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Welcome back to the Collective. So, our Co-Founder Leon had the chance to be on-site at the 2025 Berkshire Hathaway Annual Shareholder Meeting in Omaha last week. We know we’re typically focused on startups here, but the lessons learned from the Meeting were too key to not share with our audience.

We aim for this to be the newsletter “for the founders and VCs who read in between the headlines,” so this felt like an opportunity to stay true to this thesis for those who may have missed the inside perspective on what happened in Omaha. The Oracle certainly gave lessons that have ripple effects throughout global commerce, and we’re glad to break it down for you all.

Let’s let Leon take it from here. Here we go!

Omaha, May 2025, As a lifelong Berkshire Hathaway devotee, I found myself amid the buzzing crowd at the 2025 Annual Shareholders Meeting, not just as an investor but as an eyewitness to history. This was Warren Buffett’s 60th annual Q&A session, and it would turn out to be the most poignant one yet. From the moment Buffett and his vice chairs, Greg Abel and Ajit Jain, took the stage, the atmosphere crackled with anticipation. Little did we know we were about to witness Buffett’s formal succession announcement, marking the end of an era. But that wasn’t the only highlight. Over a marathon 4.5-hour Q&A, Buffett and his team offered candid insights on everything from trade wars and inflation to AI and insurance. By day’s end, I walked away with a notebook full of wisdom and 10 core takeaways that I’m excited to share.

In this article, I recount the experience from inside the arena and distill the key insights Buffett imparted. These include his plans for leadership succession, perspectives on macroeconomic challenges like tariffs and deficits, the rationale behind Berkshire’s record cash hoard, and candid views on emerging issues such as AI’s impact, healthcare costs, and climate risks. Sprinkled throughout are direct quotes from Buffett and his colleagues, along with context from respected sources like Reuters and CNBC to underscore each point. Whether you’re a student of investing or simply curious how a 94-year-old legend sees the world, I hope these firsthand observations convey the wisdom and atmosphere of that remarkable day in Omaha.