For many years, Berkshire Hathaway‘s annual assembly has doubled as a type of monetary Woodstock, drawing tens of 1000’s to listen to Warren Buffett dispense homespun knowledge, crack jokes and area hours of questions.
This yr will probably be completely different.
For the primary time, the 95-year-old Buffett will not be the central determine on stage, marking a brand new period for one of many investing world’s most carefully watched rituals. The shift places a highlight on Greg Abel, who took over as CEO initially of 2026, and raises a query hanging over Omaha: what does Berkshire appear to be with out the person who outlined it?
Buyers and analysts mentioned the tone is more likely to transfer away from Buffett’s signature mixture of investing philosophy and life recommendation towards a extra business-focused dialogue of operations, capital allocation and a extra granular view into the conglomerate’s interior workings.
“Clearly, no one can change Warren on the stage,” mentioned Macrae Sykes, a portfolio supervisor at Gabelli Funds. “However I feel the continuity with Greg … brings undoubtedly confidence within the continuation of the working element to conglomerate.”
Abel, 63, and insurance coverage chief Ajit Jain will lead the primary question-and-answer session, adopted by a second panel together with the heads of Berkshire subsidiaries: Katie Farmer, CEO of BNSF Railway, and Adam Johnson, CEO of NetJets and president of shopper merchandise, providers and retailing.
Huge underperformance
That shift displays each the realities of management transition and the challenges going through the conglomerate itself. After a interval of robust outcomes pushed largely by its insurance coverage operations, progress has stalled as of late. Working earnings fell practically 30% within the fourth quarter of 2025 on account of a 54% drop in insurance coverage underwriting earnings. Berkshire’s first-quarter earnings will probably be launched at 8 am E.T. Saturday.
Berkshire Hathaway one yr
Shares of Berkshire have fallen greater than 5% yr up to now, lagging the S&P 500’s 4% acquire. Zooming out, the hole is even wider — Berkshire has trailed the index by greater than 30 share factors since Buffett signaled plans to step down final Might.
“I feel a part of it’s actually laborious to count on an entire lot of earnings progress this yr,” mentioned Invoice Stone, chief funding officer at Glenview Belief. “The insurance coverage was so huge, and so they have powerful comparisons yr over yr, so I am type of penciling in … little to no progress and earnings. And you understand, that is what drives shares.”
Buybacks resume
The underperformance got here even after Berkshire resumed buybacks in March for the primary time since 2024. Berkshire repurchased roughly $226 million of inventory as of the announcement. In the meantime, Abel revealed he used his total after-tax wage of $15 million to personally purchase Berkshire shares, and plans to maintain doing so yearly for so long as he is CEO.
“With BRK shares now buying and selling at a fair larger low cost to their intrinsic worth for the reason that announcement, we imagine the corporate’s degree of exercise in executing further share repurchases will probably be a important issue influencing investor sentiment,” UBS analyst Brian Meredith mentioned in a be aware.
UBS estimates Berkshire is buying and selling at about an 8% low cost to its intrinsic worth, and the agency expects the conglomerate to repurchase roughly $1.7 billion price of inventory this yr. With the inventory low cost relative to underlying belongings, traders could press Abel on whether or not the tempo of repurchases will speed up in coming months.
Fairness portfolio
One other space possible to attract scrutiny is Berkshire’s sprawling fairness portfolio, and the way it’s being managed within the post-Buffett period.
Abel is already shifting to place his stamp on the roughly $300 billion basket, reportedly unwinding positions tied to former funding supervisor Todd Combs after his departure for JPMorgan on the finish of 2025. Combs had been considered one of two deputies, alongside Ted Weschler, tasked by Buffett with serving to oversee Berkshire’s fairness holdings.
The early strikes counsel a extra centralized strategy underneath Abel. Weschler continues to handle a small slice of the portfolio — about 6%, in line with Abel’s first annual letter — whereas the brand new CEO takes direct oversight of the majority of Berkshire’s investments, whilst he runs its huge assortment of working companies.
“What I might like to listen to extra about is the administration of Berkshire’s investments,” mentioned Steve Test, founding father of Test Capital Administration. “Why has it been determined that Greg will probably be managing 90-plus % of the investments whereas additionally overseeing the working corporations? Will he have the ability to do that properly?”
AI and tech query
Buyers mentioned one different subject more likely to floor is synthetic intelligence, each as a danger and a possibility throughout Berkshire’s various portfolio of companies, which span insurance coverage, railroads, power and shopper manufacturers.
“There will probably be an AI query,” Sykes mentioned. “When it comes to sturdiness, what will probably be disrupted, what may benefit? And, what are their ideas about how they’re approaching, type of, this dynamic financial element by AI.”
Abel may be questioned about Berkshire’s strategy to expertise broadly, an space the place the corporate has traditionally been cautious. As synthetic intelligence reshapes industries and capital spending throughout company America, shareholders are anticipated to probe how the chief government plans to place Berkshire.
“Contemplating BRK’s historic underinvestment in expertise, we count on discussions to focus on how the corporate is approaching expertise and AI underneath Mr. Abel’s management,” UBS’ Meredith mentioned.
Berkshire quietly added a stake in Alphabet late final yr, an indication the corporate could also be getting extra comfy dipping additional into the sector.
For longtime attendees, the ambiance could evolve, however the core enchantment stays.
“I nonetheless suppose we’ll nonetheless have a very good ambiance and a very good camaraderie. … We’re all there for one factor … to speak about Berkshire Hathaway and all that is happening,” Stone mentioned.
— CNBC’s Sarah Min contributed reporting.