Buffett Stays Silent as Wall Street Begs for Tariff Wisdom—Classic Oracle Move

Wall Street’s latest obsession? Decoding Warren Buffett’s next play on tariffs and economic turbulence. Spoiler: He won’t give them the time of day.

Why ask the Oracle when you can just overanalyze his lunch orders instead?

Meanwhile, hedge funds burn midnight oil trying to reverse-engineer his folksy wisdom—only to end up buying the dip on See’s Candies.

Berkshire investors want Warren Buffett to get real on tariffs and Apple sell-off

This year’s event lands at a rough time. The tariffs Trump slammed on imports — the highest in decades — have investors panicking. Some of those were delayed 90 days, but the impact is already being felt. Economic reports are showing signs of a slowdown. Some are warning that a recession’s around the corner.

Steve Check, founder of Check Capital Management, said the mood is tense. “Because Berkshire owns so many businesses, they’re basically on the front lines of everything in terms of the economy falling off. Is it even worse than what the numbers are already showing?” he asked. “I hope, more than anything, that he speaks out against the way tariffs have been done.”

Warren hasn’t said much, but he’s been busy. In 2024 alone, Berkshire sold over $134 billion in stock. That made it nine quarters in a row of more selling than buying. Most of the dump came from trimming the two biggest holdings — Apple and Bank of America.

David Wagner, who manages money at Aptus Capital Advisors and owns Berkshire shares, said the meeting is about timing. “What will Warren do with the pile of cash that they are sitting on and, more specifically, when can it be deployed?” he said. Wagner added that many people “tend to view Warren as the north star.”

The weekend starts early Saturday. Warren gives a few opening remarks at 9 a.m. ET, then sits for hours answering questions. He’ll be joined in the morning by his successor Greg Abel and insurance chief Ajit Jain, then it’s just him and Greg in the afternoon.

At last year’s meeting, Warren said his sales were tax-related. He claimed the gains were big and he was trying to avoid paying more later if rates ROSE to plug the federal deficit. But people are calling BS now.

“You can’t use that explanation anymore because it clearly does not apply,” said David Kass, finance professor at the University of Maryland. He said if Warren keeps selling, it could mean he thinks Apple is fully priced. Or, more likely, that he sees risks — like a trade war, more tariffs, or something else ugly on the horizon.

There’s the Berkshire Bazaar of Bargains, where companies under the Berkshire umbrella sell their goods. There’s also a 5K run, investing meetups, and other stuff for the money crowd.

There are a few changes to the actual meeting setup. The 2024 shareholder letter confirmed there won’t be a movie at the start, which used to be a highlight. Warren speaks at 8 a.m. local time. The Q&A ends at 1 p.m. after just one 30-minute break. The shopping zone stays open until 4 p.m.

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