Berkshire annual meeting with no Buffett: Can Abel rekindle enthusiasm?

For decades, Berkshire Hathaway‘s annual meeting doubled as a kind of financial Woodstock, drawing tens of thousands to hear Warren Buffett dispense understated wisdom, crazy jokes, and field hours of questions.

This year will be different.

It will be the first time that the 95-year-old Buffett won’t be the central figure on stage, marking a new era for one of the investing world’s most closely watched rituals. The shift puts the spotlight on Greg Abel, who takes over as CEO in early 2026, and raises a question that concerns Omaha: What does Berkshire look like without the man who defines it?

Investors and analysts have said the discourse will shift away from Buffett’s distinctive blend of investment philosophy and life advice toward a more business-focused discussion of operations, capital allocation and a more detailed view of the conglomerate’s inner workings.

“Frankly, no one can replace Warren on the stage,” said Macrae Sykes, portfolio manager at Gabelli Funds. “But I think the continuity with Greg… definitely brings confidence in the conglomeration of the operating component.”

The first question-and-answer session will be moderated by Abel, 63, and insurance chief Ajit Jain, followed by a second panel featuring the heads of Berkshire subsidiaries: BNSF Railroad CEO Katie Farmer and NetJets CEO and head of consumer products, services and retailing Adam Johnson.

Major underperformance

This change reflects both the realities of the leadership transition and the challenges facing the conglomerate. Growth has stalled recently, following strong results largely driven by insurance operations. Operating earnings fell approximately 30% in the fourth quarter of 2025 due to a 54% decline in underwriting profits. Berkshire’s first-quarter earnings will be released Saturday at 8 a.m. ET.

Berkshire shares are down more than 5% year to date, lagging the S&P 500’s 4% gain. When zoomed out, the difference becomes even wider; Berkshire outperformed the index by more than 30 percentage points after Buffett signaled plans to resign last May.

“I think it’s really hard to expect a lot of earnings growth this year,” said Bill Stone, chief investment officer of Glenview Trust. “Insurance has been huge and there are tough year-over-year comparisons, so I would guess there’s been little to no growth and earnings in some sense. And, you know, that’s what’s driving stocks.”

Buybacks continue

The underperformance came even after Berkshire resumed buybacks in March for the first time since 2024. Berkshire repurchased approximately $226 million worth of stock as of the announcement. Abel, meanwhile, revealed that he personally used his entire $15 million after-tax salary to buy Berkshire stock and plans to continue doing so every year for as long as he is CEO.

“With BRK shares now trading at an even larger discount to their intrinsic value since the announcement, we believe the company’s level of activity in executing additional share buybacks will be a critical factor influencing investor sentiment,” UBS analyst Brian Meredith said in a note. he said.

UBS estimates Berkshire is trading at a discount of about 8% to its intrinsic value, and the firm expects the conglomerate to buy back about $1.7 billion worth of shares this year. Because the stock is cheap relative to underlying assets, investors may pressure Abel on whether buybacks will accelerate in the coming months.

share portfolio

Another area likely to come under scrutiny is Berkshire’s expanding stock portfolio and how it is managed in the post-Buffett era.

Abel is already moving to put his mark on the nearly $300 billion basket, reportedly unwinding positions tied to former chief investment officer Todd Combs after he leaves for JPMorgan at the end of 2025. Combs was one of two lawmakers, along with Ted Weschler, tasked by Buffett to help oversee Berkshire’s stock holdings.

Initial moves point to a more centralized approach under Abel. While Weschler continues to manage a small portion of the portfolio (about 6%, according to Abel’s first annual letter), the new CEO directly manages the bulk of Berkshire’s investments even as he manages its broad swathes of business.

“What I want to know more about is the management of Berkshire’s investments,” said Steve Check, founder of Check Capital Management. “Why was it decided that Greg would manage more than 90 percent of the investments and also oversee the operating companies? Will he be able to do that well?”

Artificial intelligence and technology question

Another issue likely to emerge is artificial intelligence as both a risk and opportunity across Berkshire’s diverse business portfolio, which includes insurance, railroads, energy and consumer brands, investors said.

“There will be an AI question,” Sykes said. “What will be disrupted in terms of resilience, what might benefit it? And what are their thoughts on how they’re approaching this dynamic economic component through AI?”

Abel may also be questioned about Berkshire’s approach to technology in general, an area where the company has been historically cautious. As artificial intelligence reshapes industries and capital spending across corporate America, shareholders are expected to investigate how the CEO plans to position Berkshire.

“Given BRK’s historically underinvestment in technology, we expect discussions to center around how the company approaches technology and AI under Mr. Abel’s leadership,” UBS’s Meredith said.

Berkshire quietly added a stake in Alphabet late last year; This is a sign that the company may be more comfortable delving further into the industry.

For long-term attendees, the atmosphere may change but the basic appeal remains.

“I still think we’ll have a good atmosphere and good camaraderie. … We’re all there for one thing… to talk about Berkshire Hathaway and what’s going on,” Stone said.

— CNBC’s Sarah Min contributed reporting.