Last year, I wrote about how we navigate a world that’s never been more complex — markets gripped by uncertainty, valuations stretched, and every founder trying to make sense of a capital-raising landscape changing faster than the rules of golf. Not much has changed in tone one year on, but the context has shifted significantly. So, with Warren Buffett’s final AGM as CEO of Berkshire Hathaway now behind us, it’s worth asking: what can we still learn from the Oracle of Omaha in 2025, especially in the context of automotive, mobility, and VC investing?

The short answer: quite a lot.

A Year Later: What Buffett Got Right

At last year’s AGM, Buffett was sitting on a record cash pile — and not deploying it. Critics said he was being too cautious. But 12 months on, he’s been vindicated. 2024 saw market euphoria in AI and tech, but few bargains for value-driven investors. Berkshire’s decision not to invest was arguably its most profitable move. That speaks volumes to those of us backing early-stage founders in a post-ZIRP world.

In mobility and automotive, capital has dried up unless you’re NVIDIA-adjacent or have a cashflow-positive hardware-software hybrid. And yet, like Buffett, many of the best investors are sitting on capital, not out of fear, but discipline. The lesson: Dry powder is only helpful if you know when not to light the match.

A Business Built to Last

One thing Buffett made crystal clear in this year’s letter is his obsession with quality and longevity. “The less the boss does, the better,” he once said — and in a world where many founders are still doing five jobs at once, that hits home. He’s spent a lifetime backing managers who build simple businesses that generate cash without heroics.

What does that mean for our sector?

If you’re building or backing the next generation of mobility platforms—whether in leasing, electrification, or fleet optimisation—the question is this: Is the business simple enough to survive complexity? Buffett reminds us that operational gearing works both ways, and in automotive, where volume and margin pressures are relentless, the right model can outperform through cycles. At Cambria, we’re doubling down on recurring revenue, capex-light infrastructure, and tech-enabled services that compound.

Greg Abel, Succession, and the Role of the Quiet Operator

This year also marked a handover. Greg Abel, long seen as Buffett’s heir apparent, was formally confirmed as CEO-in-waiting. His track record? Quiet operational excellence. No social media profile. No grand vision statements. Just decades of compounding.

In VC, we sometimes fall for charisma over competence. But Buffett’s final lesson might be this: back the quiet operator. The one who reads the accounts. The one who can run a profitable business even if the next round never lands. We’ve taken that to heart in our deal reviews — substance over style, every time.

Cash is King — Again

At over $330 billion, Berkshire’s cash position is now larger than most countries’ GDPS. That doesn’t mean Buffett’s bearish — it means he’s ready. In automotive and mobility, cash on hand remains a strategic asset. Whether you’re a dealer group navigating the ICE-to-EV transition or a startup extending runway, liquidity is leverage.

Founders, take note: if Buffett’s hoarding cash at the peak of a cycle, you should be thinking about how to break even, not whether you can raise another round.

From Omaha to Oxford Street

So, what’s the UK application of all this?

Buffett's approach still holds true for private capital allocators in Britain’s mobility and automotive sectors. Discipline is not outdated. Boring is good. And sometimes, the most brilliant move is to do nothing until the odds are in your favour.

As investors, we’re not trying to predict what happens next, but position ourselves so that when it happens, we’re ready. That’s the real art of capital allocation — and nobody has done it better than Warren Buffett.

Conclusion: Buffett’s Legacy in a Time of Transition

As Buffett bows out, we aren’t just watching the end of an era. We’re being reminded that good businesses still matter, that cash flow still beats the story, and that in a world where “scale at all costs” has been replaced by “scale with sense,” there is real value in doing the basics brilliantly.

Have a great week!