Bloomberg Businessweek: “Buffett Says He’s ‘Going Quiet,’ Picking Up Donation Pace”

Date: November 10, 2025
Hosts: Carol Massar, Tim Stenovec
Key Guests: Eric Weiner (Bloomberg News Senior Editor, Equities Americas), Henrietta Treyz (Co-Founder and Director of Economic Policy at Veda Partners), Ally McCartney (Managing Director, Wealth Management, UBS), Swami Kodagiri (CEO, Magna International)

Episode Overview

This episode centers on the broader implications of Warren Buffett's gradual transition away from the public stage, the end of an era in American investing, and evolving market dynamics as global economic events—like the U.S. government shutdown—unfold. The hosts discuss Buffett’s legacy and the unique factors that set him apart, while tackling urgent policy issues from D.C., market sentiment, and the state of key industries with experts.

1. The Buffett Transition: End of an Era

Starts ~[02:33]

Key Discussion Points

• Warren Buffett’s Role:
  • Buffett was seen as the ultimate “voice of reason” on Wall Street, consistently offering perspective during periods of market euphoria or crisis.
    • “He also was a sort of a voice of reason on Wall Street...They called him the Oracle. And there was a good reason for that.” – Eric Weiner [03:22]
  • His annual shareholder meetings, often with Charlie Munger, were major global investor events, unlike any contemporary equivalents.
• Investment Approach:
  • Buffett’s ability to blend simple, value-based insights with sophisticated portfolio management was highlighted.
    • “He was just really, really savvy with what he could see in terms of demand and what he could see in terms of the permanence of the American consumer…” – Eric Weiner [04:10]
  • Noted for buying undervalued assets and supporting management teams without micromanagement.
    • “He bought managements that he believed in and then gave them the room to do what they were going to do. It’s such a bizarre level of confidence...spot a good company and good management and give them the money they needed to succeed and get out of the way.” – Eric Weiner [08:26]
• Legacy and Succession:
  • Transition to CEO Greg Abel and the absence of a direct replacement for Buffett’s unique public presence.
    • “There's no, you know, when people listen to Warren Buffett and Charlie Munger...I don't see anyone else having that same draw.” – Guest Host [06:36]

Notable Quote

• “Be fearful when others are greedy and be greedy when others are fearful.” – Recalled from Buffett’s 2008 NYT op-ed [03:50]

2. Washington Watch: U.S. Government Shutdown Update

Starts ~[12:29]

Key Discussion Points

• Progress Toward Ending the Shutdown:
  • Bipartisan support within the White House indicates reopening is near, with implications for federal workers and release of economic data.
    • “Hopeful that that starts moving forward for investors. The most important thing is that we're open by Friday...” – Henrietta Treyz [13:35]
• The ACA Subsidy Battle & Political Fallout:
  • Lingering fights remain around ACA subsidy extensions, with future confrontations expected into December and January.
  • Both Democrats and Republicans have faced political cost; Trump’s disapproval rating has doubled, while Democrats did not get all they wanted but managed to push the issue back onto the agenda.
    • “It's kind of like playing chicken with a crazy person...that's what we walked into this day.” – Henrietta Treyz [14:10]
• SNAP Benefits and Working Americans:
  • Striking statistic: 70% of food stamp recipients have full-time jobs; highlights persistent wage issues and corporate practices.
    • “A disproportionate number of them are young people and also old people over 60 or 65. But...what are these giant corporations...paying their employees that they still also need to have food stamps?” – Henrietta Treyz [16:25]
• Stimulus, Deficits, and Policy Paradoxes:
  • New proposals for $2,000 checks were critiqued for circular logic around tariffs and the deficit.
    • “When we did the CARES act...we sent out rebate checks...They cost $292 billion. The tariffs have thus far...brought in $89 billion. So if you're going to increase the rebate check from $1,400 to $2,000...you now have to spend $400 billion of the $89 billion in revenue...” – Henrietta Treyz [18:19]

Notable Quotes

• “There is no extra. So the trade deficit, the tariffs is my bread and butter...there is no leftover revenue to reduce the deficit, which is, of course, what bond markets are so focused on.” – Henrietta Treyz [18:19]

3. Market Sentiment: The ‘Risk On’ Trade and Inequality

Starts ~[20:25]

Key Discussion Points

• Post-Shutdown Rally:
  • Equities rally as shutdown risk dissipates; Bitcoin also surges. However, questions remain about sustainability due to underlying economic fragility.
    • “We've seen a lot of back and forth in this kind of trade...everybody waits till Nvidia...sentiment and data was really unpleasant last week...the low end consumer is getting squeezed...” – Ally McCartney [20:56]
• Tale of Two Cities:
  • Markets at highs benefit largely the top 5-10%, while the majority of Americans face rising costs and limited housing access.
    • “Clearly what's happening is the low-end consumer is getting squeezed...they see in that Michigan sentiment number more hard times.” – Ally McCartney [21:50]
• Portfolio Perspective:
  • Advice remains cautious: “Is it time to buy, sell, or wait for more information?” Amid uncertainty, gold, palladium, and silver are attractive hedges, and financial/mega cap stocks merit attention at the right valuations.
    • “Every day I have to wake up and ask myself three questions with everything I own: Is it time to buy it? Is it time to sell it? Or do I not yet have enough information...” – Ally McCartney [24:23]

Notable Quote

• “You're not supposed to have gold rally 65% while stocks are up 28% while bonds are sort of mildly up. So we are in a very strange period where something will have to give. The question is when and will it be on the federal side?” – Ally McCartney [23:37]

4. Automotive Industry Check-In: Magna International’s Swami Kodagiri

Starts ~[29:35]

Key Discussion Points

• Tariffs and Restructuring:
  • Magna has navigated significant tariff-related costs (initial annualized impact ~$200 million, now mitigated to ~$30 million through aggressive cost management).
    • “When he spoke to me last, it was fresh...now, we've been able to bring down that impact to roughly 10 basis points, which means about $30 million for Magna this year.” – Swami Kodagiri [30:44]
• Operational Efficiency and Future Prospects:
  • Ongoing focus on operational excellence, restructuring, and cost reduction has paved a path for margin gains in 2026.
• Demand and Industry Health:
  • North American production volumes have remained stable (~15-16 million units), but industry faces cyclical uncertainty. Average fleet age is high, suggesting latent demand if “externalities” subside.
• EV Retrenchment:
  • Slowing EV adoption in North America has required flexibility; Magna benefits from 80% propulsion-agnostic products.
    • “...when it does come back, and we still believe is a secular trend, the take rate is very different than what we all expected a couple of years ago. But...our ability to hit, whether it's an internal combustion engine or a hybrid, that flexibility...has helped us weather the storm pretty well.” – Swami Kodagiri [37:33]
• US-Canada Auto Trade Strains:
  • Policy uncertainty is straining North American trade, but Kodagiri remains optimistic about a mutually beneficial resolution in the long run.

Notable Quote

• “I like to say there is elasticity of demand that's going to come back looking forward if there is no more externalities like we have had in the last four years.” – Swami Kodagiri [33:14]

Memorable Moments & Notable Quotes (with Timestamps)

• “Be fearful when others are greedy and be greedy when others are fearful.” – Recounted by Guest Host, quoting Buffett [03:50]
• “He bought managements that he believed in and then gave them the room to do what they were going to do. It’s such a bizarre level of confidence...” – Eric Weiner [08:30]
• “A disproportionate number of them are young people and also old people over 60 or 65...what are these giant corporations...paying their employees that they still also need to have food stamps?” – Henrietta Treyz [16:25]
• “You're not supposed to have gold rally 65% while stocks are up 28% while bonds are sort of mildly up. So we are in a very strange period where something will have to give.” – Ally McCartney [23:37]
• “I like to say there is elasticity of demand that's going to come back looking forward if there is no more externalities like we have had in the last four years.” – Swami Kodagiri [33:14]

Timestamps for Important Segments

• [02:33] – Buffett’s impact, legacy, and the changing face of American investing (Eric Weiner)
• [13:35] – U.S. shutdown update, policy implications, and ACA debate (Henrietta Treyz)
• [20:56] – Market sentiment, volatility, and inequality post-shutdown (Ally McCartney)
• [29:35] – Automotive industry outlook, tariffs, EVs, and trade (Swami Kodagiri)

Conclusion

This episode delivers an engaging, multifaceted look at the intersection of markets, public policy, and leadership transitions. It underscores the outsized influence and irreplaceable qualities of Warren Buffett, exposes the practical tensions of Washington’s economic policies, and provides deep, insightful commentary on market structure and industrial trends. For listeners, it’s a comprehensive state-of-play on the U.S. economy, illustrated with sharp analysis, vivid anecdotes, and the lived experience of industry and investing heavyweights.