Turn in Warren Buffett's Life: The Story of the 'Oracle of Omaha' in Finance

Warren Buffett (Nebraska, 1930) announced on May 3 that he will leave his position as CEO at Berkshire Hathaway at the end of the year. He made the announcement at the conclusion of the shareholders' meeting of the American holding, alongside his successor, Greg Abel. After 60 years at the helm of the company, the man known as the 'Oracle of Omaha' has decided to retire from one of the most valuable companies in the U.S.

At 94 years old, Buffett has justified his departure from Berkshire Hathaway by stating that he believes Abel will do better than him. Initially, it was expected that his son Howard Graham would succeed him, but in 2021 the company's vice president was chosen. Buffett will remain in the position of chairman, but without executive functions, and he will also keep his shares in the company.

At the meeting, the philanthropist also took the opportunity to criticize Donald Trump's tariff plan. "In the United States, we should seek to trade with the rest of the world. We should do what we do best and they should do what they do best," said the investor.

The Beginnings of Warren Buffett

Warren Buffett is the fifth richest person in the world, with a fortune of 161 billion dollars according to Forbes magazine. Passionate about business from a young age, he was the son of a stockbroker, Howard Homan Buffett, who was also a congressman. Hence his interest in politics: on multiple occasions, he has publicly supported the Democratic Party and has even advocated for the increase of taxes on large fortunes.

Buffett studied a master's degree in economics at Columbia University with the professor and investor Benjamin Graham. After several refusals, Graham decided to hire him, and later his disciple acquired his company, the insurance company GEICO. After some ventures with his own companies Buffett Associates and Buffett Partnerships, in 1965 he bought Berkshire Hathaway, a textile company on the verge of bankruptcy.

Warren Buffett and Berkshire Hathaway

On May 2, the Berkshire Hathaway conglomerate had a value of 1.164 trillion dollars. It is the ninth most valuable company in the world. Additionally, it is the only private entity in that wealthy group that doesn't have activity in the technology sector. In 1980, the company went public with class A shares, valued at 290 dollars, and now its price is almost 810 thousand dollars.

Buffett's strategy at Berkshire Hathaway was not to distribute dividends, which has given him liquidity of 347.7 billion dollars. However, the investor has held shares in companies like Apple, Coca-Cola, the Chinese automotive company BYD, Chevron, American Express, or Goldman Sachs. That is, companies with already established value, which has hurt him by not investing in technology, even going so far as to reject an offer from Bezos.

In fact, Buffett has shown his rejection of cryptocurrencies. As a result, the investor Peter Thiel described him as a "psychopathic grandpa."

Warren Buffett still lives in the same house in Omaha, Nebraska, that he bought in 1958 for 31,500 dollars. A significant portion of his wealth has been allocated to charitable causes, such as the Bill and Melinda Gates Foundation or causes in favor of abortion.

At the beginning of 2026, he will step down as CEO of Berkshire Hathaway, as he announced on May 3 at the shareholders' meeting. Currently, the conglomerate owns the sports brand Brooks, Fruit of the Loom and Justin, among others. All of them manufacture their products in countries around the world, which may justify Buffett's criticism of Trump's trade policy.