In an arena in Omaha, Nebraska, thousands of shareholders attended Berkshire Hathaway’s annual meeting and waved applause to Warren Buffett amid applause after prominent investors announced he would retire at the end of the year. After Buffett, 94, received a standing applause, joked: “The enthusiasm shown by this reaction can be explained.”
The contributions of Buffett's peers and business leaders have been aroused in the hours and days after he announced the news. Apple's Tim Cook describes his relationship with Buffett as a “great privilege”, while Bill Gates, a long-time friend of Berkshire's head, calls him the most successful investor in history.
Buffett's retirement will mark the end of a very, very profitable era for Berkshire, who led 60 years and grew into a $1.2 trillion conglomerate. His successor Greg Abel will take over by the end of this year, while Buffett will continue to serve as chairman. Nevertheless, as leaders in technology and finance have emphasized, Buffett's legacy as “Omaha's Oracle” has not disappeared.
Here are some of the world's most prominent business figures on Buffett's announcement:
Bill Gates
Bill Gates and Buffett have a long friendship that dates back to the 1990s. “Warren is one of the greatest CEOs of all time, and he is the most successful investor of all time,” Gates said in a statement.
Both Gates and Buffett are well-known philanthropists, and over the years, Buffett has provided billions of dollars to Bill and Melinda Gates Foundation. They also helped build a donation commitment, a campaign that encourages super-wealthy people to donate most of their net worth to charities. “When he decided to return his wealth to society, he also took philanthropists as an example,” said Buffett's Gates. “His legacy will inspire generations.”
Tim Cook
One of Berkshire's largest shares is Apple. Buffett praised its CEO Tim Cook at a recent shareholder meeting at Berkshire, claiming that Apple's chief “makes Berkshire far more money than I once had Berkshire Hathaway.”
After Buffett announced his retirement plan, Cook returned the favor. “Never been a person like Warren, countless people, including myself, have been inspired by his wisdom. Knowing him is one of the greatest privileges of my life,” Apple CEO said in a May 3 post on X.
Mark Cuba
Billionaire investor Mark Cuban called Buffett a “Legend and my investment hero” in an email statement to observers. Over the years, the duo were often spotted eating ice cream and chicken sandwiches at Dairy Queen, a fast food chain owned by Berkshire. Cuba added: “It's incredible that we go to the Queen of Cows to discuss everything except stocks.”
Jamie Dimon
JPMorgan Chase CEO Jamie Dimon has previously cited Buffett as inspiration for investment and policy advice. “Warren Buffett represents all the benefits of American capitalism and America itself – investing in our country and its business with integrity, optimism and common sense,” Dimon said in a statement. “I learned a lot from him until this day and I am honored to call him a friend.”
Brian Moynihan
Bank of America CEO Brian Moynihan said that not only Buffett's investment expertise should be praised, but his huge charitable donations and sage's advice should be included. “In addition to his business success, his unprecedented charitable donations remain a role model,” Moynihan said in a statement.
The banking executive added: “His life has given young people and older people as valuable as his business acumen. I have learned a lot from him personally and look forward to continuing to benefit from his insights.”
Bill Akerman
Bill Ackman, the hedge fund manager behind Pershing Square Capital Management, is a Buffett fan who is currently trying to replicate the success of investors through a real estate company called Howard Hughes Holding.
“Buffett is considerate with everything in his life, especially Berkshire, especially Berkshire,” Ackerman said in an interview today (May 5). He added that investors have the ability to build unique, culturally driven conglomerates to make him lead more than his leadership. “I think you have a principle-based company that will keep moving forward,” he said.
Howard Marks
Howard Marks, co-founder of Oaktree Capital Management, said measuring Warren Buffett was “impossible.” “He is the most influential investor ever, Isaac Newton investing in,” Max said in a statement.
Max points out that while Buffett is modest about his achievements, his success is unparalleled. “He said when he started in the early 1950s, he was able to buy dollars for 50 cents, and it sounded easy,” Max said. “But the problem is that even if the opportunity was there, no one else did it. There were no multiple Warren Buffett people.”
