At his 60th annual appearance before Berkshire Hathaway shareholders, 94-year-old Warren Buffett offered key insights on the future of the company and the broader US economy, drawing tens of thousands to Omaha.
Buffett on DOGE and US fiscal deficits
Asked about President Trump’s government efficiency initiative, commonly referred to as “DOGE,” Buffett avoided specifics but voiced deep concern over the nation’s fiscal path. “We are operating at a fiscal deficit now that is unsustainable over a very long period of time,” he said.
While acknowledging the need for reduced government spending, he added, “It’s a job I don’t want, but it’s a job I think should be done,” criticising Congress for its inaction.
Buffett warned of the unchecked spread of bureaucracy, calling it “dangerously contagious” and a threat to the future of US currency. He noted that the country is running a 7% fiscal gap—well above the sustainable 3%—and praised former Fed Chair Paul Volcker for previously averting similar crises.
Sidesteps Musk, reaffirms faith in US economy
When asked about Elon Musk’s cost-cutting and efficiency efforts, Buffett declined to comment. “Well, I better not get into all that,” he said with a laugh during a CBS interview.
Despite his warnings on inflation and debt, Buffett reiterated his confidence in American businesses. “A majority of any money I manage will always be in the United States,” he said. “It’s the best place. I was lucky to be born here.”
Greg Abel named next CEO
Buffett formally announced that Greg Abel will take over as CEO of Berkshire Hathaway by year-end. “The time has arrived where Greg should become the chief executive officer,” Buffett said. He added that he would recommend Abel’s appointment to the board, giving directors time to reflect and ask questions. Abel, who currently oversees Berkshire’s non-insurance operations, has long been seen as Buffett’s chosen successor.