Warren Buffett has given countless interviews over his seven‑decade career, but his latest two‑hour conversation with CNBC’s Becky Quick—released as part of the special Warren Buffett: A Life and Legacy—carries a different weight. It’s reflective, candid, and unmistakably shaped by the fact that Buffett has now stepped down as CEO of Berkshire Hathaway after more than 50 years at the helm.
The interview spans everything from Berkshire’s ballooning cash pile to the appointment of Greg Abel as his successor, from his early horse‑racing mistakes to why he no longer wades into political debates. It’s a rare look at how the 95‑year‑old investor views his legacy, his company’s future, and the principles that guided him through one of the most successful careers in business history.
For investors, the conversation offers a treasure trove of insights—some philosophical, some practical, and some surprisingly personal.
Berkshire’s Cash Mountain: A Blessing and a Burden
One of the most striking themes of the interview is Buffett’s frustration with Berkshire Hathaway’s enormous cash reserves. The company is now sitting on nearly $400 billion, a figure that would be the envy of any CEO—except Buffett.
"Cash is not a good asset," he said bluntly. It’s a line that echoes decades of his writing: cash is useful as a buffer, but it doesn’t produce anything. It doesn’t compound. It doesn’t create value.
Buffett described cash as "oxygen"—necessary for survival, but not something you want to hoard. Berkshire needs liquidity because it owns hundreds of subsidiaries and must be prepared for emergencies. But beyond that, he’d rather put the money to work.
"If the right deal came along, I’d spend $100 billion this afternoon," he said.
The problem? There simply aren’t many companies large enough—and attractively priced enough—to move the needle for a conglomerate approaching $1 trillion in market value.
Buffett noted that Berkshire has made only "one or two" meaningful purchases recently, including the nearly $10 billion acquisition of OxyChem, Occidental Petroleum’s chemical subsidiary. But compared to the size of Berkshire’s balance sheet, these deals barely register.
The lack of opportunities has had visible consequences:
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Berkshire has been a net seller of stocks for 12 straight quarters.
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The company has not repurchased its own shares for five consecutive quarters.
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Cash holdings more than doubled in 2024, surpassing $350 billion by Q3 2025.
For Buffett, this environment is deeply unsatisfying. He has always preferred productive assets—businesses that generate profits, pay dividends, and grow over time. Cash, in contrast, loses value as inflation rises.
But he’s also disciplined. He refuses to chase overpriced deals simply to deploy capital. As he put it: "I’d rather do nothing than do something dumb."
Succession: Why Greg Abel Was the Clear Choice
Buffett also spoke at length about Berkshire’s leadership transition—one of the most closely watched successions in corporate America.
Greg Abel, who has overseen Berkshire’s non‑insurance businesses for years, officially took over as CEO on January 1. Buffett described the board’s decision as swift and unanimous.
He recalled that during the meeting, board member Steve Burke cut through the discussion with a simple point: "There’s no need to spend months hesitating. This is the right decision."
Buffett agreed. He emphasized that Abel’s intelligence, temperament, and business judgment—not his academic pedigree—made him the ideal successor.
"Even if Abel had dropped out of high school," Buffett joked, "he’d still be just as smart as he is now."
Buffett also stressed that Berkshire’s culture and decentralized structure will outlast any individual leader. The company will evolve, he said, but its core direction will remain one of steady expansion.
"In the next 50 or 100 years, some Berkshire companies will disappear," he acknowledged. "But many more will grow and thrive."
Why Buffett No Longer Talks Politics
One of the most revealing parts of the interview came when Buffett explained why he has largely stopped commenting on political issues.
In the past, Buffett was outspoken—whether on taxes, trade, or fiscal policy. But in recent years, he has gone quiet.
The reason, he said, is simple: his words carry consequences for people who shouldn’t have to bear them.
Berkshire Hathaway employs hundreds of thousands of workers across dozens of industries. When Buffett speaks, the public often interprets his comments as representing the company’s views—not just his own.
He doesn’t want a customer‑service representative at GEICO or a sales associate at Nebraska Furniture Mart to face hostility because of something he said on television.
"As society becomes more polarized," Buffett said, "I don’t want my comments to create pressure for our employees."
So he stepped back—not because he lacks opinions, but because he believes leadership sometimes means staying silent.
A Lifetime of Lessons: From Horse Racing to Business Philosophy
Buffett’s reflections weren’t limited to Berkshire. He also shared stories from his youth, including his early obsession with horse‑racing bets.
"You might win one race," he said, "but you can’t win the whole season."
He recalled losing his entire $50 bankroll as a teenager—an experience that taught him the dangers of chasing losses and the importance of discipline. It’s a lesson that would later shape his investment philosophy.
Buffett reiterated that evaluating a business doesn’t require complex formulas or advanced degrees. "You don’t need Greek symbols," he said. "You just need to understand the essence of the business."
His core principles remain unchanged:
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Stay within your circle of competence
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Demand a margin of safety
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Think like a business owner, not a stock trader
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Avoid leverage and speculation
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Be patient—opportunities come in waves
He also spoke about personal growth, saying people should aim to be wiser in the second half of life than in the first. And he offered simple advice for parents: "Never say anything sarcastic to your children."
The Joy of Building Berkshire—and the Role of Luck
Buffett was unusually reflective about his career, saying that almost everything he hoped for has come true. He described running Berkshire as "the most fun I can imagine," and admitted that he and Charlie Munger sometimes enjoyed their failures as much as their successes.
He also acknowledged the role of luck—being born in the right country, at the right time, with the right opportunities.
"Berkshire can move forward with the development of the country," he said, "and with the flow of capital."
What Buffett’s Final Interview Means for Investors
Buffett’s interview offers several takeaways for investors watching Berkshire’s next chapter:
1. Don’t expect major acquisitions soon
The cash pile will keep growing unless valuations fall or a large company becomes available at a reasonable price.
2. Berkshire’s culture is intact
Greg Abel’s leadership is an extension of Buffett’s philosophy, not a departure from it.
3. Cash is a tool, not a strategy
Buffett holds cash reluctantly—and only because opportunities are scarce.
4. Political neutrality is now part of Berkshire’s brand
Expect the company to remain quiet on policy issues.
5. Buffett’s principles remain timeless
His emphasis on simplicity, discipline, and long‑term thinking is as relevant today as ever.
Conclusion: A Legacy Built on Clarity, Discipline, and Kindness
Warren Buffett’s final interview as Berkshire’s CEO is not a farewell—it’s a reflection. It captures the essence of what made him one of the greatest investors of all time: clarity of thought, emotional steadiness, and a deep belief in treating people well.
He may no longer be the public face of Berkshire, but his philosophy will shape the company—and the investing world—for decades to come.
And as he reminded viewers, investing is still a "fun game," one where "if you follow the rules, you almost never lose money."