Greg Abel leads Buffett‑less meeting

Berkshire Hathaway is testing the hardest thing a company like this can do — staying Berkshire without Warren Buffett running the room. That test moved from theory to reality on Saturday, May 2, in Omaha, when Greg Abel led the annual meeting for the first time as CEO. Buffett was there, but not onstage as the main act. The point of the day was simple: show shareholders that the machine still works, the culture still holds, and the cash pile still has a plan. ### Why was this meeting such a big deal? For decades, Berkshire’s annual meeting was basically Buffett’s live seminar on investing, business, and temperament. Charlie Munger’s death in 2023 already changed the feel of it. Buffett stepping down as CEO at the start of 2026 changed the substance. Abel wasn’t just hosting an event — he was auditioning for trust in front of owners who are used to one of the most admired capital allocators ever. ### What did Abel actually try to prove? Continuity. Not charisma. Abel told shareholders Berkshire hates bureaucracy and does not plan to become some centralized corporate empire. He also ruled out breaking up the conglomerate, which matters because Berkshire’s sprawl always looks more debatable once the founder is no longer in charge. His message was that the structure still works, the operating bench is deep, and Berkshire should endure as one thing. ### Why does the cash pile matter so much? Because it is now the clearest measure of Abel’s judgment. Berkshire finished the first quarter with more than $397 billion in cash, up from about $373 billion at the end of 2025. Operating earnings came in at $11.35 billion, up nearly 18% from a year ago as money turns from caution into action. ### So why isn’t Berkshire deploying it already? The short version is price discipline. Buffett said the market has been in more of a gambling mood, and Abel echoed the idea that Berkshire will wait for real value rather than force a deal. That sounds boring, but boring is the product here. Berkshire’s pitch has always been that patience beats activity. The catch is that patience looks smart only if a big opportunity eventually shows up. ### Did Buffett still shape the day? Absolutely. He praised Abel from the floor, saying Abel is doing everything he did “and then some,” and doing it better. Berkshire also leaned into symbolism — retiring Buffett and Munger jerseys into the arena rafters. So this was not a clean handoff where Buffett disappeared. It was more like a controlled transition, with Buffett lending legitimacy while Abel handled the substance. ### Was the mood different without Buffett center stage? Yes — and that may be the clearest signal. Reuters described several thousand empty seats in an arena that used to fill to capacity when Buffett and Munger headlined. That does not mean shareholders distrust Abel. It means spectacle is fading. Berkshire may be moving from personality-driven pilgrimage to something more like a normal, if still closely watched, corporate gathering. ### What are shareholders really watching now? Not whether Abel can imitate Buffett’s style. Whether he can preserve Buffett’s system. That means decentralized managers, selective dealmaking, and no panic about having nearly $400 billion sitting idle. If Abel can keep Berkshire disciplined and intact, the company may prove that Buffett built something bigger than his own presence. ### Bottom line Saturday’s meeting was less a coronation than a stress test. Abel passed the first part by making Berkshire look steady, rich, and structurally unchanged. Now comes the harder part — showing that Buffett’s culture still compounds when Buffett is no longer the one compounding it in public.