Why Warren Buffett matters beyond Wall Street

Warren Buffett has built Berkshire Hathaway into 1 of the world's largest companies. At its yearly shareholder gathering successful Omaha, Neb., companies owned by Berkshire, including Marmon, usage Buffett's representation to advertise their products to his shareholders. Maria Aspan/NPR hide caption

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Maria Aspan/NPR

OMAHA, Neb. — Raven Connelly flew from London. Katherine Schaaf took Amtrak from San Francisco. And Bill and Carol Thatcher drove respective hours from Fort Dodge, Iowa — colonisation 26,000.

They were conscionable a fewer of the tens of thousands of radical who descended connected Omaha past play to wage tribute to the billionaire capitalist Warren Buffett — and, it turned out, to witnesser his status announcement connected Saturday.

"One of the large pleasures successful this concern is having radical spot you," Buffett told his rapt assemblage during a lengthy Q&A, hours earlier announcing his retirement: "Why [else] enactment astatine 90, erstwhile you've got much wealth than anybody could count?"

At property 94, the "Oracle of Omaha" has earned that spot — on with returns for his shareholders. He's 1 of the giants of American capitalism, successful portion for making common-sense "value" investing accessible to radical extracurricular Wall Street.

Buffett bought Berkshire Hathaway successful 1965, erstwhile it was a struggling textile mill. Sixty years later, helium has turned it into 1 of the world's largest companies, operating businesses ranging from security and railroads to Dairy Queen and Duracell batteries. Its occurrence has made Buffett, present worthy some $162 billion according to Bloomberg, 1 of the wealthiest radical successful the world.

He besides seems to beryllium 1 of the astir well-liked — astatine slightest according to his loyal shareholders. They travel from each implicit the satellite to be the yearly Berkshire Hathaway enactment nicknamed Woodstock for Capitalists.

Buffett's Q&A session, wherever helium answers shareholder questions for hours, is the centerpiece.

"It's spiritual and morally uplifting," said Rosalyn Trumm of Omaha, who has been attending the yearly gathering since 1995. "I deliberation it's singular to perceive Warren speech astir what concern and nine and values should be."

That benignant of devotion is simply a singular accomplishment today, particularly considering the wide nationalist distrust of galore different billionaires. For example, Tesla CEO Elon Musk is wielding unprecedented governmental power successful the United States arsenic a adjacent advisor to President Trump — and becoming widely unpopular for it.

Buffett "is a capitalist, but he's besides a liable national and a decent quality being," says expert Cathy Seifert, who covers Berkshire for CFRA Research.

"When the wide nationalist bashes billionaires," she adds, "I don't deliberation they're bashing Buffett."

Buffett is famously humble. He's besides precise media savvy

Buffett's determination to discontinue arsenic CEO was some astonishing and not. He has spent years preparing Berkshire for beingness aft him, and successful 2021 helium publically designated Vice Chairman Greg Abel arsenic his eventual successor. In 2023, Buffett besides mislaid his longtime concern spouse and adjacent friend, Charlie Munger, who died astatine property 99.

Yet his quality inactive stunned the assemblage connected Saturday. Perhaps it was meant to: Buffett had astatine that constituent answered shareholder questions for astir 5 hours, portion flanked onstage by Abel and his beloved cans of Coca-Cola.

Buffett had started the time by promising shareholders that his 60th yearly Berkshire Hathaway gathering would beryllium "the biggest, and I deliberation it'll beryllium the champion yet."

And then, with nether 5 minutes near successful his promised speaking time, helium revealed his quality with a flourish. "The clip has arrived wherever Greg should go the main enforcement serviceman of the institution astatine twelvemonth end," helium declared — aboriginal adding that the quality was besides a astonishment to Abel himself.

The transportation was axenic Buffett: some media savvy and relatably human.

The billionaire is celebrated for his humility, arsenic oxymoronic arsenic that sounds. He has lived successful the aforesaid five-bedroom location since 1958, and helium claims to subsist connected Coke, See's Candies and McDonald's drive-through.

Buffett has besides spent decades giving away his luck and publically encouraging different billionaires to bash the same, including done the Giving Pledge, which he started with Bill Gates and Melinda French Gates.

Just this week, Bill Gates said that helium wants to "give distant virtually each my wealth" successful the adjacent 20 years. He besides called Buffett "one of my biggest influences … who remains the eventual exemplary of generosity."

But Buffett has besides been precise deliberate astir selling himself arsenic a folksy, humble Midwesterner. During this gigantic three-day party helium throws successful his ain grant each year, his hours of televised commentary are the main event. He has a close relationship with business-news transmission CNBC, which acceptable up an full pavilion successful this year's grounds hallway to screen the weekend. And helium draws some shareholders and journalists from astir the world, to bent connected his each word.

So Buffett has been highly shrewd astir some wielding his billionaire bully pulpit and crafting his nationalist image. And he's not afloat relinquishing either, contempt his planned status arsenic CEO: This week, the institution said that Buffett would stay chairman.

When asked wherefore they traveled to Omaha past weekend, respective Berkshire shareholders brought up the opposition betwixt Buffett and the existent procreation of high-profile billionaires.

"Even with the wealth that helium has, helium knows however to springiness backmost to the world. And you don't spot that with radical similar Elon Musk oregon Jeff Bezos," said Jeff Pollak, a Berkshire shareholder who traveled from Orange County, Calif., for the weekend.

Around the country from the arena hosting the festival, a local shop was selling T-shirts, java mugs and records. Most of the slogans embossed connected its products were decidedly progressive, including critiques of Trump and Musk. Yet 1 T-shirt connected salient show crowed that "the nicest billionaire lives successful Omaha."

A motion adjacent to the shirts made the transportation to different famously bully billionaire who besides works hard to power her ain image: "Warren Buffett: The Taylor Swift of the banal market," it declared.

Nebraska Public Media's Arthur Jones contributed reporting.