Warren Buffett's Last Berkshire Hathaway Shareholder Meeting

Christopher D. Flis |
Categories
Investing

At this year’s Berkshire Hathaway Annual Meeting, Warren Buffett announced he'd be stepping down as CEO at the end of 2025. While the news sent ripples across the globe, to considerably less fanfare, I made my second pilgrimage to Omaha for what we now know was an historic event. 

Immersing Myself in the World of Berkshire 

Chris with a Squishmallow at the Berkshire Hathaway 2025 Annual Meeting

 Last time I attended the Annual Meeting, I flew into Kansas City and drive to Omaha – bad choice.  This year, I flew directly into Omaha, a seamless experience that set the tone for the rest of my trip. Unlike my previous visit, I made it a point to explore the Berkshire landmarks scattered throughout the city. If you ever find yourself in Omaha, I highly recommend doing the same; the city is easy to navigate, and the sights were surprisingly uncrowded. 

My self-guided tour included: 

  • See's Candies: Acquired in 1972, any student of Berkshire knows the impact this iconic brand has had on Berkshire. It's fascinating to hear the massive sales figures quoted at the Annual Meeting. Being a Burger King Franchisee, it is sad to hear that one day’s sales of See’s Candy just at the Berkshire Annual Meeting exceeds a year of some standalone Burger King restaurant sales. Though as a Berkshire shareholder, the numbers are heartening. You can read an analysis of the See’s purchase here. 
  • Nebraska Furniture Mart: Prepare for an furniture experience unlike any other. This colossal store, acquired from the legendary Mrs. Rose Blumkin in 1983, is a destination in itself. You'll need comfortable shoes just to walk the showroom floor! The purchase of Nebraska Furniture Mart was mentioned in the 1983 Berkshire Shareholder Letter . 
  • Borsheims: This unique (and very large) jewelry store, acquired in 1989, offers a glimpse into another facet of Berkshire's holdings. While I'm not a frequent jewelry buyer, one of my few interests, watches, are there in abundance.  You can read about the purchase in the 1988 Berkshire Shareholder Letter. 

The Display Hall at the Annual Meeting is always a treat, showcasing the breadth of Berkshire's companies. This year, I explored a NetJets plane, a Forest River mobile home, saw the familiar Brooks running shoes and Justin Boots, and couldn't miss the ubiquitous Squishmallows or the Geico Gecko. Of course, See's Candy had one of the most popular displays – and the one with the longest lines! 

Witnessing History: The Annual Meeting 

This year, I opted for a slightly later arrival at the meeting, though I still had quite good seating on the second level. With plenty of refreshments provided, missing breakfast was a non-issue. And even though there was no movie this year - most likely a consequence of Mr. Buffett’s advanced age - the atmosphere was buzzing.   

The meeting began promptly at 8 AM with introductory remarks, which led straight into the eagerly anticipated Q&A session. While no single question stood out to me, the discussions touched on pressing issues of the day like tariffs and the national deficit. Mr. Buffett also shared reflections on his past investing triumphs, offering his uniquely invaluable insights. His classic wit was on full display, drawing laughs with quips like his suggestion for Charlie Munger to consider a sex change given women's longer lifespans. 

Of course, the most meaningful part of the event was Mr. Buffett announcing his decision to step down as CEO of Berkshire Hathaway at the end of 2025.  While unexpected, the sun eventually sets on all of us.  So, while I hoped the day would never come, this was it. I had noticed his absence from interviews, particularly with CNBC, where he was once a frequent guest. Yet, at 94, he commanded the stage for five hours with remarkable clarity and only a brief break. Minor "hiccups" were barely perceptible; he remained the unwavering center of attention for the tens of thousands in attendance. 

As the meeting concluded, I couldn't help but draw parallels to those who witnessed Lou Gehrig's farewell speech at Yankee Stadium in 1939. The profound impact Mr. Buffett has had on my life is a story for another blog post. For now, I consider myself incredibly fortunate to have been present for what will be remembered as Warren's final Annual Meeting as Berkshire's CEO. I had been on the fence about attending, but in hindsight, it was one of the best decisions I've ever made.