For decades, Berkshire Hathaway‘s annual meeting also served as a kind of financial Woodstock, with tens of thousands of people gathering to hear Warren Buffett’s homegrown wisdom, jokes, and lengthy field questions.
This year is going to be different.
For the first time, 95-year-old Buffett will no longer be center stage, ushering in a new era in one of the world’s most-watched investment rituals. The shift puts a spotlight on Greg Abel, who took over as CEO in early 2026, and raises questions hanging over Omaha. I mean, where would Berkshire be without the people who defined it?
Investors and analysts said the tone is likely to shift away from Buffett’s signature mix of investment philosophy and life advice to more business-focused discussions, including a more detailed look at operations, capital allocation and the inner workings of conglomerates.
“It’s clear that no one can replace Warren on stage,” said MacRae Sykes, portfolio manager at Gabelli Funds. “But I think the continuity with Greg definitely gives us confidence in continuing the operational component to the conglomerate.”
Mr. Abel, 63, and insurance chief Ajit Jain will lead the first question-and-answer session, followed by a second panel that includes BNSF Railway CEO Katie Farmer, who heads the Berkshire subsidiary, and Adam Johnson, NetJets CEO and president of consumer products, services and retail.
Significant poor performance
This shift reflects both the reality of leadership transitions and the challenges facing conglomerates themselves. There was a time when the company achieved strong results, mainly due to its insurance business, but recently growth has stalled. Operating profit fell nearly 30% in Q4 2025 as underwriting profit fell 54%. Berkshire’s first quarter results will be released Saturday at 8 a.m. ET.
Berkshire Hathaway 1 year
Berkshire’s stock price has fallen more than 5% since the beginning of the year, lagging the S&P 500’s 4% rise. Zoom out and the gap widens, with Berkshire underperforming the index by more than 30 percentage points since Mr. Buffett signaled plans to step down last May.
“I think it’s very difficult for some to expect significant earnings growth this year,” said Bill Stone, chief investment officer at Glenview Trust. “That insurance is so huge that the year-to-year comparisons are tough, so I factor in a little bit of little to no growth and profit. And, you know, that’s what’s driving up the stock price.”
Resuming share buybacks
The underperformance continued even after Berkshire resumed share buybacks in March for the first time since 2024. At the time of the announcement, Berkshire had purchased approximately $226 million in stock. Meanwhile, Abel revealed that he used all of his $15 million after-tax salary to personally buy Berkshire stock, and plans to continue doing so every year as long as he remains CEO.
“Since the announcement, BRK stock has been trading at an even deeper discount to its intrinsic value, and we believe the company’s level of activity in pursuing additional share repurchases will be a key factor influencing investor sentiment,” UBS analyst Brian Meredith said in a note.
UBS estimates Berkshire is trading at about an 8% discount to its intrinsic value, and the firm expects the conglomerate to buy back about $1.7 billion worth of shares this year. Investors may ask Abel whether the pace of share buybacks will accelerate in the coming months, given the stock’s discount relative to its underlying assets.
stock portfolio
Another thing that’s likely to garner attention is Berkshire’s vast stock portfolio and how it’s managed in the post-Buffett era.
Mr. Abel is already moving to put his stamp on a basket of about $300 billion, reportedly seeking to unwind former investment manager Todd Combs’ position after he leaves for JPMorgan at the end of 2025. Mr. Combs, along with Ted Weschler, was one of two aides appointed by Mr. Buffett to oversee Berkshire’s holdings.
Early moves suggest a more centralized approach under Abel. While Mr. Weschler will continue to manage a small portion of the portfolio (about 6%, according to Mr. Abel’s first annual letter), the new CEO will have direct oversight of the majority of Berkshire’s investments, even as he runs the vast business.
“What I want to hear more about is Berkshire’s investment management,” said Steve Check, founder of Check Capital Management. “Why was it decided that Greg would manage over 90 percent of the investments and also oversee the operating companies? Can he pull it off?”
AI and technology questions
Investors said artificial intelligence is another topic likely to surface as both a risk and an opportunity for Berkshire’s diverse business portfolio, which spans insurance, railroads, energy and consumer brands.
“There will be questions about AI,” Sykes said. “What are they thinking about in terms of durability, what is being destroyed and what is benefiting them? And how are they approaching this dynamic economic element through AI?”
Mr. Abel also could face questions about Berkshire’s approach to technology in general, where the company has historically been cautious. Shareholders are expected to find out how the chief executive intends to position Berkshire as artificial intelligence reshapes industry and capital spending across corporate America.
“Given BRK’s historical underinvestment in technology, we expect the discussion to center on how the company approaches technology and AI under Abel’s leadership,” UBS’s Meredith said.
Berkshire quietly added a stake in Alphabet late last year, a sign that the company may be feeling more comfortable making further inroads into the sector.
For longtime attendees, the atmosphere may have evolved, but the core appeal remains the same.
“I think we still have a good atmosphere and a good camaraderie. … The only reason we’re here is … to talk about Berkshire Hathaway and everything that’s going on,” Stone said.
— CNBC’s Sarah Ming contributed reporting.
