periods in the last 60 years of Berkshire management when his company’s actions were reduced in half. He recalled when the industrial average Dow Jones went from 240 to 41 the day he was born in 1930during the great depression, as a truly significant fall in the markets.
“This has not been a dramatic bearish market or anything like that,” he said.
The shareholders meeting attracts about 40,000 people every year who want to listen to Buffett, including some famous and known investors. This year, among the attendees was Hillary Rodham Clinton. The democratic presidential exaspirant was The last candidate Buffett supported because then he moved away from politics and any issue controversial in recent years for fear of harming Berkshire’s businesses.
AP and Reuters Agencies
Related news :