Berkshire Hathaway 2025 AGM, Part 1: Tariffs, Tech, and the Quiet Transfer of Power

What Buffett, Abel, and Jain revealed about global risk, hype cycles, and the future of Berkshire’s empire.

Every spring, tens of thousands of investors make the pilgrimage to Omaha—not for steak, but for answers.

The 2025 Berkshire Hathaway Annual Meeting was no exception.
Warren Buffett took the stage at age 94, sharp as ever, flanked by Greg Abel and Ajit Jain. For six hours, they fielded questions about everything from interest rates to AI to geopolitics, dropping wisdom, warnings, and a few curveballs along the way.

This article is Part 1 of a 3-part series where we break down Buffett’s biggest ideas from the meeting, topic by topic, quote by quote, with no sugarcoating.

Let’s start with the one thing shaking global markets (again):
Tariffs.

1. Trade, Tariffs, and the Trouble with 'Winning'

Let’s talk about the real elephant in the room.

Trade wars.

Tariffs.

And the question investors were asking even before Buffett stepped up to the mic in 2025: Are tariffs a double-edged sword for Berkshire?

Short answer? Yes.

But as always, Buffett’s answer comes wrapped in nuance, history, and that deadly combination of Midwestern charm and brutal logic.

Let’s rewind.

Becky Quick brought up Buffett’s old “import certificate” idea—a plan Charlie Munger once said was so convoluted it resembled a Rube Goldberg machine. Buffett didn’t deny it. He called it “gimmicky,” but clarified the point: “to balance imports against exports. And so that the trade deficit would not grow in an enormous way.”

This wasn’t about nationalism. It was about math.

“You can make some very good arguments for the fact that balanced trade is good for the world. And the more balanced trade there is, the better.”

And then he dropped this truth bomb, right in the middle of a world obsessed with economic bullying:

“The main thing to do is not — trade should not be a weapon.”

Tariffs, though? That’s a different story. That is a weapon.

“There’s no question that trade can be an active war, and I think it’s led to bad things.”

He’s said it before, too.

Back in March, in an interview with CBS News, Buffett put it bluntly: “Over time, they are a tax on goods. I mean, the tooth fairy doesn’t pay ’em!”

And then came the kicker.

“You always have to ask that question in economics. You always say, ‘And then what?’”

Because that’s where things get messy.

Tariffs don’t just hit “them.” They hit us. They flow through supply chains, spike costs, kill demand, and muddy the water for everyone—especially a massive conglomerate like Berkshire Hathaway.

Berkshire even said it flat-out in its 2025 earnings report: Trump’s tariffs and “other geopolitical risks created an uncertain environment for the conglomerate.”

“The pace of changes in these events, including international trade policies and tariffs, has accelerated in 2025. Considerable uncertainty remains as to the ultimate outcome of these events.”

Translated: We have no idea how bad it could get—but it’s already screwing with the forecast.

The report continues: “We are currently unable to reliably predict the potential impact on our businesses, whether through changes in product costs, supply chain costs and efficiency, and customer demand for our products and services.”

That uncertainty hits different parts of the empire in different ways.

Furniture retailers inside Berkshire? Tariffs raise costs, squeeze margins.

GEICO? Auto parts go up in price before premiums adjust.

BNSF Railway? Container volumes drop as consumer demand gets slapped around.

That’s the ugly side of this.

“Tariffs, trade wars, recessions, depressions, financial panics, pandemics—these are net good for Berkshire,” said Christopher Bloomstran of Semper Augustus. “You want a little bit of excitement.”

Because Berkshire’s sitting on a war chest. Over $330 billion in cash. And chaos creates discounts.

Buffett doesn’t want global instability. But when it shows up? He’s ready to pounce.

Still, that doesn’t mean he celebrates conflict.

Because long-term, the best outcome isn’t winning a trade war—it’s avoiding one.

“We should be looking to trade with the rest of the world,” Buffett said. “And we should do what we do best, and they should do what they do best.”

He even warned against crowing too loudly about America’s success:

“It’s a big mistake in my view when you have 7.5 billion people that don’t like you very well and you got 300 million that are crowing in some way about how well they’ve done. And I don’t think it’s right, and I don’t think it’s wise.”

Because this isn’t just about economics.

It’s about diplomacy. Stability. Safety.

Especially in a world where “there are nuclear weapons and people that aren’t terribly stable that control some of them.”

Buffett’s take?

“I do think that the more prosperous the rest of the world becomes, it won’t be at our expense… the more prosperous it will become and within the safer it will feel and your children will feel someday.”

That’s the real investor takeaway.

Tariffs can create chaos. And chaos can create opportunity. But make no mistake: it’s still a cost.

Buffett’s not asking for trade wars.

He’s preparing for them.

And that’s the difference between panicking over volatility… and getting rich off it.

2. The Future of Berkshire: Abel at the Helm

Everyone wants to know: What happens after Buffett?

Wrong question.

Because the guy after Buffett isn’t coming. He’s already here.

His name is Greg Abel. And if you’ve been paying attention, the torch isn’t being passed—it’s already burning in his hands.

At the recent annual Berkshire Hathaway meeting, it wasn’t just a nostalgia fest. It was a clear signal about what comes next. And what’s coming has a Canadian accent.

Warren Buffett didn’t just casually mention successors. He brought them out and framed the future. Alongside Ajit Jain, “born in India,” Buffett introduced Greg Abel, “born and bred in Canada.” A global trio, handpicked by the Oracle himself.

But the real shocker wasn’t the introductions. It was the quote.

When asked how Greg’s management style compares to Buffett’s own famously hands-off approach, Buffett gave a one-word answer: “Better.”

That wasn’t a slip.

That was a billionaire with nothing left to prove, telling the world that the guy running the non-insurance empire is already doing a better job than he ever did.

Then he doubled down:

“It’s working way better with the Greg than with me because I just — I don’t want to work as hard as he works and I could get away with it… But the fact that you can do pretty well doesn’t mean you couldn’t do better and Greg can do better at many things.”

This isn’t about Buffett winding down.

It’s about Buffett building up the guy who’s been doing the heavy lifting for years.

Since 2018, Abel’s been in the trenches with every single non-insurance business under the Berkshire umbrella. And when he talks about that responsibility, it’s not corporate PR. It’s real, boots-on-the-ground leadership.

“I absolutely had to engage with each of them,” Abel said, referring to the leaders of Berkshire’s many companies, “and they’ve been great in sharing their business models, their approach, their thoughts around where the risks and opportunities are.”

That’s not someone who shows up for meetings.

That’s someone who knows the business. All of them.

Still, Abel gets it. The Berkshire way is autonomy. And that’s not changing under him.

“They have great businesses and they run them very autonomously. And that remains in place.”

But don’t mistake that for passivity.

Abel’s style is curiosity-led. Deep dives. Real discussions. Shared insights. He explained,

“Warren talks about the curiosity being important as you go through things, that would be my style to have questions and comments around their business, their frameworks. But if there’s opportunities to see where maybe seeing something in another business, or an opportunity I may see in their industry, we’re going to discuss it, and see if that’s something we should pursue or are we properly addressing the risk.”

He’s the connector. The integrator. The guy who makes sure GEICO’s tech lessons don’t stay siloed.

“If it’s GEICO and they’ve gone through a technology transformation, they’re not by themselves that need to be thinking that way. We want to make sure the right folks are talking and figuring out how we can benefit from the prior experiences.”

And his approach? “More active, but hopefully, in a very positive way.”

Buffett’s trust isn’t about friendship. It’s about character.

He said it himself: “People really do welcome direction and help. And particularly when they’re getting it from somebody like Greg that really lives the life himself and doesn’t just come down from high and say, here’s what you do well, I do something else.”

This matters more than it seems.

Because leadership isn’t just about decisions—it’s about behavior. And Buffett’s warning is one every investor should take to heart: “It is really contagious and it is hard to rebuild. So you really need someone that behaves well on top and is not playing games for their own benefit.”

Greg Abel behaves well on top.

He leads by example.

And he’s already managing not just operations—but relationships. Like the ones with the Japanese trading firms Berkshire has invested in.

Buffett didn’t hedge on those stakes. He was crystal clear: “I would say that I’ll speak for Greg beyond me that in the next 50 years, and I hope he’s running things then, we won’t give a thought to selling those.”

Why?

Because Abel is the one building those relationships. Face-to-face. Deal-to-deal. As he put it: “We are really — as Warren touched on, we envision holding the investment for 50 years or forever. But I think we also are building relationships to do incremental things with each of those companies. And we really do hope to do big things with them globally… that’s why we’re building that long-term relationship with them.”

Buffett’s not hoping the future is solid.

He’s already made sure it is.

Greg Abel isn’t a maybe.

He’s the man running the show—today.

And if you’re still asking who comes after Buffett, you’ve already missed the point.

3. AI, Technology, and the Investment Mindset

AI is the new religion.

Everyone’s worshipping it. NVIDIA’s stock looks like it caught a rocket. CEOs can’t stop name-dropping “artificial intelligence” like it’s magic dust that turns every company into the next trillion-dollar unicorn.

But Berkshire?

They’re not drinking the Kool-AI.

Buffett, Abel, Jain—they’re not anti-tech. They’re anti-BS.

They don’t chase hype cycles. They chase cash flows.

That’s why Apple is in the portfolio—and not some lab-coat startup promising to reinvent the universe with a chatbot.

Buffett said it himself:

“I’m somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I’ve ever made Berkshire Hathaway.”

And he didn’t forget Jobs either.

“Nobody but Steve could have created Apple. Nobody could — but Tim could have developed it like it has.”

Translation? They weren’t betting on gadgets. They were betting on leadership, ecosystem, and long-term moats.

The Apple bet wasn’t about predicting the future. It was about understanding what already worked—deeply, clearly, with conviction.

That’s how Berkshire thinks.

And that’s why when people asked about AI's potential in insurance—Berkshire’s crown jewel—Ajit Jain didn’t flinch. He acknowledged the obvious:

He called AI a “real game changer” in how insurance could assess, price, sell risk, and process claims.

But that doesn’t mean he’s going to throw cash at the first shiny AI tool some consultant brings in a deck.

Because Berkshire doesn’t fall for hype.

Jain said it straight:

“I certainly also feel that people end up spending enormous amounts of money trying to chase the next new fashionable thing.”

He’s not wrong. Just walk into any corporate boardroom today. Half the whiteboards say “AI” and none of the CFOs know what it actually does to their bottom line.

But Berkshire’s style?

Play the long game. Stay patient. Wait for the real signal.

Jain explained: “We are not very good in terms of being the fastest or the first mover. Our approach is more to wait and see until the opportunity crystallizes, and we have a better point of view in terms of risk of failure, upside, downside.”

That’s the game.

They don’t want to be first.

They want to be right.

And when that time comes, Jain made it clear—they won’t hesitate:

“Right now, the individual insurance operations do dabble in AI and try and figure out what is the best way to exploit it, but we have not yet made a conscious big-time effort in terms of pouring a lot of money into this opportunity. My guess is we will be in a state of readiness and should that opportunity pop up, we’ll be in a state where we’ll jump in promptly.”

In other words: no panic. No paralysis. Just disciplined readiness.

This mindset runs through the entire empire.

Buffett once said, “I would look around to do what really fascinates you. I wouldn’t try and be somebody else.”

That’s why they don’t try to be tech VCs. They don’t pretend to be futurists. They don’t throw billions at buzzwords.

If they don’t understand it, they don’t buy it.

Period.

They’d rather miss a 10-bagger than get smoked by a story stock they didn’t fully get.

That discipline is what makes them dangerous in the best way. It’s what built Berkshire.

And Greg Abel? He’s the same.

He’s not waving an AI flag either—but he’s making sure the tech that works gets shared across Berkshire’s subsidiaries.

“If it’s GEICO and they’ve gone through a technology transformation,” he said, “they’re not by themselves that need to be thinking that way. We want to make sure the right folks are talking and figuring out how we can benefit from the prior experiences.”

That’s how Berkshire actually uses tech.

To optimize. To improve. To build better businesses.

Not to chase fairy dust.

So where does that leave investors in 2025, drowning in headlines about generative AI, digital twins, and whatever next week’s acronym is?

Back to the basics.

Understand the business.

Stick to what you know.

Buy with a margin of safety.

Avoid what you don’t understand—even if it’s trending on X and CNBC and your group chat.

Berkshire isn’t ignoring technology. They’re just refusing to worship it blindly.

And maybe that’s the boldest strategy of all.

Coming Up Next: The Warnings, the Wisdom, and What Really Matters

We’ve Only Scratched the Surface

Tariffs, tech, and succession were just the opening act.

In the next two parts, we’ll dive into Buffett’s most urgent warnings—on fiscal insanity and currency risk. Then we’ll zoom out to legacy, life lessons, and the timeless values that still anchor Berkshire—even in a world gone mad.

Because this meeting wasn’t just about business.
It was a masterclass in how to think clearly when the world loses its mind.

Stay tuned.
The best is yet to come.