What Buffett’s Exit Means

Tens of thousands were on hand to see the billionaire announce his plans to retire. Their attention is already focusing on what is next for the conglomerate he built.

May 5, 2025, The New York Times

A conscience of capitalism prepares to step off the stage

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It was closing in on 1 p.m. when Warren Buffett, seated onstage before a rapt audience of about 40,000 at the CHI Health Center in Omaha, said that he was getting a “5-minute warning.”

To most of those there for the annual meeting of Berkshire Hathaway, his company, it was simply a signal that the gathering — known as Woodstock for capitalists — was drawing to a close. No one knew that something historic was about to happen.

After 60 years of running the company he has called his painting, the 94-year-old Buffett said that he planned to step down as chief executive at year end. (Proving how much freedom he has always exercised at Berkshire, he surprised his own board and Greg Abel, his handpicked successor: “I want to spring that on the directors,” he said with a smile.)

People in the crowd, many of whom were in tears, rose from their seats in a standing ovation for a singular figure in the business world.

Buffett is often described as a symbol of American capitalism. The truth is that he has always been an outlier. He is more the conscience of capitalism, willing to speak uncomfortable truths about the system’s ills while others remained silent. (His public comments on issues like tariffs over the weekend are a prime example.)

The billionaire always comes across as a gentleman, and in an age of distrust he became someone people could trust. Fellow business moguls and government officials admired him because of his success, yes — Berkshire reported $89 billion in net profit last year, and it is one of the biggest buyers of U.S. Treasury bonds — but also because he didn’t appear to have changed despite his wealth. He lives in a modest house in Omaha, and for years drove his own car, including to the drive-through at McDonald’s.

Buffett isn’t perfect, something he often acknowledges, and he has urged his followers to stay humble as he discussed his own investing mistakes and misses. But that also got to one of his biggest accomplishments, using his annual Berkshire letters and marathon Q. and A. sessions with shareholders to educate generations about business, investing and life itself.

After the announcement, I was struck by a social media post from someone I wouldn’t have normally considered to be a Berkshire watcher, who perfectly encapsulated the importance of Buffett and his longtime business partner, the late Charlie Munger. “They were the good investors, dealers in reality, patient,” wrote Nick Denton, the founder of Gawker. “When the history of the rise and fall of America is written, one of the chapters will begin in Omaha, with their departure.”

As Buffett prepares to depart, the big question is: What will happen to his masterpiece once it passes to Abel?

外刊精读274期：巴菲特退休，“资本主义的良心”如何成为投资之神 (选自纽约时报)

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外刊精读274期：巴菲特退休，“资本主义的良心”如何成为投资之神 (选自纽约时报)