6 big things investors learned from Warren Buffett at this year’s Berkshire shareholder meeting

OMAHA, Neb. — Berkshire Hathaway CEO Warren Buffett shocked shareholders during the conglomerate’s annual gathering on Saturday by announcing his intention to step down. For hours before that, the billionaire touched on a wide range of topics across the business and political spheres.

Here’s some of the biggest takeaways from Buffett’s 4.5-hour question-and-answer session:

Buffett’s announcement to leave the chief executive role will come to define the meeting. Buffett proposed to be succeeded by Greg Abel, vice chairman of non-insurance operations, who took questions alongside the Oracle of Omaha.

Buffett plans to formally announce his plans to the board on Sunday. From there, he said the board can decide on the best path ahead and make necessary arrangements. Buffett’s intention is to step down by year-end.

The “Oracle of Omaha” said he previously informed his two children who are also on the board, Howie and Susie. He added that other board members were unaware the announcement was coming.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said.

Buffett said he would “hang around” to help the company and would not sell any shares.

Buffett reiterated concerns about tariffs and offered his most direct comments yet on the topic. His latest statements come amid growing concern that President Donald Trump’s plans for steep levies could tip the economy into a recession.

“Trade should not be a weapon,” Buffett said. “I do think that the more prosperous the rest of the world becomes, it won’t be at our expense, the more prosperous we’ll become, and the safer we’ll feel, and your children will feel someday.”

He added that trade and tariffs “can be an act of war.” Buffett also said the U.S. should be looking to trade with other countries and let them “do what they do best.”

Buffett did not mention Trump by name in discussion of the impact of these trade plans.

Buffett wasn’t deterred by recent market volatility in the wake of the announcement of those tariffs, he said, despite raising concern over the potential economic impact of U.S. tariffs.

“What has happened in the last 30, 45 days … is really nothing,” he said.

Buffett said he would not characterize the market’s recent turbulence as “huge” moves. The S&P 500 on Friday notched its longest winning streak in two decades after a slide that sent it into bear market territory, which refers to a drop of nearly 20% from a recent high, on an intraday basis.

Notably, the Berkshire chief said he would see the conglomerate’s shares tumbling 50% as a “fantastic opportunity.”

“It wouldn’t bother me in the least,” he said.

While Trump’s tariffs have called into question the U.S.’ leadership on the global economic stage, Buffett still expects the country to lead the way.

“We’ve gone through great recessions, we’ve gone through world wars, we’ve gone through the development of an atomic bomb that we never dreamt of at the time I was born, so I would not get discouraged about the fact that it doesn’t look like we’ve solved every problem that’s come along,” Buffett said. “If I were being born today, I would just keep negotiating in the womb until they said you can be in the United States.”

Buffett, whose father was a U.S. congressman, called the day he was born in the U.S. “the luckiest day in my life.”

When asked about Trump’s government efficiency initiative commonly referred to as “DOGE,” Buffett said he found the country’s growing deficit concerning.

“We are operating at a fiscal deficit now that is unsustainable over a very long period of time. We don’t know whether that means two years or 20 years, because there’s never been a country like the United States, but this is something that can’t go on forever,” Buffett said.

Buffett did not discuss DOGE specifically but did say he sees value in reducing government spending to sustainable levels.

“It’s a job I don’t want, but it’s a job I think should be done,” he said. “Congress does not seem to be doing it.”

Buffett disclosed that he almost — but ultimately didn’t — put $10 billion of the company’s record cash stockpile to work.

“We came pretty close to spending $10 billion, not that long ago, for example, but we’d spend $100 billion,” he said. “I mean, those decisions are not tough to make when something is offered that makes sense to us and that we understand and offers good value.”

His comments come as investors wonder what Berkshire’s next play will be. The company was sitting on more than $330 billion in cash through the end of the first quarter.

Click here for all the highlights compiled by CNBC’s reporters in Omaha and Englewood Cliffs, NJ.