Every spring, crowds pour into Omaha, each buzzing with the hope of soaking up Berkshire Hathaway wisdom firsthand. The 2025 meeting was no ordinary gathering, though. A new leader took the stage, but the core Buffett-Munger principles still shaped every moment and answer.

Enthusiasm filled the air as Warren Buffett, with Greg Abel by his side, brought together long-time fans and first-time attendees. This year's meeting showed that while faces may change, the teachings and values built by Buffett and Munger lead on. From patience in investing to courage in decision-making, their approach continues to inspire everyone who listens.

Inside, stories, sharp insights, and timeless advice flowed freely. You’ll discover how the Buffett-Munger playbook mixes numbers, people skills, and plain old common sense into a guide for investing—and for living with character. Whether you follow the stock market daily or just want to make smarter choices, these time-tested lessons still light the way.

Berkshire 2025: A Milestone Meeting

The 2025 Berkshire Hathaway shareholder meeting will be remembered as a rare turning point. This was the year when Greg Abel officially took on the CEO role, a transition long in the making but still almost surreal to see unfold. While Warren Buffett offered reassuring words and undeniable presence, the weight of his passing the torch was deeply felt across the crowded arena. Even with a new voice at the podium, attendees saw firsthand that the core values laid out by Buffett and Munger do not fade—they adapt and continue.

Photo by Luis Quintero

The Historic Buffett-to-Abel Transition

This year saw history unfold as Warren Buffett prepared to step back, solidifying Greg Abel as his successor and underscoring the discipline that has always defined Berkshire’s succession plan. Months before the annual meeting, it was revealed that the board chose Abel after years of careful grooming and Buffett’s full support. As the news broke that Abel would take the reins before year-end, investors everywhere leaned in, reassured by Buffett’s promise that his chosen successor shared his values and temperament. Major financial outlets highlighted the moment’s significance, noting it as a carefully plotted and emotionally charged evolution for the company (Warren Buffett details timeline for Greg Abel's CEO transition).

Abel’s elevation became more than just a change in leadership. It marked a milestone for a company that stands for thoughtful stewardship and the wisdom of putting people first. Shareholders left the room with a deep sense of stability—even as the faces changed, the company’s guiding hand remained just as steady.

Core Principles That Withstand the Test of Time

The 2025 meeting carried an energy that went well beyond numbers and financial charts. Attendees came away talking about the core beliefs that echo from each stage of Berkshire’s long history:

• Patience Pays: Buffett and Munger’s trademark patience in investing ran through every answer and story.
• Simple, Honest Communication: No fancy jargon; clear, direct talk about businesses, risks, and mistakes.
• People Matter Most: Berkshire’s culture insists on trust, reputation, and ethical leadership.

These principles, previewed and reaffirmed throughout the meeting, helped attendees draw a direct through-line from the earliest days to the newest chapter. News coverage and meeting transcripts made clear that these lessons remain as powerful as ever, echoing through every piece of advice given (Transcript: Berkshire's 2025 annual shareholder meeting).

Key Themes That Defined the Gathering

This year’s meeting had several themes that seasoned regulars and newcomers alike won’t soon forget. Among the most prominent were:

1. The Meaning of Succession: Attendees watched succession at a rare scale—calm, planned, and carried out with humility.
2. Company Discipline: Buffett’s voice reminded everyone that class-leading decision-making requires saying “no” far more than “yes.”
3. Continued Focus on Cash and Prudence: Berkshire’s massive cash position took center stage as Abel outlined plans to maintain the company’s unmistakable discipline.
4. Resilience through Change: Even as global economies felt shaky, Berkshire’s playbook showed why staying true to tested ideas helps weather any storm.

Detailed analysis by market observers and outlets such as Forbes highlighted how these pillars continue to draw both respect and admiration.

An Emotional Moment for Investing’s Greatest Fans

Standing in the room, the experience was electric. Berkshire regulars and new faces joined in applause and, at times, quiet reflection. There was a sense that everyone was part of something rare—a team passing along secrets not just for investing but for living well, with patience and purpose. The applause and heartfelt thank-yous that closed the meeting made it clear: This milestone was not only about change, but about the promise that the standard will remain high as Buffett and Munger’s legacy moves forward.

The Heart of the Buffett-Munger Playbook

At the core of Berkshire Hathaway’s ongoing success are principles that sound simple but require discipline and, at times, real courage to live out. The 2025 shareholder meeting made clear that investing well isn’t about chasing fads or getting lost in complexity. Instead, it’s about knowing what you understand, waiting for solid opportunities, protecting what you own, and acting only when the time is right. These rules aren’t just theory—they shape every move Berkshire makes, from what it buys to how it thinks about risk and growth.

Know What You Own: Circle of Competence

Photo by Tima Miroshnichenko

Buffett and Munger’s approach always begins with their “circle of competence.” This means they only invest in companies they fully understand—how they make money, what makes them tick, and what risks matter most. At the 2025 meeting, this principle echoed over and over: Owning stocks is not about collecting trading cards, it’s about picking businesses you’d be proud to run.

In 2025, several questions from shareholders tried to tempt Buffett and Abel into commenting on hot trends in artificial intelligence and biotech startups. The answer was classic Buffett: unless a business falls inside their circle, Berkshire simply isn’t interested. Instead, they stay focused on companies with business models they grasp inside and out. This discipline has kept Berkshire out of trouble while other investors chase fads and ride the rollercoaster of hype.

If you only buy what you truly understand, you reduce your risk and ease your sleep at night. As Buffett put it during the meeting, “The best investments are simple and clear—not mysterious or complicated.” For more details on how these core principles guide decision-making year after year, check the transcript from Berkshire's 2025 meeting.

Seek Moats, Not Miracles

One timeless lesson from Buffett and Munger is the importance of “moats”—durable advantages that keep competitors away. Berkshire wants to own businesses that can defend their turf and keep profits rolling in. Moats might be a powerful brand, customer loyalty, economies of scale, or even regulatory benefits.

During the 2025 meeting, executives talked about how businesses like Apple, Coca-Cola, and American Express remain key holdings for a reason. For example, Apple’s ecosystem of devices, software, and loyal customers forms a moat few can cross. It’s not just about being popular today, but about being tough to disrupt for years.

A quick look at Berkshire’s top holdings as of May 2025 shows this principle in action: Apple, American Express, Coca-Cola, and Bank of America still make up the biggest slices of the portfolio (see the full Berkshire portfolio here). Each of these companies keeps competitors at bay with powerful brands and loyal user bases that have stood the test of time. Berkshire isn’t after moonshots or the next big miracle. It wants the odds in its favor and seeks moats that protect capital for the long haul.

Act With Patience and Boldness

Patience is baked into the Buffett-Munger philosophy. Sometimes the best thing you can do is nothing at all. Instead of piling into new deals or playing catch-up with market trends, Berkshire waits for “fat pitches”—those rare chances where the odds are clearly on their side.

2025 turned heads not just for Abel’s rise, but for the size of Berkshire’s cash pile: $348 billion, a record. Shareholders asked why not spend it faster, but Abel and Buffett stressed it again—there’s no rush, no need to swing at every pitch. They’d rather sit on the sidelines and hold cash than make a poor decision.

But when a real opportunity does come, they move fast and with conviction. Think of it as a lion waiting in the tall grass—not chasing every shadow, but pouncing when the moment is right. Berkshire’s legendary discipline with cash sets it apart from other firms that chase deals just to stay busy. This patience, matched with boldness when the numbers add up, has been a constant feature of their story.

If you want to see how these core values show up in Berkshire’s current holdings and recent strategy, you can check insightful analysis by Forbes’ review of Berkshire’s key 2025 meeting themes.

• Key Takeaways:
  • Only invest in what you understand and trust.
  • Strong businesses protect themselves with deep “moats.”
  • Patience and courage to act define long-term winners.
  • Avoid chasing trends outside your expertise or values.

Stick to these timeless Buffett-Munger rules, and you’ll find yourself thinking—and acting—a lot more like the legends themselves.

Making Decisions: Simple Rules Beat Complex Systems

Photo by Miguel Á. Padriñán

Buffett and Munger stand out for their clear-thinking approach to decision-making. Rather than getting tangled up in complex formulas or chasing every new idea, they rely on simple, trusted rules that reduce risk and keep emotions in check. At the 2025 meeting, they reminded the crowd that steady nerves, honest self-assessment, and straightforward thinking win out—no matter how loud or unpredictable the markets get.

Avoiding Overconfidence and Emotional Whiplash: Point out lessons on humility, temperament, and learning from mistakes. Note their warnings about the dangers of ‘IQ dominance’ and tying happiness to comparisons.

Buffett and Munger know that it’s easy for pride to cloud judgment. You might think having the highest IQ is all that matters, but they argue that emotional stability and humility are the real advantage in both investing and life. At this year’s meeting, they drove home how the urge to act clever often leads to mistakes that simple, honest systems could have prevented.

Here are a few lasting lessons from their playbook:

• Admit Mistakes Fast: Both men stress the importance of catching errors quickly. Waiting to fix a failure is far worse than facing it head-on. As Warren put it, “The cardinal sin is delaying the correction of mistakes or what Charlie Munger called ‘thumb-sucking’.” (Charlie Munger taught Buffett to quickly admit mistakes)
• Temperament Beats Intelligence: Charlie Munger is quick to remind that most investing mistakes are not about brainpower, but about letting emotions rule. Calm, even-handed thinkers are the ones who stick around.
• Happiness ≠ Comparison: Buffett calls out the danger of tying happiness to how much you have compared to others. He warns against chasing status or letting envy dictate choices. Focus on your own progress and values.

Their attitude can be summed up in simple terms: check your ego, keep your emotional swings in line, and be ready to learn. These qualities, not fancy algorithms, are what set Berkshire apart. For more, see these investment and life lessons from Buffett and Munger or read a dozen things Charlie Munger teaches about mistakes (see details).

The Insurance Edge: Discipline and Float

Buffett loves to say that “simple but not easy” is the secret to Berkshire’s insurance success. Year after year, the company’s approach to insurance—managed with discipline and patience—delivers steady profits and a unique source of funding called “float.”

What is “float?” It’s the money Berkshire collects in insurance premiums today but might not pay out for years. Most insurers treat float carelessly, risking big mistakes. Berkshire, on the other hand, uses float as a patient investor would. This discipline means holding cash until the right chance appears, rather than getting caught up in short-term thinking.

Key points from the 2025 meeting:

• Rule #1: Don’t Lose Money: When underwriting insurance, Berkshire only writes policies where the odds favor them clearly. If a deal looks too good to be true or the numbers don’t add up, they walk away.
• Float as an Advantage: By treating float with respect, Berkshire has billions at its disposal that it can invest safely until claims come due. This long-term, low-cost source of investment capital has powered the company’s growth for decades.
• Simple Rules in Risk: Instead of layering on complex risk models, Berkshire’s insurance leaders stick with plain, time-tested guidelines. They focus on what can go wrong and avoid deals that don’t make sense on first principles.

This careful, rule-based strategy helped Berkshire’s insurance units post strong results in the first quarter of 2025, even as rivals struggled (Forbes coverage of Berkshire’s insurance strategy). For an inside look at both the earnings and how the insurance playbook continues to evolve, check this deep dive on Berkshire's insurance division.

Buffett and Munger show that handling risk well doesn’t mean building the biggest, flashiest forecasting model—it means following wise, simple rules, tuned to human nature and tested over time.

Adapting Without Losing Your Way: New Frontiers for Old Principles

Progress never stands still, but the Berkshire Hathaway playbook stays remarkably steady. At the 2025 shareholder meeting, one thing came through loud and clear: adapting to change isn’t about abandoning what works. Instead, it means applying trusted principles to new and sometimes fast-moving opportunities—from the rise of AI to global investing. Let’s look at how Berkshire faces fresh challenges while holding firm to its core beliefs.

AI, Technology, and Staying Careful

Berkshire Hathaway’s approach to technology, especially artificial intelligence, is anything but impulsive. As AI surged in headlines and boardroom discussions, plenty of investors rushed to find “the next big thing.” Berkshire stood apart by moving methodically, not getting caught up in the gold rush.

Photo by iam hogir

Here’s how Berkshire looked at the AI boom in 2025:

• “Wait-and-See” Stance: Buffett and Abel made it clear—they’ll study new technology but won’t leap before they truly understand how it will drive value over time. Risk gets careful attention, not just buzz or trend lines. This wise patience marks a strong contrast to firms chasing the latest thing without a plan. (More on this approach in Berkshire Hathaway takes wait and see approach before committing to AI.)
• Focus on Real Value: Berkshire invests in technology when it fits their “moat” model—strong companies with advantages that stand the test of time. They’re not buying a tech trend, but leaders like Apple, which uses AI to deepen its ecosystem and customer loyalty. (Read about Berkshire's AI bets.)
• Risk Above Hype: The company is open about tech’s risks, especially with cyber insurance and data-driven tools. Buffett sees more danger in jumping too soon than in waiting, saying, “You do not want to rush into insuring against something you don’t understand.” (Berkshire will 'wait and see' on deploying AI.)

Key Takeaway: If a tech opportunity fits Berkshire’s circle of competence and creates lasting value, it earns a close look. If not, even the flashiest AI company won’t get a cent. This measured approach keeps Berkshire’s risk low and its returns focused on what matters most.

Global Investing: Lessons from Japan and Beyond

Berkshire’s big bets have always favored patience, deep research, and long-term relationships. Nowhere was this clearer than with Buffett’s headline-making investments in Japan’s top trading houses. This isn’t about chasing global headlines—it’s the classic Buffett-Munger method in action on a worldwide stage.

A few standout lessons from 2025 show how this method actually works:

• Patience in Currency and Policy: While traders worried about exchange rates and political headlines, Buffett showed patience. Rather than jumping in and out, Berkshire invested in Japan’s major trading firms, confident their business models and culture would deliver over the long run. The company isn’t reacting to headlines, but building on decades of knowledge.
• Respect for Local Culture: Buffett built close working ties with Japanese management, showing that good investing means more than numbers. He trusts experienced people who run businesses with integrity—a hallmark of how Berkshire works anywhere in the world.
• Trade Policy as a Factor, Not a Driver: While trade policy shifted, Buffett didn’t let noise sway his decisions. He said clearly: “If a business makes sense long-term, we aren’t going to be scared away by today’s tariff or tomorrow’s headline.”

For those interested in the moves Berkshire made around the globe in 2025, check out Forbes’ analysis of Berkshire Hathaway's First Quarter 2025 Portfolio Moves or get more detail with the Berkshire Hathaway Portfolio Tracker.

Key Takeaway: Berkshire’s global bets always start with the same playbook—understand the business, trust the people running it, and don’t let fear or hype drive your choices. Global investing, just like with AI, is about using timeless principles on new terrain.

By applying old-school wisdom to new-world opportunities, the Berkshire team shows how to win in changing times—without losing your way.

Beyond the Balance Sheet: Life Lessons That Compound

There’s more to the Buffett-Munger playbook than quarterly earnings and stock picks. At the 2025 Berkshire meeting, the highlight wasn’t just business—it was the broader wisdom Warren Buffett and Charlie Munger urged everyone to carry into everyday life. These lessons compound, just like investments, bringing steady growth to character, joy, and long-term success. Here’s what stood out for shareholders who wanted more than financial advice.

Integrity Above All

Buffett and Munger never missed a chance to preach the value of integrity. At this year’s Q&A, Warren was asked what matters most for young people starting their careers. He didn’t talk about business skills first; he focused on trust and honesty.

“If you have integrity, nothing else matters,” Buffett said. “If you don’t have integrity, nothing else matters.” Every deal at Berkshire works on a handshake—because character comes before contracts. Shareholders heard, once again, that reputation takes years to build and only seconds to lose.

• Do right even when nobody’s watching.
• Honor your promises—even the small ones.
• Build trust in every relationship, business or personal.

Integrity creates a ripple effect. One honest move inspires another, inside and outside the boardroom. For more about how this value permeates the Berkshire culture, check out these investment and life lessons from Buffett and Munger.

Health Is True Wealth

Charlie Munger used to say, “All the money in the world can’t fix poor health.” This year, Greg Abel echoed that theme, warning shareholders not to trade well-being for wealth.

Buffett, still sharp at 94, told a story from his youth: If he gave you a car—any car—but you could only have one for life, you’d treat it with care. “You only get one body and one mind,” he said. “Treat them well.”

Simple habits matter most:

• Get plenty of sleep and exercise.
• Respect what you eat.
• Care for your mental health.
• Avoid shortcuts and quick fixes.

Healthy habits, done daily, deliver results that compound far beyond financial investments. Abel closed this topic with a gentle reminder: your health is your first and best asset.

Learn Constantly—Stay Humble

Both Buffett and Munger credit ongoing learning for their success. Warren, books in hand, described himself as “a learning machine.” Charlie joked, “If you’re not getting better every year, you’re falling behind.” This humility sparks steady improvement.

Shareholders at the 2025 meeting heard encouragement to read widely, ask questions, and challenge assumptions. Buffett stressed, “The best investment you can make is in yourself.” He meant learning skills, yes, but also learning from mistakes and listening to new ideas. Absorbing, adapting, and applying—these behaviors create their own kind of interest, compounding over decades.

Want to explore this philosophy deeper? Check out these 7 timeless lessons from Warren Buffett and Charlie Munger.

Celebrate the Joy of Slow Progress

Berkshire’s results are never about overnight riches. Munger used to say, “The big money is not in the buying or selling, but in the waiting.” Shareholders heard that message loud and clear in 2025: greatness is a long race, not a sprint.

Slow, steady progress leads to compounding—not just for money, but for wisdom and relationships too. Buffer compared his journey to planting shade trees whose shelter he might never sit under. Small actions and tiny improvements, stacked year after year, create outsized results.

The team encouraged investors to stop chasing shortcuts. Instead:

• Take pride in finishing small tasks well.
• Reflect on growth every year, not every day.
• Stay patient—quick wins rarely last.

To see how these ideas played out in the most recent meeting, Morningstar shares some key takeaways from Berkshire Hathaway's annual gathering.

Wisdom That Works Everywhere

Buffett and Munger’s best advice isn't only useful in business or investing. It shapes how to live, learn, and treat others. The 2025 meeting showed that these simple habits—and the honest attitudes behind them—still matter most.

If you want to build a life that compounds, hold onto these lessons. They pay the best dividends, every time.

Conclusion

The Buffett-Munger Playbook stands strong no matter who wears the CEO title at Berkshire Hathaway. Year after year, their plain, proven principles outlast every headline and market shakeup. This meeting showed once again why patience, clarity, and integrity never go out of style.

Apply these lessons in your own life, whether you’re managing a portfolio or making everyday choices. Long-term thinking, simple rules, and honest reflection pay off, quietly but powerfully, over time.

Thanks for joining in to celebrate a legacy that keeps inspiring new leaders and smart decision-makers. If these ideas spark something in you, share your thoughts or your favorite Berkshire lessons below—let’s keep the conversation going and help these timeless habits spread.