• Troy Bader had to pass an interview with Warren Buffett to land his job as Dairy Queen CEO.
• Bader told BI he was struck by the investor's desire to keep learning and his emphasis on passion.
• Buffett, 94, continues to pay close attention to Berkshire Hathaway's businesses, Bader said.

Warren Buffett won't be conducting many job interviews once he steps down as Berkshire Hathaway's CEO at the end of this year.

Dairy Queen CEO Troy Bader revealed what it's like to be grilled by the legendary investor, and shared two big takeaways from the experience, in a conversation with Business Insider in Omaha ahead of Berkshire Hathaway's historic 60th annual meeting.

Berkshire paid nearly $600 million to take Dairy Queen private in 1998. As a big fan of the chain's Blizzard soft-serve ice cream, Buffett joked at the time that he brought a "modicum of product expertise" to the deal.

Dairy Queen now develops, licenses, and services a system of more than 7,700 restaurants across more than 20 countries, according to its website.

'Very anxious'

Bader flew from Minneapolis to Omaha to interview for the company's top job. He recalled feeling a mixture of worry, anticipation, and excitement as he studied his notes before the meeting.

"It was the fall of 2017, I'll never forget the day," Bader told BI. "I was very anxious going in because OK, I felt like I knew our business, but you're sitting down with Warren Buffett."

"What questions is he going to have about our business that I'm just going to sit there and be like, 'Oh my gosh, I never even thought about this,'" he added.

Many people of Buffett's stature would be "very arrogant" in an interview, sending the message: "Here's who I am and you better impress me," Bader said.

"From Warren it was just the opposite," he continued. Buffett swiftly put him at ease, then spent the first 15 or 20 minutes of their conversation asking about a particular area he thought Bader might know something about, as it was relevant to another deal he was working on.

"Warren is a constant learner," Bader said. "He wants to know what you know and what he can learn from you."

The fast-food chief took away a big lesson from that: "Anybody you meet, I don't care who they are — they know something you don't."

Passion and ethics

Buffett probed Bader's knowledge of the restaurant business, his vision for Dairy Queen, and what he planned to do differently as the chain's CEO. He also gauged Bader's love for his work.

Buffett was "digging for something more, that energy, that passion, that connection to the business," Bader said.

That revelation sparked his second key takeaway. Even the "smartest person in the world" won't be as capable or perform as well as "somebody who has that passion."

Berkshire's 94-year-old boss echoed that sentiment during his recent Q&A: "What you're really looking for in life is something where you've got a job that you'd hold if you didn't need the money."

Bader said that Buffett, who is known for prizing ethics and reputation, likely assessed his character by speaking to his predecessor and others who knew him.

"As he always says, 'There's plenty of room to play in the middle of the court. We don't need to get to the edges,'" Bader said.

On the subject of his morals, Buffett "probably had that answered before I ever got in the door," Bader said. He added that "if there was any question about that, I'm not so sure I would've been in Omaha in his office."

Buffett made a similar point in the lead-up to his surprise resignation announcement. He said it "just doesn't work over time" to have managers who don't abide by the standards they set for their employees.

"So, you really need someone that behaves well on top and is not playing games for their own benefit," the billionaire philanthropist said.

Love for the job

Buffett stopped by Dairy Queen's booth to catch up with Bader a few hours before BI interviewed him.

Bader highlighted strong first-quarter sales figures to the outgoing CEO, and Buffett said he'd seen those in the subsidiary's reports.

"Dairy Queen's not a big part of Berkshire, but he's actually paying attention to every business," Bader told BI. "This is his life, this is who he is."

• I traveled from London to Omaha to cover Warren Buffett's annual meeting for Business Insider.
• The biggest news story of my career ended up breaking while I was there.
• I immersed myself in all things Buffett for a weekend and had an unforgettable time.

I flew from London to Warren Buffett's hometown of Omaha to cover Berkshire Hathaway's annual shareholder meeting. I wasn't expecting the biggest business story in the world to break while I was there.

Buffett's revelation that he plans to resign as Berkshire's CEO at the end of this year was the headline of my trip. But I also saw rare treasures, spoke to people from all walks of life, visited storied locations, and discovered how Buffett and his businesses pervade almost every part of Omaha.

I had a dream start to my reporting journey.

My nine-hour flight from London to Chicago became far more interesting after I learned my seatmate was making the same pilgrimage.

The value investor in his 30s, who asked not to be named, showed me a Berkshire Class B share certificate — signed by Buffett in 2005 — that his firm had given him as the proof of ownership he needed to get a meeting pass.

He told me that when his wife asked why he was so excited to go to Omaha, he replied, "Imagine you're a Christian and you have a chance to see Jesus Christ."

When he nodded off a few hours later, Buffett's face looked up at me from the Kindle on his lap, as he'd been reading "Tap Dancing to Work."

Arriving in Omaha, it was clear this was Berkshire turf.

I took a connecting flight from Chicago to Omaha and arrived late on Thursday night.

One of the welcome ads on the airport's wall requested visitors to "check your SPACs, Crypto, and EBITDA at the gate" — a nod to Buffett and his late business partner Charlie Munger's disdain for risky, speculative, and volatile assets.

Munger called the proliferation of special-purpose acquisition vehicles, or SPACs, a "moral failing," dismissed bitcoin as "stupid" and "evil" as well as "rat poison." He also described earnings before interest, tax, depreciation, and amortization as "bullshit earnings."

Omaha businesses were ready for Berkshire weekend.

The influx of thousands of Berkshire shareholders to Omaha each year spells opportunity for many local companies.

The Hudson News store in the airport had several areas dedicated to Berkshire books and other financial titles, including "Poor Charlie's Almanack" and "Buffett & Munger Unscripted."

Another airport eatery had a See's Candies stall and a sign from Berkshire welcoming its shareholders.

I took a taxi to the DoubleTree by Hilton in downtown Omaha. There was a banner in front of the hotel welcoming Berkshire shareholders, and a similar display outside the elevators on my floor.

Berkshire's big bash evolves with every acquisition.

This was my third annual meeting, and I'm always interested to see how it changes to reflect the deals that Buffett makes.

The conglomerate added Squishmallows-owner Jazwares to its exhibitors after acquiring the toy company's parent, Alleghany, in 2022.

Squishmallows was one of the biggest exhibitors at Berkshire's shareholder shopping day this year, with myriad displays and interactive activities.

Berkshire took full ownership of Pilot Travel Centers at the start of 2024. Pilot employees were selling coffee outside the meeting venue, the CHI Health Center. Inside, the company offered everything from Berkshire Blend coffee to T-shirts with Buffett quotes.

Buffett superfans were out in force.

Wan Xue, or "Cathy," 33, from China, was first in line to get her shareholder pass on Friday. She told me she'd purchased 11 books on this trip already, and planned to buy more.

She planned to see everything related to Buffett that she could, and had already visited his birthplace and school as well as Berkshire headquarters, she said.

Plenty of Buffett experts were in town.

Veteran investors including billionaire Mario Gabelli and Buffett's former financial assistant, Tracy Britt Cool, spoke at conferences on Friday, the day before Buffett's Q&A.

Fund manager Chris Bloomstran said at the Gabelli Funds conference that tariffs, trade wars, recessions, depressions, and other crises were "net good for Berkshire" as they created buying opportunities. "Bring on a little pain," he added.

I asked Gabelli straight after the conference how he felt about owning Berkshire stock given the current market turmoil.

He shrugged off any concerns, saying he first met Buffett more than 50 years ago at Columbia Business School, and has only ever sold Berkshire to stop his portfolio becoming too concentrated.

At her company Kanbrick's conference, Britt Cool shared a memorable piece of advice from Buffett about long-term, responsible management: "Think about this business as if it's your family's only asset and you cannot sell it for 50 years."

After Buffett's bombshell, I headed to Nebraska Furniture Mart for the shareholder picnic.

After Buffett shocked the world with his retirement plan, I left the press area and spoke to several dumbstruck shareholders.

Once things calmed down, I took a taxi to Nebraska Furniture Mart for the shareholder picnic, and saw "Mrs B's Clearance & Outlet," named after the remarkable lady who built NFM and sold it to Buffett.

There was a photo of Buffett's face on the front door. NFM stocked Buffett T-shirts and other merchandise, and featured an entire See's Candies concession.

Shareholders took the news of Buffett's exit in good spirits.

At the picnic in NFM's parking lot, there was live music, bocce, barbecue, drinks, and lots of people laughing, taking photos, playing games, or dancing.

Sam McColgan, 31, a Stanford graduate student, told me he was "somewhat relieved" that Buffett had announced his resignation, as "it would have been a shock to the world" if he'd died while still CEO.

I even went on a shareholder fun run

On Sunday morning I donned an official shirt and racing bib and took part in Brooks' 5K run. I loved the branded team shirts for See's Candies and Oriental Trading employees, and the announcer's wordplay about "investing in yourself" to garner "healthy returns."

I enjoyed traversing the center of the city, but the run wasn't long enough as I was interviewing people along the way and had to keep retracing my steps to avoid finishing.

The finishers' medals were satisfyingly heavy.

I liked the look, feel, and weight of my finishers' medal.

The rest area after the race was well set up with breakfast burritos, Dairy Queen ice cream, and energy drinks at the Berkshire Hathaway Energy booth for runners.

It was fun to tear off a tab from my race bib and exchange it for a Pilot hot chocolate too.

Buffett's retirement was front-page news on Sunday.

The magnitude of what I'd witnessed became clearer after I saw Buffett on the front page of his hometown paper in my hotel's lobby on Sunday.

Buffett bought the Omaha World-Herald for $150 million (and took on its $50 million of debt) in late 2011. He sold his newspapers, which also included The Buffalo News, to Lee Enterprises for $140 million in 2020.

People were still processing Buffett's bombshell.

After a shower back at the hotel, I took a Lime scooter to Markel's brunch at the Omaha Marriott, down the road from where Buffett held his Q&A.

Much of the second floor was packed with people wearing Berkshire merch they'd purchased over the previous two days, from hats and windbreakers to polo shirts and shoes.

Calvin Sowah, 30, a venture capitalist from New York City, told me that Buffett's casual manner caught him off guard.

"I wasn't expecting it," he said. "And he just said it so nonchalantly that it was like, 'Oh, wait, what? You're retiring.'"

A veteran shareholder told me he wants Buffett to keep sharing his wisdom.

Speaking in the hallway outside Markel's shareholder meeting, Martin Wiegand, 67, told me he's attended more than 30 Berkshire meetings and has owned the stock for about 40 years.

Wiegand said his father was a school friend of Buffett, and his parents attended Berkshire meetings too.

He told me he wants Buffett to continue talking after his deputy, Greg Abel, takes over as CEO in the new year.

"I hope he doesn't drop the mic and walk off the stage, never to be heard from again," Wiegand said. "I hope he teaches a Coursera course — some sort of a podcast is too much to ask," he continued, adding that he'd like Buffett to keep doing media appearances.

"Warren Buffett's the moral authority of finance in America," he said. "And I think he proved yesterday he's still the sharpest man in the room at 94."

There was time for one final story from Omaha on my trip home.

I thought my Berkshire experience was over when I boarded a flight to New York City early Monday morning.

But my seatmates, Aidan Sims and John Di Bella, were two finance majors from NYC who'd also made the trip to see Buffett speak.

Sims said he had a date to a formal on Friday night, but managed to make it to Omaha in time to watch Buffett's bombshell announcement.

Di Bella told me how he spent the night outside to get good seats for the Q&A. He played poker on the street, vaulted up the arena's steps once the doors opened, and scored selfies with Apple CEO Tim Cook and former Secretary of State Hillary Clinton.

The chance encounter cemented Omaha in my memory as a magical place to meet fascinating people, hear wild stories, visit historic locations, and, just maybe, have a once-in-a-lifetime experience.

• Warren Buffett's retirement bombshell combined careful planning with dramatic flair.
• The Berkshire Hathaway CEO revealed last Saturday that he intends to resign at the end of the year.
• Buffett, 94, prepared for a smooth transition — but announced it with a bang.

Warren Buffett just delivered a masterclass in succession planning with his own theatrical flourish, balancing his desire for a smooth departure and his taste for high drama.

The famed investor shocked the world on Saturday when he told a stadium packed with Berkshire Hathaway shareholders that he planned to step down as CEO at the end of this year, making way for his hand-picked successor, Greg Abel.

Years in the making

The "Oracle of Omaha" has been preparing his shareholders for his retirement as CEO for a long time.

He's frequently underlined his advanced age in shareholder letters and interviews. He's also talked up Abel's management prowess and central role in running Berkshire, and even compared him to his late business partner, Charlie Munger.

"At 94, it won't be long before Greg Abel replaces me as CEO and will be writing the annual letters," Buffett wrote in this year's missive. He said that in the rare moments when bargains abound, Abel has "vividly shown his ability to act at such times as did Charlie."

Buffett has built a team to replace him that includes Abel, insurance chief Ajit Jain, investment managers Todd Combs and Ted Weschler, and his son Howard. His job will be to preserve Berkshire's culture as chairman once Buffett is no longer around.

The billionaire philanthropist has also detailed that upon his death, his Berkshire stock will be placed in a trust for his children to allocate toward good causes. The move should help prevent an activist investor scooping up his shares once he's gone and seeking to dismantle the company he built.

Successful leaders prepare their companies for when they step down, Bret Bero, an assistant professor of practice in management at Babson College, told Business Insider.

Buffett has done plenty to prepare for this transition, but ultimately its "success will be measured" by how Berkshire performs under Abel, Bero said.

Softening the blow

Buffett knew his resignation news could spook investors — Berkshire stock fell 5% on Monday — so he took pains to reassure his shareholders.

He plans to remain CEO until the new year, and continue as Berkshire's chairman beyond that, indicating he'll still be overseeing Berkshire and guiding Abel for a while yet.

Buffett pledged not to sell a single share of his near-14% stake in Berkshire, a position worth more than $160 billion. He championed Abel in the process, describing the move as an "economic decision" because he expected the company to fare better under his successor.

Spilling the beans on his retirement to stockholders without first telling Abel or Berkshire's board (apart from two of his children who are directors) also sent the message that he truly values their trust in him and acts in their interests.

"It's basically a thank you to all those long-time shareholders who have stuck with the company," Jason Schloetzer, an associate professor at Georgetown University's McDonough School of Business, told BI.

Zooming out, Buffett may have felt that personally selecting Abel to succeed him would help win over Berkshire shareholders. That approach eschewed the corporate norm of hiring a consulting firm to search the world for external candidates, said Larry Cunningham. He is the director of the University of Delaware's Weinberg Center on Corporate Governance and the author of several books about Buffett and Berkshire.

"Here we have an excellent succession plan created by deep and long thought," he told BI, adding that the "best practice for one company is not the best practice for all."

Putting on a show

Buffett may have readied Berkshire shareholders for his retirement, but he couldn't resist breaking the news in dramatic style.

He kept the decision a secret, giving no advance warning to either non-family board members or Abel, who sat next to him on stage. That limited the risk his big surprise would be leaked or spoiled and ensured it had maximum impact.

He fielded questions for nearly five hours before dropping the bombshell in his closing comments and leaving to a standing ovation, throwing out the planned agenda. That made it the climax of his Q&A session and the entire weekend.

Keeping tight-lipped avoided "speculation or fanfare" beforehand, freeing Buffett to focus on answering questions and to "enjoy the engagement with shareholders without the succession overhang," Macrae Sykes, a portfolio manager at Gabelli Funds, told BI.

"He has always created great, positive Berkshire theatre and this deserved another Oscar as well as consideration for a lifetime award," Sykes added.

Buffett is a "great showman," Steve Hanke, a professor of applied economics at Johns Hopkins University who's been teaching Buffett-style valuation for decades, told BI.

"He knows that either you run the show or the show runs you," Hanke said, nodding to the fact that if Buffett had let slip the news early, the crowd reaction and media frenzy would have overwhelmed anything he said afterward.

Schloetzer also hailed Buffett's icon status and marketing flair, saying that a "unique leader gets to design his surprise finale."

"No Form 8-K or email blast could pull off such a memorable moment," he added.

• John Di Bella III waited in the cold for eight hours to get a good seat for Warren Buffett's Q&A.
• He "witnessed history" when Buffett revealed his plan to step down as Berkshire Hathaway CEO.
• The college student and Berkshire shareholder took photos with Tim Cook and Hillary Clinton.

This as-told-to essay is based on a conversation with John Di Bella III, a 20-year-old college student at Hofstra University in New York. It has been edited for length and clarity.

Eight hours waiting in the cold Nebraska night air was a small price to pay for the experience of watching Warren Buffett close one of the final chapters in the story of a lifetime.

My business partner from college and I had been planning a trip to see the investing icon speak at Berkshire Hathaway's annual shareholder meeting for at least a year.

On Friday night, I flew in from New York City and touched down in Buffett's hometown of Omaha at around 10:30 p.m.

Our hotel was across the street from CHI Health Center, the meeting venue. People were already beginning to camp outside, so I quickly checked in, dropped my bags, then walked over to join the line with an energy drink.

The first gentleman I spoke to was Dean, an excited data analytics guy from Colorado who was camped out with a sleeping bag.

A college teacher and her students were playing poker on a giant tarp they'd brought. I joined in and spent the night flipping cards, placing bets, and waiting.

I didn't notice the temperature dropping off until my body started shaking. It was freezing cold. People in the line were wearing solar blankets and looked like the Tin Man.

Morning rush

As the morning got closer, people got rowdier, and the lines tightened up. Thousands of Buffett fans showed up.

When the doors opened at 7 a.m., it was complete chaos. We sprinted about 10 feet before realizing we had to go through a security checkpoint. There were security guards shouting at us to knock it off and we got the memo quickly.

Once past security, we raced up the stairs, taking three at a time, then attempted to run-walk through the arena to reach the audience seating area. Security were yelling at anyone who ran.

Eight hours of waiting paid off when we slid into the first bleacher row above the floor, maybe one or two sections from the front of the stadium where Buffett would speak.

I've been to concerts in the past, but nothing that compared to a packed out stadium for one man who people really look up to and want to learn from.

Selfie skills

During the break at 10:30 a.m., I went down to the stadium floor to see if I could get photos of VIPs.

I realized Hillary Clinton was still in the room. A few passionate ladies in the line were calling out, "Hillary! Hillary! Hillary!"

I stood there thinking, "How am I going to get her attention?"

I had a phrase in my mind from military school and blurted out, "Madam Secretary, how are you today?"

She turned around with a smile on her face, walked over, and agreed to take a picture with me.

Then Tim Cook, the CEO of Apple, walked out. I was determined to get a picture with him.

My partner's mother left her corporate senior management job to work at Apple back in 1997 when Steve Jobs rejoined the company.

Having a photo of Tim Cook would be something funny I could text and be like, "Hey, I saw your boss," but it also had sentimental value.

After failing twice, I caught his eye and said, "Mr. Cook, my mother-in-law works for you. Her name's Meghan. She loves you, sir. Can I get a photo with you?"

He smiled and replied, "Absolutely. She's a great person. I know her. Tell her I wish her well," then posed for a photo with me.

Breaking the news

During the Q&A, Buffett shared advice and interesting stories. I was exhausted, but the more tired I became, the more intently I listened.

At one point he joked about how Tim Cook made more money for Berkshire Hathaway than he ever had. He was totally serious and it was such a humble thing to say.

In the closing minutes of the session, Buffett's mannerisms changed and you could tell something important was coming.

The room was quiet enough to hear a pin drop.

Buffett announced he intends to step down at the end of this year and have his planned successor, Greg Abel, take the CEO role.

After the bombshell, the entire audience stood and applauded that man for 10 minutes straight.

I felt like I was personally speaking to Buffett saying: "Thank you. Thank you for bringing me here. Thank you for everything that you have done for us. And thank you for the legacy that we will now remember you by."

Memorable meeting

Listening to Buffett provided the cheapest wisdom I've ever received. I put in nothing compared to what I experienced that day.

The waiting, camaraderie, sleep deprivation, listening to stories, meeting Tim Cook and Hillary Clinton, all added to that historic day. I waited eight hours; I experienced a lifetime.

We witnessed history being made — a page in the final chapter of one of the greatest stories written.

All things considered, I think it was a pretty good trip.

• Warren Buffett shocked his shareholders when he announced he'd be stepping down as Berkshire Hathaway CEO.
• I spoke to them about the bombshell news over drinks, at a picnic, during a run, and at a brunch.
• Many said they were sad but grateful, with some worried about the future.

Veron Wong told me he cried when Warren Buffett announced he would be leaving Berkshire Hathaway.

Wong was among the tens of thousands of Buffett's followers who had descended on Omaha, Nebraska, for the company's annual meeting.

After being in the room on Saturday for Buffett's shock announcement that he would quit at the end of 2025, I set about asking shareholders how they felt about losing the man at the center of it all.

I asked 20 of them the question anywhere I could at this "Woodstock for Capitalists" — in a furniture store's parking lot, during a 5K run through downtown, at a farewell brunch, and at bars.

That's how I found Wong. He was enjoying cocktails with his partner, Joanna Fadel, at the Marriott opposite CHI Health Center, the venue for Berkshire's meeting.

Wong, 31, said he loved and admired Buffett so much that the investor felt like a father to him.

"I cried," he said. "It was sad."

"Everybody was celebrating and commemorating," Fadel, 30, an innovation design strategist from New York, told me. "It was a beautiful moment. It was bittersweet, but I think it's a beautiful thing to be here for this community and to be part of this legacy."

And what a legacy: The world's fifth-richest person took over a failing textile business 60 years ago and transformed it into one of the world's most valuable companies.

The couple was there to celebrate their idol. Other Buffett followers I spoke to said they were feeling everything from shock and sorrow to gratitude and hope. But several said they worried that, without Buffett, Berkshire's tight-knit community and Omaha's allure could falter.

'He's got a wonderful moral compass'

Later on Saturday, I stopped by a shareholder picnic outside the Berkshire-owned Nebraska Furniture Mart. Friends and families munched on barbecue, played lawn games, and danced along to live music.

Vipara Rasphone, a 30-year-old Stanford MBA student from Laos, told me he was still parsing the day's events.

“I’m still processing it," he said. He pondered what Buffett's departure would mean for the investing world.

"Who are going to be our role models?" he asked.

Mike Schutz, 63, a warehouse worker from Omaha attending the meeting for the first time, was sitting near the stage where two singers were performing classic pop and rock songs.

He told me he applauded Buffett's decision to step aside, saying it was "better not to wait for the inevitable" and that Buffett could continue to guide Greg Abel, Berkshire's vice chair and Buffett's potential successor.

Early on Sunday, I joined the masses of shareholders taking part in a 5k run, organized by Brooks Running, a Berkshire subsidiary. A power-walking Gary Oberste, 74, a semi-retired educator from Oklahoma who said he'd owned Berkshire stock for about 10 years, told me he was optimistic about the company's prospects.

“I have faith in what he’s set up and done that it keeps growing and doing better," he added.

Sabina Coffiel, 57, a local medical researcher and member of a women's financial literacy group, told me as we walked through Omaha's downtown that she was saddened by Buffett's departure.

"I gasped," she said. "He’s done a great job for so long, and he’s got a wonderful moral compass."

"I hope Greg shares that compass and that Buffett still shows up sometimes,” she added, referring to Abel.

Fears about the future appeal of Omaha

A couple of hours later, back at the Marriott Hotel, hundreds of people were mingling over coffee, breakfast sandwiches, muffins, and fresh fruit while the insurer Markel held a meeting in the ballroom.

I struck up a conversation with Martin Wiegand, a 67-year-old small-business owner who said he's owned Berkshire stock for 40 years and has been coming to the meeting since the 1980s. He told me he saw Buffett as a "wonderful role model, teacher, and steward of capital."

Wiegand dismissed the idea that Berkshire stock might be valued lower without Buffett in charge. “There’s no Buffett premium now; it was gone 25 years ago," he said.

He said he hadn't seen Abel show the charisma of Buffett and his late business partner, Charlie Munger. Wiegand also worried out loud that Omaha would be less of a destination for investors in the future. Buffett was born in this city of 500,000 people, and his face was all over the "Bazaar of Bargains," where Berkshire businesses were selling at a discount to shareholders.

Sheldon Wasserman, 77, a retired businessman from Florida who said he's owned Berkshire stock for over 30 years, wondered whether Abel would move to Omaha. "Des Moines resident to become Berkshire Hathaway CEO" was how Abel's local paper reported the prospect of his accession. Des Moines, Iowa, is about two and a half hours from Omaha by car.

Wasserman compared the prospect of Abel succeeding Buffett to Tim Cook replacing Steve Jobs as Apple's CEO in 2011. Cook, who took over the company from its visionary founder, has since led it to new highs.

Wasserman also riffed on one of Buffett's famous sayings to underscore his point that Berkshire has more to it than its CEO, and that his successor would have a solid foundation to build from.

“We are standing in the shade of a tree that grew from a seed someone planted years ago," he said.

Wasserman told me he wasn't planning to sell Berkshire stock if it drops, not only because he has faith in its operations but also because "the taxes would be astronomical."

Signe Loenholdt, 44, a financial educator from Denmark who teaches Buffett-style investing, was grabbing a drink at the downstairs bar before catching a shuttle to the airport.

"I'm concerned about community continuity post-Buffett," she said, questioning whether future Omaha gatherings would retain their global appeal without Buffett as the star.

Would she sell Berkshire stock if it falls on the news of Buffett's departure? Loenholdt said she'd buy more of it.

After all, the "Sage of Omaha" always advocated buying a dip.

• Warren Buffett announced he is stepping down as Berkshire Hathaway's CEO at the end of the year.
• He has recommended that Greg Abel, a vice chair at the company, succeed him.
• Tributes have been pouring in from business leaders such as Bill Gates, Mark Cuban, and Tim Cook.

Warren Buffett said he would step down as Berkshire Hathaway's CEO after 55 years, eliciting tributes from investors and business leaders.

Buffett, 94, made the announcement on Saturday during the company's annual shareholder meeting in Omaha, Nebraska. The crowd gave Buffett two standing ovations, acknowledging his career as the longest-serving chief executive of an S&P 500 company.

He said he intended to step down at the end of 2025 and recommended to the board of directors that Greg Abel, now a vice chair at the company, take over as CEO.

Buffett has remained an enduring force as an investor and businessman since purchasing Berkshire Hathaway in 1965, then a New England textile mill, and transforming it into a $1 trillion conglomerate that spans multiple industries.

Following Buffett's announcement, business leaders from across the globe shared tributes.

Bill Gates

In a statement to Business Insider, Microsoft cofounder Bill Gates called Buffett "one of the greatest CEOs ever" and "hands-down the most successful investor of all time."

Buffett and Gates have been friends for 30 years, meeting in the 1990s. They have worked together on philanthropic efforts for decades, though their friendship has cooled in recent years.

"He has built an extraordinary company in Berkshire Hathaway, and he's done it with wisdom, integrity, and a phenomenal sense of humor. But Warren hasn't been satisfied with setting an example as a businessman. When he decided to give his wealth back to society, he set an example as a philanthropist, too. His legacy will inspire generations to come," Gates said.

Tim Cook

The Apple CEO praised Buffett in an X post on Saturday.

"There's never been someone like Warren," Cook wrote. "It's been one of the great privileges of my life to know him. And there's no question that Warren is leaving Berkshire in great hands with Greg."

Jamie Dimon

Dimon, the chief executive of JPMorgan Chase and a fixture of Wall Street, praised Buffett in a message after the investor's big announcement.

"Warren Buffett represents everything that is good about American capitalism and America itself — investing in the growth of our nation and its businesses with integrity, optimism, and common sense," he said, per Reuters. "I've learned so much from him to this very day, and I am honored to call him a friend."

Brian Moynihan

Bank of America Chair and CEO Brian Moynihan told Business Insider that Buffett "has achieved unparalleled success over a seven-decade-plus career."

Bank of America was one of Berkshire Hathaway's largest holdings before it began to sell shares last year.

"Beyond his business success, his unprecedented philanthropic giving continues to be an example to follow," Moynihan told BI over email. "His life lessons delivered to young and old are as valuable as his business acumen. I have personally learned so much from him and look forward to continuing to benefit from his insights. He has been a tremendous supporter and investor in Bank of America and our nation's economy and the innovative spirit of the United States."

Bill Ackman

Bill Ackman, the billionaire CEO of Pershing Square Capital Management, said on Monday he "wouldn't bet against Berkshire."

"I think they will be a little bit more aggressive about buying back stock. I don't see Berkshire waking up in six months and Berkshire announcing $100 billion acquisition," Ackman told CNBC's "Squawk Box."

The billionaire hedge fund manager said that Buffett's replacement, Greg Abel, "is a superb operator" who nonetheless may be cautious early on.

"I think the new CEO will be and the new board, not the new board, the current new CEO and the current board will be a little bit more careful on the first deals because if Berkshire's first deal turns out not to be a good one, you know, I think that the market will kind of frown upon that," Ackman said. "But I think the business will do very well."

Bill Gross

Billionaire investor and PIMCO cofounder Bill Gross told Business Insider via email that Buffett's vision set him apart from other investors.

"His vision was not limited to an optimistic vision of the future," Gross told BI. "Through his insurance holdings that by their structure allowed for the investment of premiums at a near zero cost into higher returning assets such as Coke, AMEX and Apple and in so doing he created a spread which over time led to billions and the recognition not just as a stock picker but as a financial structural wizard."

Gross also congratulated Buffett and recalled on X the first time his firm gave Berkshire one of its first loans in the mid '70s.

"I knew nothing about insurance and candy stores but was sold by his long-term vision of the economy and markets," Gross wrote. "Congratulations my friend — not just on the numbers — but on the philanthropy and the years. Having a cherry Coke with you was a highlight of my career."

Mark Cuban

Cuban told Business Insider in an email that Buffett was his "investing hero" and shared a photo of him with the investing legend at a Dairy Queen in Omaha.

"We used to go to DQ in Omaha," Cuban wrote. "It was the highlight of my year."

Following the announcement, Cuban also reposted on X a video showing Buffett receiving a standing ovation during the annual Berkshire Hathaway meeting.

Spencer Hakimian

Hakimian, the founder of Tolou Capital Management, shared a video on X of Buffett receiving a standing ovation from the crowd at Berkshire Hathaway's annual meeting.

"Curtain call for the captain," Hakimian wrote.

Ron Olson

Olson, a Berkshire Hathaway board member, told CNBC that Buffett has "lived a life full of surprises. Very few of his decisions have been anything but sensational. I am very anxious to see Warren become the Charlie Munger for Greg Abel."

Olson also believed Abel "is ready" for the role.

"I have no doubt about that. We've known it for a long time," Olson told the outlet.

French Hill

The Arkansas GOP congressman and former businessman told CNBC that Buffett, Abel, and Berkshire Hathaway's board "have done a magnificent job over the last decade preparing shareholders for today."

Hill added that he's admired Buffett since his college days.

"When I got out of government in 1993 and went back to the private sector in investment management, it was Warren Buffett who was my role model — a man I've never personally met, but I've admired all these years," Hill told the outlet.

Stephen Squeri

The chairman and CEO of American Express told Business Insider via email that Buffett "has had one of the most storied careers in the history of American business."

Squeri added that Buffett's "vision and deep sense of responsibility to shareholders is unmatched, and his humility and humor are rare qualities in a leader that have made working with Warren a delight."

He added that American Express, in which Berkshire Hathaway holds a minority stake, looks forward to "continuing to work with Greg as he builds upon Warren's legacy."

Seth Klarman

The CEO of the Baupost Group hedge fund told BI over email that Buffett ran an "investment marathon" for decades and excelled in all conditions.

"But he is more than an investor — he is a visionary business leader, teacher, role model, and philanthropist. I've always seen him as a mentor, and I suspect he'll keep contributing in all of these spheres far into the future. There will be no other like him!"

Howard Marks

The co-chairman of Oaktree Capital Management told BI in an email that it is "impossible" for anyone to measure up to Buffett.

"He is the single most influential investor of all time — the Isaac Newton of investing," Marks said.

"He says when he started in the early 1950s, he was able to buy dollars for 50 cents — and he makes it sound easy," Marks added. "But the thing is, even if the opportunities were there, nobody else did it. There weren't multiple Warren Buffetts."

Jim Cramer

Jim Cramer, the host of the CNBC show "Mad Money," called Buffett "our only G.O.A.T." in an X post on Sunday.

"In awe of Buffett and congratulate him on the greatest run of all time," Cramer wrote.

• I was in the room when Warren Buffett announced his plans to step down as CEO of Berkshire Hathaway.
• The audience was shocked but rallied to give the investor two standing ovations.
• The Berkshire Hathaway chief said he'd informed neither his board nor his successor ahead of time.

I was in the room when Warren Buffett said he would step down as CEO at the end of this year, marking the end of a remarkable tenure that has lasted nearly six decades.

The legendary investor and Berkshire Hathaway boss made the surprise announcement in the closing minutes of a nearly five-hour-long Q&A on Saturday at his company's annual meeting in Omaha.

The packed stadium was stunned into silence. The longest-serving S&P 500 CEO, who took the top job in 1970 and built Berkshire from a failing textile company into a $1 trillion company known around the world, was stepping down.

It seemed as if Buffett, who is 94, might continue for a few more years still, given how mentally sharp he seemed throughout the morning as he fielded questions about everything from tariffs and Berkshire's huge cash pile to government spending and life advice.

He revealed that he had informed neither Berkshire's board, apart from two of his three children who are directors, nor his planned successor sitting next to him, Greg Abel.

Once Buffett finished speaking, the crowd leapt to its feet to deliver thunderous applause for a man who has meant so much to so many of them.

Buffett's thousands of shareholders rose again and clapped as he prepared to leave the stage, leading him to joke that their praise could be interpreted either as admiration or relief that he was resigning.

The atmosphere turned to sadness and disbelief as onlookers processed what had just happened and its historical significance began to take hold.

Conversations broke out once Buffett left the stage and the lights came up as the reeling attendees turned to one another to parse the news. There was a steady drone in the stadium as people talked through their emotions and the consequences of the announcement.

Nirav Panchmatia, 50, a financial literacy coach from India was attending his eighth Berkshire meeting and had brought along his 10-year-old daughter, Parthavi, for the first time.

He described the moment that Buffett broke the news as "extraordinary" and said he felt "sad" that Buffett would no longer be CEO, but it was a "wonderful experience" to have been in the room when he stepped down.

He said he hopes Buffett will still host at least another meeting or two in the years ahead.

Dennis Wong, 58, a private investor from Canada, told BI he's owned Berkshire stock for nearly a decade.

"I just witnessed history," he said. "I'm so thrilled to be here personally."

Wong said the news "does rock the entire financial industry and markets," and applauded Buffett for assuring investors of a smooth transition by saying he would remain involved at Berkshire and available to help Abel.

He compared Buffett to Tom Brady in football, Wayne Gretzky in hockey, and Steve Jobs in tech. "When it comes to investing, Buffett is certainly the GOAT," using the acronym for "greatest of all time."

Buffett said that while his successor would have the final word, he assured the audience that he would likely "still hang around and conceivably be useful."

• Warren Buffett plans to resign as Berkshire Hathaway CEO after 55 years in charge.
• The investor, 94, said he plans to make way for his planned successor, Greg Abel, at the end of the year.
• Buffett grew Berkshire from a failing textile mill into a $1 trillion company, enriching investors.

Warren Buffett intends to step down as Berkshire Hathaway CEO after 55 years, ending his tenure as the longest-serving chief executive of an S&P 500 company.

The legendary investor announced he would recommend to Berkshire's board that he resign as CEO at the end of this year. He broke the news to a stadium full of his shareholders during Berkshire's annual meeting in Omaha on Saturday. The crowd gave Buffett two standing ovations and recognized his many years of service with thunderous applause.

"The enthusiasm shown by this response can be interpreted in two ways," Buffett joked, before adding, "Thank you."

If Buffett gets his way, Greg Abel, the head of Berkshire's non-insurance businesses, will be in charge of the conglomerate in the new year.

"Abel is in a wonderful and difficult position. It's easier to follow Bruce Springsteen on stage than to follow Buffett," Erik Gordon, an entrepreneurship professor at the University of Michigan's Ross School of Business, told BI in an email.

Buffett, 94, purchased Berkshire when it was a failing New England textile mill in 1965. Over the past six decades, he's grown it into a $1 trillion conglomerate that owns scores of businesses, including Geico, See's Candies, and the BNSF Railway, and holds multibillion-dollar stakes in Coca-Cola, American Express, and other public companies.

The "Oracle of Omaha" oversaw a roughly 5,500,000% gain in Berkshire's Class A stock between 1965 and 2024, compared to around 39,000% for the S&P 500 as a whole. Berkshire shares compounded in value by an average of 19.9% annually for that period, more than double the benchmark's 10.4% gain.

The ballooning stock price has made Buffett phenomenally wealthy. Even after giving more than half of his shares to good causes, he now ranks as the world's fifth-richest person with a $169 billion net worth.

Buffett is leaving the CEO role on a high note. Berkshire stock has soared 20% this year to record levels, trouncing the S&P's 3% decline. Investors are banking on Buffett's steady hand to guide them through the market and economic turmoil stirred up by President Donald Trump's tariffs. They're also betting on perhaps the world's foremost bargain hunter to pounce on any bargain stocks and businesses that emerge, as he famously did during the 2008 financial crisis.

Once Buffett vacates his chair, Abel will have the unenviable task of succeeding one of the great business leaders in American history, who has become virtually synonymous with his company. He can expect intense scrutiny of his decisions from all corners, and endless comparisons to a predecessor who ruled the roost for nearly six decades.

Buffett will be remembered as a CEO for building one of the world's most valuable companies, creating tremendous wealth for his investors, nurturing a unique shareholder culture centered on long-term ownership, and inspiring legions of investors and executives with his lessons on investing, business, management, and life.

This is a developing story, check back for more updates…

• Warren Buffett, 94, stood by his love of fast food and disdain for exercise on Saturday.
• He pointed to his age as proof that drinking Coke and eating junk food wasn't disastrous for him.
• During Berkshire Hathaway's meeting, he joked that he's been carefully "preserving" his body.

Warren Buffett defended his junk-food diet and distaste for exercise during Berkshire Hathaway's annual shareholder meeting on Saturday.

Seated with two cans of Coca-Cola and a box of See's Candies on the table in front of him, the billionaire investor and Berkshire CEO pointed to his advanced age as evidence that eating like a child hasn't done him any great harm.

"At 94 years of age, I've been able to drink whatever I like to drink," Buffett said, picking up one of his Coke cans. People have long issued dire warnings about the dangers of a soda habit, but Buffett said it didn't seem to be a problem for him or his late business partner, Charlie Munger, who lived to 99.

"Charlie and I never exercised all that much — we focused on preserving ourselves carefully," Buffett quipped, sparking peals of laughter in the audience. Business Insider was reporting live at the event from a press box stocked with a variety of See's chocolates and a fridge full of sodas.

He pointed to the wear and tear on professional athletes' bodies as a good reason not to join a baseball or basketball team, saying it showed the potential risks of too much exercise.

Buffett has previously said he grabs McDonald's for breakfast on his drive to work, drinks five cans of Coke a day, and devours Dairy Queen ice cream. He's known for loving unhealthy foods such as hot dogs, fries, popcorn, cookies, and candy.

He also hasn't shied away from making Coca-Cola and Kraft Heinz two of Berkshire's largest positions, and buying businesses like See's and Dairy Queen outright.

"I think happiness makes an enormous amount of difference in terms of longevity," Buffett said in a 2023 interview. "And I'm happier when I'm drinking Coke or eating hot fudge sundaes or hot dogs."

• Warren Buffett said he isn't building up a huge cash pile for his planned successor to spend.
• The billionaire quipped that he wouldn't do something so "noble" just to make Greg Abel "look good."
• Berkshire Hathaway's reserve doubled to over $300 billion in 2024 and hit a record high last quarter.

One of the biggest questions hanging over Berkshire Hathaway is why Warren Buffett has built such a large cash reserve.

The famed investor and Berkshire CEO dismissed the idea that he was setting aside a huge amount of cash, Treasury bills, and other liquid assets for his planned successor, Greg Abel, to invest once he's gone.

"I wouldn't do anything nearly so noble as to withhold investing myself just so Greg could look good," he said at Berkshire's annual shareholder meeting on Saturday, causing a wave of laughter to roll through the crowd.

Berkshire roughly doubled its cash pile to north of $300 billion last year, and it rose to a fresh record of nearly $348 billion in the first quarter of this year, the company's earnings revealed on Saturday.

A big factor in the surge was Berkshire's sale of two-thirds of its Apple position last year, which had been its largest portfolio holding for years. Buffett still praised Apple CEO Tim Cook, who was sitting only a short distance away from him in the crowd watching at the CHI Health Center, where Business Insider was watching the proceedings live.

Buffett said he would happily spend $20 billion, even $100 billion, on the right opportunity if it were a business or other asset that offered good value and they felt comfortable owning for the long term.

Soaring valuations for public stocks, private businesses, and even Berkshire stock have thwarted the value investor in recent years.

The billionaire said that he'd prefer if there were enough bargains on offer that Berkshire would only have $50 billion in reserve. But he said it would be the "dumbest thing in the world" to consistently invest $50 billion a year just to shrink Berkshire's cash pile, as quality buys only appear occasionally.

He also emphasized that he may have already been too active in the market over the years.

"Charlie always thought I did too many things," Buffett said, referring to his late business partner, Charlie Munger.

• Warren Buffett praised Apple CEO Tim Cook for making more money for his company than he ever did.
• The Berkshire Hathaway CEO praised Cook as a worthy successor to Apple cofounder Steve Jobs.
• Berkshire sold two-thirds of its Apple stake in the first three quarters of 2024.

Warren Buffett hailed Tim Cook as a one-of-a-kind leader after selling two-thirds of his stake in Apple last year.

The famed investor and Berkshire Hathaway CEO praised the tech titan's CEO in his opening comments at his conglomerate's annual meeting on Saturday.

"Tim Cook has made Berkshire a lot more than I have made Berkshire," Buffett quipped to laughter in the auditorium, nodding to the fact that Berkshire's roughly $35 billion investment in Apple between 2016 and 2018 grew to $173 billion by the end of 2023.

However, Berkshire sold about 67% of its Apple shares in the first nine months of 2024, leaving only 300 million shares at the end of December, worth about $62 billion at Friday's closing price of $205 per share.

Buffett also gave Cook perhaps the best compliment when he favorably compared him to his iconic predecessor and Apple's cofounder.

"I knew Steve Jobs briefly," Buffett said, adding that the creator of the iPhone "of course did things that nobody else could have done."

"Nobody but Steve could have created Apple, but nobody but Tim could have developed it like it has," Buffett added.

Since Cook took the reins in 2011, Apple stock has soared from under $15 on a split-adjusted basis to $205, a roughly 14-fold gain, boosting Apple's market capitalization to north of $3 trillion.

• Warren Buffett's Berkshire Hathaway posted a 14% drop in first-quarter operating profits on Saturday.
• Berkshire sold a net $1.5 billion of stocks and grew its cash pile to a record $348 billion.
• Buffett has been stymied by hefty valuations for stocks, acquisitions, and buybacks.

Warren Buffett's Berkshire Hathaway reported a 14% drop in first-quarter operating profits to $9.6 billion ahead of Buffett speaking at the company's much-watched annual meeting in Omaha on Saturday.

Berkshire's insurance underwriting division's 49% year-on-year profit decline to $1.4 billion was largely to blame for the company's overall earnings decline.

The famed investor's conglomerate sold a net $1.5 billion of stocks, as it bought $3.2 billion on stocks and sold $4.7 billion worth. The disposals marked the 10th straight quarter that it's been a net seller of stocks.

However, the sales were significantly smaller than last year, when Berkshire sold a net $134 billion of stocks in just 12 months.

The disposals contributed to a 4% increase in Berkshire's cash pile to a record $348 billion, or $333 billion if $14.4 billion of payables for Treasury purchases are subtracted. That figure exceeds the market capitalizations of most S&P 500 companies, including Bank of America and Coca-Cola.

Buffett didn't opt to repurchase any Berkshire shares last quarter, making it three straight quarters without any buybacks.

The bargain hunter and his team have been thwarted by lofty valuations for public stocks, private businesses, and even Berkshire shares in recent years.

The lack of opportunities — and Berkshire cutting key positions Apple and Bank of America last year — has boosted its cash pile to record levels.

Regardless, Berkshire Class B shares have soared 20% this year to trade at all-time highs of about $540. The stock has benefited from tariff turmoil that has pushed the S&P 500 down 3% this year, as investors seek haven in Berkshire and bet on Buffett to capitalize if the market crashes.

• Warren Buffett's Berkshire Hathaway hosted a shareholder shopping day as part of its annual meeting.
• See's Candies, Squishmallows-owner Jazwares, and truck-stop chain Pilot were among the brands there.
• One shopper was carting two dozen plush toys, while another two had a massive haul.

Warren Buffett's shareholders have traveled from far and wide to hear him speak this weekend — and to scoop up their own deals at Berkshire Hathaway's "Bazaar of Bargains."

Around two dozen of Buffett's businesses — including See's Candies, Squishmallows-owner Jazwares, and truck-stop chain Pilot Flying J — set up shop on Friday and Saturday in the CHI Health Center, the venue for his annual shareholder meeting in Omaha, Nebraska.

Business Insider scoured the wares on offer and interviewed shoppers about their hauls. Scroll down for a photographic tour of the event.

Shoppers arrived early to skip the lines.

Friday's shareholder shopping day only began at 12 p.m., but people were already lining up to collect their entry passes and waiting for the doors to open before 8 a.m.

Once attendees were allowed inside, there was a huge rush to buy golf-themed Squishmallows in the likeness of Buffett, his late business partner Charlie Munger, and a caddy character named Omaha.

Within moments of the event's start, people were lugging around huge Squishmallows bags filled with the trio, as well as Pikachu and other cuddly critters.

They couldn't resist the photo ops.

Shareholders waited patiently to have their photo taken with various cardboard cutouts of Buffett around the room.

They also posed for pictures under the welcome sign and took selfies with giant mascots for Geico, Oriental Trading, and Squishmallows.

Squishmallows were hot commodities.

"We bring the fun," Bret Ingraham, a senior director of public relations at Jazwares, told BI during a tour of the company's booth.

Squishmallows is best known for its plush toys — Ingraham said they sell 1,000 an hour at the busiest times. But more recently, they've struck licensing deals to roll out building kits, cosmetics, electric toothbrushes, and more.

The maker of plush toys has expanded into bedding.

Squishmallows has also ventured into the bedding business by making its own pillows and pillowcases.

Ingraham said the company makes Buffett more accessible to the masses, adding that it's "introducing a new generation to Warren Buffett and Berkshire Hathaway in a fun, cuddly, cute way."

Bill Hughes was bringing home the Buffetts.

Bill Hughes, 40, told BI he works at a financial advisory firm in Oklahoma. He was lining up to ship multiple massive bags of Squishmallows back home when BI caught up with him.

Hughes told BI he'd purchased about 24 of the plush toys to bring to people he knows back home. He also scooped up a Buffett hat, a pair of gloves from Wells Lamont, and household goods from Pampered Chef. He estimated that he'd spent $1,200 in total that day.

See's Candies' theme this year focused on the outdoors.

See's Candies' booth had a camping theme and featured Buffett and cofounder Mary See across cardboard cutouts, box sleeves, and other displays.

There was an exclusive "Berkshire Box" on sale that was filled with Toasted Marshmallow Scotchmallows. Other popular flavors, including Chocolate Walnut Fudge, were also on hand.

See's brought close to 25,000 pounds of product to satisfy hungry shareholders.

Leslie Horenstein, senior vice president and marketing chief for See's, told BI that the company had brought close to 25,000 pounds of product, or more than 41,000 units, to the meeting.

Echoing Buffett's love of the brand for building an emotional connection with customers, she said that virtually every person she meets has some "association" with the brand, despite it not being nationwide.

Oriental Trading had all sorts of Buffett and Munger knickknacks.

Oriental Trading's booth had the widest variety of Buffett and Munger-themed items.

They included rubber ducks, chocolate coins and bars, bobbleheads, plushes, T-shirts, socks, mugs, pins, figurines, and playing cards.

One shopper said the experience was good value for time and money.

Claudia and her daughter Miranda were surrounded by their shopping when they told BI they were visiting from Miami and came to the meeting every couple of years.

Claudia said the prices, quality, and staff were "amazing." She'd purchased shoes from Brooks Running, clothes from Fruit of the Loom, candy from See's Candies, kitchenware from Pampered Chef, and bits and pieces from Oriental Trading.

Miranda told BI that she loved spending time with her parents and had bought clothes, shoes, board games, and slime.

Pilot also went big on Buffett-branded swag.

Pilot's booth featured meeting-exclusive trucker hats, "Berkshire Blend" coffee, T-shirts emblazoned with Buffett quotes, co-branded boxes of See's, and Buffett-inspired fortune cookies and Yeti tumblers.

A giant, red, Pilot-branded truck was also parked next to the stand with a cardboard cutout of Buffett in the driver's seat.

• Warren Buffett will host a nearly five-hour Q&A at Berkshire Hathaway's annual meeting this weekend.
• More than a dozen of Buffett's close followers told BI the burning questions they hope he'll answer.
• They're eager for him to speak about tariffs, Berkshire's cash pile, and retirement plans.

Warren Buffett kept quiet when stocks tumbled. On Saturday, the famed investor will break his silence with nearly five hours of questions at Berkshire Hathaway's annual shareholder meeting.

The $1 trillion conglomerate, which Buffett still heads at 94, owns many businesses, including auto insurer Geico and the BNSF Railway, and holds billion-dollar stakes in public companies such as Apple and Coca-Cola. If it's affecting the US economy, it's affecting Berkshire. That, combined with Buffett's decades of investing experience, will have tens of thousands of followers hanging off his every word during the event in his hometown of Omaha.

More than a dozen of Buffett's close followers told Business Insider the burning questions they want him to answer, from tariff impacts and Berkshire's cash pile to his retirement plans and Apple disposals.

Trade war fallout

Tariffs have reignited investors' fears of inflation and recession, sparking an exodus from US stocks, Treasurys, and the dollar in recent weeks.

"I'd like to hear how the tariffs are affecting Berkshire's businesses now, and how they may affect the businesses in the future," Steven Check, the CEO of Check Capital Management, told BI. He also wanted to hear Buffett's views on tariffs from a global perspective.

Adam Mead, the author of " The Complete Financial History of Berkshire Hathaway " and a money manager, told BI that Trump's tariffs "might change the calculus" for Berkshire's solar projects, adding they likely source many of their panels and equipment from overseas.

Adam Schwartz, the founder and chief investor of Black Bear Value Partners, told BI he hoped Buffett would address tariffs and advise investors on protecting their portfolios.

Schwartz said, "Does he view the tariff policy as a structural change in the environment, and how do you handicap the downside?"

John Longo — a finance professor, investment chief, and the author of "Buffett's Tips: A Guide to Financial Literacy and Life" — told BI he hoped Buffett would say whether he still thinks the US trade deficit is an urgent problem as he argued in a Fortune article in 2003.

Spending plans

Buffett nearly doubled Berkshire's pile of cash, Treasury bills, and other liquid assets to a record $334 billion last year, partly by selling a net $134 billion of stocks and halting share buybacks in the second half.

His followers want to know what he plans to do with that war chest, which exceeds Coca-Cola's entire market value. He could use the dry powder to make a blockbuster acquisition, scoop up stocks, reinstate share purchases, or even pay a dividend.

"Why is he amassing this huge cash position, and where would the stock market need to fall for him to write 'Buy American. I Am.' like he did in the fall of 2008?" asked Bill Smead, the founder and chief investor of Smead Capital Management.

Smead was referring to Buffett's famous New York Times op-ed at the height of the financial crisis, in which he urged others to join him in making long-term bets on American businesses.

Alex Morris, the author of "Buffett and Munger Unscripted" and the founder of investment research service TSOH, told BI he was "curious" to hear whether Buffett still believes Berkshire should have a minimum of $30 billion in cash reserves, and what "the largest deal they could do today" would be.

Buffett's acolytes are also waiting impatiently to learn whether the legendary bargain hunter capitalized on the recent stock plunge.

"Has Berkshire been investing its cash after the sharp market decline in April?" asked David Kass, a finance professor at the University of Maryland and longtime Buffett blogger.

Signature stocks

Berkshire sold 67% of its biggest stock position, Apple, in the first nine months of 2024. But it left the remaining 300 million shares intact in the fourth quarter, even though the iPhone maker's stock traded higher than it did earlier in the year.

That raises a roughly "$60 billion question of why not sell the whole position?" Mead told BI. "It's a bit perplexing."

Darren Pollock, a portfolio manager at Cheviot Value Management, also queried the remaining Apple stake. The stock is down around 12.5% year-to-date.

"He's Warren Buffett, he obviously has a thoughtful rationale, and I'd love to hear it," Pollock told BI.

Berkshire businesses

Buffett often sheds light on Berkshire's myriad subsidiaries during his annual Q&A.

"I always enjoy the color provided on the key businesses," Paul Lountzis, the president of Lountzis Asset Management, told BI. He reeled off Geico, the overall insurance division, the BNSF Railway, Berkshire Hathaway Energy, and Berkshire's manufacturing and retailing segments.

Several followers said they hoped Buffett would compare Geico, the revitalized auto insurer, to its archrival Progressive on profitability, market share, and underwriting expenses.

Mead said he wanted to know why Berkshire valued energy giant BHE below $50 billion in a deal last year to buy a minority interest from his late friend Walter Scott's estate, despite valuing it closer to $90 billion when Berkshire purchased non-insurance chief Greg Abel's stake in 2022.

"Is BHE really worth that much less today compared to then, or was that a quirk in the purchase agreement with the Scott estate?" Mead asked.

Winding down

At 94, Buffett has been detailing his estate planning and championing his planned successor, Abel, in his recent letters to shareholders. Kass told BI he'd like to know whether Buffett plans to resign as CEO in the near future.

Others said they were hungry for insights into how Abel would run the company.

Lawrence Cunningham, the author of numerous books about Berkshire and the director of the University of Delaware's Weinberg Center on Corporate Governance, told BI he wanted to hear from Abel, "particularly his vision for Berkshire's future and how he plans to uphold the company's core values and strategic direction."

Luke Rahbari, the CEO of Equity Armor Investments, told BI he was eager for Abel to elaborate on how he'll "approach capital allocation, including stock picking and acquisitions, and how might his leadership style differ from Buffett's?"

Morris referred to how Buffett urged the US government in his latest shareholder letter to use Berkshire's record tax payment to help the less fortunate.

"Relative to current US policies, what does Warren believe would be the most effective additional way to take care of the people who got the short straws?" he asked.

Brett Gardner, an analyst and the author of the recently released "Buffett's Early Investments," told BI he's crossing his fingers that the Berkshire chief will be asked about some of his findings: such as whether an early bet, Philadelphia and Reading Railroad, was an "inspiration for Berkshire," and details on how Buffett analyzed the corporate governance risks attached to buying 5% of Disney in 1966.

"Selfishly, I am hoping he gets some questions on my book!" Gardner added.

Brian Gongol, a Buffett superfan who's been a shareholder since 2007, told BI his question was inspired by Buffett's oft-repeated advice: "Invest in yourself."

"I'd like to know what he thinks was Berkshire's best reinvestment in itself, whether it took place this past year or simply bore fruit in the last year," he said.

• Warren Buffett's Berkshire Hathaway will host its famous meeting this weekend.
• The colorful event, featuring a long Q&A with the investor, has been dubbed "Woodstock for capitalists."
• BI spoke to seven Berkshire gurus about why they're attending this year.

Tens of thousands of investors, from hedge fund managers and tech executives to students and retirees, will soon descend on Omaha to hear from the patron saint of level-headed investing.

Warren Buffett, 94, is riding high after cashing in $158 billion of stocks over the last two years, before President Donald Trump's tariffs tanked the market.

Berkshire Hathaway's billionaire CEO rarely speaks publicly, but on Saturday, he will answer questions onstage for nearly five hours — the high point of his conglomerate's annual shareholder meeting.

"Woodstock for capitalists" sees attendees immerse themselves in all things Buffett for one weekend a year. Many of Berkshire's businesses offer cut-price goods at a two-day shopping event. There's also a picnic and 5K run.

Omaha's hotels, bars, stores, and restaurants fill with subscribers to Buffett's philosophy of seeking bargains, owning for the long run, and remaining calm when others panic. They forge relationships with fellow tribe members, trade stock tips and investing stories, and debate Berkshire's latest moves.

It might sound like an investing conference, but devoted attendees told Business Insider it was a "pilgrimage," a "celebration," and a "blessing."

"The gathering offers a unique blend of wisdom, camaraderie, and tradition," Lawrence Cunningham, the author of several books about Berkshire and the director of the University of Delaware's Weinberg Center on Corporate Governance, told BI.

Cunningham said the meeting is far more than an investor retreat; it's a "pilgrimage where shareholders connect, learn, and celebrate shared values of integrity, learning, and community."

David Kass, a finance professor at the University of Maryland who's been attending the meeting for 20 years, told BI he's going for the "excitement of being in the same room" as Buffett and 40,000 other investors.

"I will also be renewing friendships with several value investors and meeting other investors for the first time," he said.

Paul Lountzis, the president of Lountzis Asset Management, told BI he began attending the meeting after joining the storied Ruane, Cunniff & Goldfarb in 1991, and has now gone more than 30 times. He's returning with his two sons this year to see Buffett impart his knowledge and to reunite with friends, join meetings, and enjoy the city.

"We are just so happy to see him given how much he has impacted our lives," Lountzis said, adding that the chance to see Buffett was "first and foremost a blessing."

Holding court

Buffett's Q&A is the weekend's main event. The living legend dispenses wit and wisdom to a packed stadium about investing, business, government, economics, psychology, history, and life.

The Berkshire boss and his lieutenants will field a mix of questions curated by CNBC's Becky Quick and posed by audience members.

Steven Check, the CEO of Check Capital Management, who's been showing up for three decades, told BI it's a "wonderful chance to get your bearings realigned," calling Buffett "the leader of rational thought."

Check hailed the investing legend as "America's business leader" but noted he rarely gives interviews anymore, so the meeting "has become about the only time during the year to hear directly from Buffett."

"Upon leaving, you always have a good feeling that things will be just fine, no matter what is going on," he added.

Cunningham said Buffett's "ability to expound on a wide range of subjects with clarity and humor" is a core part of his appeal to many acolytes.

This year's meeting will be only the second since Buffett's right-hand man, Charlie Munger, died at 99 in November 2023. Buffett's folksy humor and colorful anecdotes combined with Munger's blunt manner and scathing judgments to create a remarkable double act for corporate America.

Buffett will be accompanied this year by his planned successor, Greg Abel, who heads Berkshire's non-insurance businesses. Berkshire's insurance chief, Ajit Jain, will also join the first session of the day.

When asked why he was going, Brett Gardner, an analyst and author of "Buffett's Early Investments," said he simply wanted "to hear from Warren Buffett!"

"I am in awe of his investment record and how he created a trillion-dollar company built on integrity, trust, and his (and Charlie Munger's) genius. It's an incredible creation, and I view the meeting as a celebration of what he's accomplished," he added.

Brian Gongol, a Buffett superfan and shareholder since 2007, told BI that he thinks of the investor as an "intellectual grandfather" whose teachings have made him money and helped him to build a college fund for his kids and nest eggs for loved ones.

"The least I can do to say 'thanks' is to show up when I know how much shareholder attendance at the meeting means to him," Gongol said.

Bargain hunters unite

Gongol is a particular devotee of another big draw: a two-day shopping event in the venue's exhibition hall where about two dozen of the conglomerate's subsidiaries, including See's Candies, Pampered Chef, and Squishmallows-owner Jazwares, showcase their wares at discounted prices for shareholders.

Gongol said he's attended so many meetings that Berkshire merch makes up a "meaningful share" of his wardrobe, rivaling his Chicago Cubs gear and college sweatshirts.

Preparing for departure

In his February letter to shareholders, Buffett mentioned using a cane, emphasized that his time as CEO is nearing an end, and championed Abel as a worthy replacement. Those comments have stoked fresh intrigue that he might announce his retirement at this year's meeting.

Alex Morris, the author of "Buffett and Munger Unscripted" and the founder of investment research service TSOH, told BI the meeting was a chance to "see Warren share his wisdom with the investment community, potentially for the last time," and to reconnect with other investors who "worship at the altar of value investing."

"It is a unique weekend with no parallel in corporate America," he added.

Buffett's advanced age and whispers he could step down have stoked intense interest in one of the last, precious chances to watch, listen, and learn from him in person.

The nonagenarian is all too aware of his mortality. "I not only hope that you come next year, but I hope I come next year," he quipped at the end of last year's gathering.

"I hope it is not Mr. Buffett's last meeting — don't want to think about that," Lountzis said.

• Bridgewater's investing chiefs say a changing world is threatening markets and portfolios.
• The hedge fund trio sees "exceptional risks" to US assets and a rising chance of recession.
• Founder Ray Dalio said an "unsustainable imbalance" in the US-China relationship must be resolved.

The world's biggest hedge fund has sounded the alarm on a seismic global shift, warning investors they're dangerously exposed and must adapt to the new reality.

Bridgewater Associates' three co-chief investors — Bob Prince, Greg Jensen, and Karen Karniol-Tambour — issued the dramatic caution in their latest letter to clients and included an excerpt in a company newsletter this week.

The trio said the transition to a "new macroeconomic and geopolitical paradigm" is roiling markets, reshaping capital flows, and threatening the status quo.

The world is moving from the post-war era of globalization and free trade to one of "modern mercantilism," they said. The Trump administration's efforts to disrupt multinationals and upturn trade and security agreements as part of its "America First" agenda are accelerating the change, they continued.

Prince, Jensen, and Karniol-Tambour predicted governments would increasingly intervene in their economies, using trade, foreign, and industrial policy to support companies and sectors that fit their strategic mission to "increase wealth, strength, and self-sufficiency."

The shift poses an "urgent threat" to markets and investors' portfolios, they said. "Today's mix of global assets reflects the winners from the past paradigm, which were largely assets like US equities that benefited from rising growth, a proactive Fed, and US outperformance."

The three investment gurus cautioned that many portfolios appear vulnerable to weaker growth, reduced central bank flexibility, stocks underperforming, and US assets trailing foreign rivals.

"We expect a policy-induced slowdown, with rising probability of a recession," they said, suggesting the Federal Reserve won't be able to cut interest rates as freely as some other central banks given the risk of resurgent inflation. They also flagged that the stock market is still pricing in strong earnings for companies even though they're "under threat."

"We see exceptional risks to US assets, which are dependent on foreign inflows," they said, nodding to the vast amount of overseas money invested in American stocks and bonds.

Bridgewater's bosses pointed to AI as another driver of global change, but they said it's "too soon to say who the winners will be and if they will hold on to their winnings."

They drew a parallel to the early stages of the dot-com boom. While the early promises of the internet were eventually realized, US stocks underperformed Treasurys, gold, and emerging market equities in the 15 years after 1998, they said. They added that most of the dominant tech stocks of that period trailed the broader market, too.

"Beautiful rebalancing"

Ray Dalio, Bridgewater's billionaire founder and the official mentor to its three investment heads, has been heralding a change in the world order for some time.

In a LinkedIn post on Thursday, Dalio said he dreamed of US-China trade negotiations leading to a "beautiful rebalancing."

He diagnosed the problem as the US being overdependent on cheap manufactured goods from countries including China, which had eroded its manufacturing base and hurt a large segment of its population. China, meanwhile, had become too reliant on selling to and investing in the US and other countries.

"This is an unsustainable imbalance that one way or another — i.e., in a coordinated, well-managed way or in a crash — must come to an end," Dalio said.

The US needed to cut the deficit, boost manufacturing, reduce consumption, and lower its debt burden to rectify the imbalance — and he hoped it could work with China to do so.

• Inflation, higher interest rates, layoffs, and other challenges have hit Gen Z's finances.
• Dave Ramsey gave five reasons for young people to feel hopeful on the "Modern Wisdom" podcast.
• The radio personality pointed to economic change, earnings growth, and wealth compounding over time.

Gen Zers have had their finances walloped by a pandemic, historic inflation, soaring interest rates, and widespread layoffs in recent years — and could face more pain if President Donald Trump's trade war drives up prices and drags the economy into recession.

Yet most young people will be fine in the long run if they work hard and manage their money wisely, Dave Ramsey told the "Modern Wisdom" podcast in an episode released on Thursday.

The host of "The Ramsey Show" said America's youth should feel optimistic about their financial futures for these five reasons:

1. Now isn't forever

Ramsay said that if someone had taken a snapshot of him when he filed for bankruptcy at age 28 with two kids, his financial situation would have seemed hopeless. But that would miss how he eventually turned his life around and built a successful career as a radio personality.

"Life is a film strip," the personal finance guru said. "It's a series of snapshots strung together."

Ramsey underscored that factors such as house prices, interest rates, and the speed of wage growth change over time.

"So, bottom line is if you're in your 20s, and houses are too expensive because interest rates are 6%, and your wages haven't kept up with what the boomer curve was — which are all accurate mathematical statements — you'll be OK," he said. "When you're 30, it's going to be different."

2. Earnings go up

The vast majority of young people will earn higher incomes in the future as they gain experience and climb their career ladders, Ramsey said. That can help them to pay off their debts, afford homes, and build the lives they want.

Ramsey asked rhetorically whether "at the apex of my life, when I'm at my maximum earning potential, am I making less than I did when I was 22 years old and I just got out of school?"

"No," he continued, adding that the number of people for whom that's true is "almost zero — you can't find them."

3. The power of compounding

Diligently saving and investing for decades is a powerful way to build long-term wealth and escape money troubles, Ramsey said.

For example, investing 15% of a household income of $70,000 a year, or about $10,500 a year, into a 401(k) for 40 years would yield $2.1 million, assuming an average annual return of 7%.

Ramsey emphasized that kind of calculation is likely conservative as it assumes "a guy never got a raise" over the entire time period.

4. Personal agency

Even if national wage growth is lagging inflation, individuals can buck that trend through hard work, Ramsey said.

People can "personally outpace the fact that wages haven't kept up," he said. "So go do that — that's your thing."

On a related note, Ramsey recalled his children once complaining to him that something wasn't fair.

"I'm like, fair is where the Tilt-a-Whirl and the cotton candy is, kid," he said. "You want some fair, go get some."

Ramsey hailed his Gen Z employees for their hustle: "They'll charge the gates of hell with a water pistol."

On the other hand, he recalled that when an employee who "had more degrees than a thermometer" once asked him for a raise, Ramsey replied that his company cared about effort and results, not qualifications.

5. American dream

Gen Zers shouldn't feel resigned to financial struggle given the wealth of opportunity in the US, Ramsey said, echoing the likes of Warren Buffett and Mark Cuban.

The "little man, the guy starting from nothing," benefits from the country's freedoms and the ease of access to its markets and information, he said.

If someone is motivated and has "two brain cells to rub together, you probably have a better chance of becoming wealthy in America today, starting from nothing, than in any place at any time in history."

Rose-colored glasses

Ramsey's comments are likely to strike some as overly optimistic and dismissive of deep-seated challenges such as wage stagnation, onerous amounts of student, a housing affordability crisis, and unequal opportunity across regions and demographics, not to mention the disruption that AI threatens to cause to many occupations.

Yet it's probably sound advice for most young people to maximize their chances of financial success whatever the world throws at them, and remember the forces of earnings power and wealth compounding work in their favor.

• President Donald Trump has hit out at Fed chair Jerome Powell for not cutting interest rates faster.
• Fresh fears about the central bank's independence hit stocks, bonds, and the dollar on Monday.
• Wall Street figures said Powell might be Trump's scapegoat, but removing him could backfire badly.

President Donald Trump has once again blasted Federal Reserve Chair Jerome Powell for cutting interest rates too slowly and warned he could remove him from his post. The latest threat to the central bank's independence sent more shockwaves through markets.

Piling those fresh worries on top of tariff woes meant the "sell America" trade was in full force on Monday with US stocks, Treasurys, and the dollar all dropping.

The S&P 500 fell 2.4%, the dollar slid to its weakest level since 2022, the 30-year Treasury yield rose by about 10 basis points to 4.9%, and gold touched a record $3,500 an ounce as investors piled into the haven asset.

Here's what big Wall Street voices are saying about Trump's feud with Powell.

Jeremy Siegel: Powell may be Trump's 'scapegoat'

If the Fed doesn't cut rates in June, Powell "risks not only deepening a potential downturn, but also becoming the scapegoat for it," Jeremy Siegel said in his weekly WisdomTree commentary on Monday.

The finance professor known as the "Wizard of Wharton" said he expected the president to "increasingly blame the 'too slow' Powell for any downsides that materialize from Trump's policies."

Siegel added that Powell "may be technically secure in his position, but that doesn't mean he's insulated from blame."

Mark Haefele: Faith in the Fed is in danger

Removing Powell before his term ends in May 2026 "could call into question the ability of the central bank to set interest rates without political interference, and hence the outlook for price stability," Mark Haefele, the chief investment officer of global wealth management at UBS, said in a Tuesday note.

Haefele and his team said markets are "likely to be sensitive" to any signs that the White House intends to expel Powell or "replace him with a more 'malleable' candidate" once his term ends.

Liz Ann Sonders: Removing Powell could send rates higher

Ousting Powell and installing a more compliant Fed chief would undermine the central bank's vital independence, Liz Ann Sonders, the chief investment strategist at Charles Schwab, said on "Market on Close" on the Schwab Network on Monday.

In that scenario, "any move by the Fed to preemptively start easing policy aggressively" that doesn't fit its mandate "might not have the intended effect of boosting growth or boosting confidence," Sonders said.

It could even push long-term bond yields higher, "defeating the purpose of a lot of this," she cautioned.

Jim Reid: Powell's colleagues could revolt

Powell has a big say in Fed decisions, but monetary policy is decided by majority vote "so removing Powell could lead to increased pushback from other members against pressure on the Fed to deliver easier policy," said Jim Reid of Deutsche Bank in a Tuesday note.

Reid and his team added that investors are concerned the US may lose its credibility as a country with an independent central bank whose monetary policy isn't dictated by politics.

Nouriel Roubini: Trump's threats are an 'own goal'

"Trump is shooting himself in the foot with this talk of firing Powell," Nouriel Roubini, a professor emeritus of economics at NYU Stern known as "Dr. Doom," said in a X post on Monday.

Roubini called it "a repeated own goal" as the chatter has hit stocks, bonds, credit spreads, and the dollar. He said that even if Trump succeeds in firing Powell, it would be a"totally Pyrrhic victory as the result would be a de-anchoring of inflation expectations and higher bond yields."

If Trump is planning to scapegoat Powell for higher inflation and slower growth, it's "not clear that this clumsy blame game will fly even with the MAGA base whose sentiment is heading south, let alone with financial markets," Roubini said.

Paul Krugman: Trump is making Powell's job harder

"What makes Trump's attempt to bully the Fed especially ominous is the fact that the Fed will soon have to cope with the stagflationary crisis Trump has created," Krugman said on his Substack.

The former MIT and Princeton professor and a Nobel Prize winner said Powell will soon have to choose between raising rates to fight inflation, or cutting them to fight recession.

The president's threats had complicated that decision, Krugman said. "Trump has made Powell's dilemma even worse with his attempted bullying, because a rate cut would be seen by many as a sign that Powell is giving in to avoid being fired."

Michael Every: Trump isn't alone in questioning the Fed

Trump's criticism of Powell as "Mr. Too Late" and a "major loser" represents a "comic-book punch" on the Fed chair, said Michael Every of Rabobank in a Tuesday note.

But the president isn't the only person frustrated with the Fed, Every continued.

"To be honest, Trump is saying many of the same things that many of those covering the Fed in markets are too — just far less politely; and very inappropriately in the eyes of those same commentators," Rabobank's global strategist said.

Peter Schiff: Trump wants a 'loyal soldier'

Peter Schiff, the chief economist at Euro Pacific Asset Management, outlined what Trump may seek in Powell's successor.

Trump "will likely nominate the most dovish replacement to ever chair the Fed," he said in a weekend X post.

The president's pick will be a "loyal soldier willing to sacrifice the dollar and create as much inflation as needed to monetize exploding debt to keep interest rates artificially low," Schiff added.

• The dollar has slumped against other currencies as President Donald Trump's tariffs pinch demand.
• Haven currencies, export-driven economies, and commodities stand to gain from its decline.
• Here are some of the likely winners from a weaker greenback.

The US dollar, the bedrock of global finance, has weakened by nearly 10% from its mid-January peak to a three-year low against a basket of major currencies.

A key catalyst has been President Donald Trump's disruptive tariffs, which have reignited inflation and recession fears and rocked investors' confidence in the greenback.

The buck's depreciation has eroded consumers' purchasing power and raised import costs for businesses, while also making US exports more competitive.

The slump also has global implications, as the dollar is the world's reserve currency used for trading everything from goods and services to commodities and derivatives.

Here's a look at the likely winners from the decline.

Foreign currencies

The dollar's loss has been other currencies' gain this year, as investors seek havens and substitutes.

The Swiss franc, supported by Switzerland's neutrality and robust financial system, has gained more than 9% against the dollar and continues to hover around its strongest level in more than a decade.

The yen, underpinned by Japan's low inflation and strong bond demand, has surged more than 9% versus the greenback.

The euro has surged to a three-year high against the dollar, signaling confidence in the European Central Bank. Emerging market currencies such as the Singapore dollar and South Korean won have also gained ground.

While cryptocurrencies are heralded as hedges against inflation and currency depreciation, bitcoin is down more than 9% at about $84,400.

Charlie Bilello, the chief market strategist at wealth manager Creative Planning, highlighted the broad exodus from the dollar this year in a X post on Wednesday:

Other countries

A weaker dollar typically benefits export-driven economies such as China, Germany, Japan, and Malaysia. It makes the goods they produce cheaper in dollar terms, boosting domestic companies' revenues and profits and lifting their stock prices. That effect is at least partly offset by Trump imposing tariffs on most goods entering the US.

Commodity-rich countries such as Saudi Arabia and Australia tend to gain too, as their respective oil and gold exports become more competitively priced. Other countries' stock markets stand to gain as well as more investors pile in, seeking better returns on their money.

A declining dollar could accelerate efforts by countries including Brazil, India, Russia, China, and South Africa to reduce dollar dominance in global trade — a trend known as de-dollarization.

Commodities

Oil, gold, and agricultural goods tend to benefit from a falling dollar as it makes them relatively cheaper.

Gold, a popular haven asset, has surged above $3,300 an ounce this year as investors flee from riskier assets such as US stocks and dollars.

However, crude prices have dropped since January due to concerns that an expanding trade war will trigger a global economic slowdown and reduce oil demand.

Soybean futures are up about 4% this year at $10.40 a bushel, as tighter supply and Chinese tariffs on US soybeans put upward pressure on prices.

• Melinda French Gates feared her family's vast wealth would result in entitled children.
• The billionaire philanthropist sent them to local schools, and they all took part in community work.
• Bill Gates' ex-wife used an allowance and chores to keep them grounded, she told a podcast.

Melinda French Gates knew her three children were at high risk of being detached from reality, so she says she took pains to keep them grounded.

With Microsoft cofounder Bill Gates as their father, Jennifer, Rory, and Phoebe Gates were surrounded by a "crazy amount of wealth" and lived in an "extraordinarily large house," French Gates told NPR's "Fresh Air" podcast this week.

The philanthropist is worth about $14 billion, according to the Bloomberg Billionaires Index. She said she reflected on her own childhood, and the tenets her middle-class parents instilled in her, to figure out how to stave off entitlement and elitism in her kids.

"I wanted them to have deep values. And I wanted them to know they were lucky," French Gates said in the interview, part of the publicity tour for her new book: "The Next Day: Transitions, Change, and Moving Forward."

French Gates, who divorced Gates in 2021 and stepped down as cochair of the Bill & Melinda Gates Foundation last year, said she enrolled her children in local schools instead of homeschooling them. She wanted her family to be part of the community, and believed it would benefit her children, she said.

Her kids did take some "knocks" as she moved them between numerous schools in search of the "right school for the right kid," she said.

French Gates, who launched The Giving Pledge with Gates and Warren Buffett, made sure to expose her kids to the outside world whether they were overseas or at home.

"We went out and saw what life was like for other kids," she said. "And even in the Seattle community, we would go out and work with the homeless, work in a community shelter, be on the lines where they're feeding people."

Those experiences opened their eyes to how lucky they were and made them think about their role in society, French Gates said. She added that her younger daughter, Phoebe, worked in Rwanda for several summers in middle and high school and lived with a local family there.

French Gates said that seeing the world gave her kids perspective about the harsh realities of life and the fact that Seattle was just a "tiny speck on the map."

"And so I tried to ground them in that, ground them with chores, ground them with an allowance," she said, adding that she made sure the hired help had good values too.

French Gates also discussed why she values community work on the "On With Kara Swisher" podcast this week. She said that helping the homeless, mentoring or helping kids with their homework, and serving food to the less fortunate teaches valuable lessons and makes people feel better for helping out.