OMAHA—Greg Abel stood alone on stage at the CHI Health Center, commanding the room packed with fewer than 18,000 Berkshire Hathaway shareholders. No Warren Buffett cracking wise from the podium this time. The 95-year-old chairman sat in the front row with directors, mic in hand for a brief surprise appearance. Abel’s first annual meeting as CEO wrapped up Saturday after four and a half hours of questions on everything from AI to buybacks. Shareholders gave him solid marks. But the shadow of Buffett loomed large.
Abel opened by calling Buffett to speak. The founder praised his pick. “We couldn’t have made a better decision,” Buffett said. “That’s been 100% successful. Greg is doing everything I did and then some. He’s the right person.” (CNBC) Those words echoed the succession plan Buffett laid out a year ago, when he shocked the crowd by naming Abel CEO effective January 2026.
Buffett didn’t stop there. He marked the 10-year anniversary of Berkshire’s Apple bet. Ten years back, the firm dropped $35 billion on shares. Today? That stake, trimmed but still massive, has delivered $185 billion in sales, dividends, and remaining value. “I didn’t have to do a damned thing,” Buffett quipped. He hailed outgoing Apple CEO Tim Cook, who succeeded Steve Jobs. “How would you like to step into the shoes of Steve Jobs and come through?” One of American business’s miracles, he called it. (Barron’s; CNBC)
Cash. It’s everywhere at Berkshire now. Piles up to a record near $380 billion, or $400 billion by some counts. Abel walked through Q1 results: operating profit hit $11.3 billion, up 18% year-over-year. Insurance underwriting surged 29%. Yet buybacks? Just $235 million. Meager for a firm sitting on that hoard. Investors wanted more aggression. “The only missing piece was any real guidance on additional buybacks,” said Adam Patti, CEO of VistaShares. (CNBC)
And Abel? He dove into operations. Berkshire’s businesses—insurance, railroads, energy, consumer goods—got detailed breakdowns. BNSF Railway ranked low on earnings power, a blunt slide admitted. Data centers could boost utilities. Abel and Buffett huddle daily on investments, he said. No bureaucracy. Continuity over splashy change. He ruled out any breakup. “We’re not going to do AI for the sake of AI,” Abel stressed. It must add to businesses. A nod to tech, but measured. (Reuters; Wall Street Journal)
Shareholders noticed the shift. Crowd thinner than past Woodstocks for Capitalists. No Munger barbs. More business talk, less folklore. Steve Check of Check Capital Management called it “very solid. No misspoke words. Thorough answers.” Macrae Sykes at Gabelli Funds: “Delivered on content, examination of businesses and confidence in outlook.” David Kass, University of Maryland professor: “Demonstrated knowledge of and passion for running all of Berkshire’s businesses.” A B-plus from Barron’s. (Barron’s)
But Berkshire lags. Trailed the S&P 500 by over 30 points since Buffett’s handover signal last May. Stock portfolio tops $288 billion: Apple still largest, then American Express, Bank of America, Coke, Chevron. Abel fields the tough ones with Ajit Jain, vice chairman. Who fills Munger’s role? No single Charlie, Abel allowed. Team effort.
Buffett chimed in during a CNBC halftime interview. Markets? “A church with a casino attached.” One-day options pure gambling. Fewer businesses make sense to him now. Only five juicy years in six decades of investing. Inflation? America not immune. Cash hoard reflects caution. Black swans lurk. (Yahoo Finance; Forbes)
Abel’s style suits the operator he is. Grew Berkshire Hathaway Energy into a powerhouse. Knows the rails, the pilots at NetJets, the pilots’ trucks. Less investing flair than Buffett. More grind. Shareholders queued at midnight anyway. Loyalty runs deep. Abel recalled last year’s shock: arena already booked. Thought raced to the future. Now he’s here. Firm footing, he insists. Daily chats with Buffett continue. Legacy intact.
Challenges ahead. Deploy the cash. Beat the index. Prove the machine hums without the maestro center stage. Abel’s show felt assured. Investors watched close. First test passed. Next ones count more.
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