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

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

This year will be different.

For the first time, 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 a spotlight on Greg Abel, who took over as CEO at the start of 2026, and raises a question hanging over Omaha: what does Berkshire look like without the man who defined it?

Investors and analysts said the tone is likely to move away from Buffett’s signature mix of investing philosophy and life advice toward a more business-focused discussion of operations, capital allocation and a more granular view into the conglomerate’s inner workings.

“Clearly, nobody can replace Warren on the stage,” said Macrae Sykes, a portfolio manager at Gabelli Funds. “But I think the continuity with Greg … brings definitely confidence in the continuation of the operating component to conglomerate.”

Abel, 63, and insurance chief Ajit Jain will lead the first question-and-answer session, followed by a second panel including the heads of Berkshire subsidiaries: Katie Farmer, CEO of BNSF Railway, and Adam Johnson, CEO of NetJets and president of consumer products, services and retailing.

Big underperformance

That shift reflects both the realities of leadership transition and the challenges facing the conglomerate itself. After a period of strong results driven largely by its insurance operations, growth has stalled as of late. Operating earnings fell nearly 30% in the fourth quarter of 2025 due to a 54% drop in insurance underwriting profits. Berkshire’s first-quarter earnings will be released at 8 am E.T. Saturday.

Shares of Berkshire have fallen more than 5% year to date, lagging the S&P 500’s 4% gain. Zooming out, the gap is even wider — Berkshire has trailed the index by more than 30 percentage points since Buffett signaled plans to step down last May.

“I think part of it is really hard to expect a whole lot of earnings growth this year,” said Bill Stone, chief investment officer at Glenview Trust. “The insurance was so big, and they have tough comparisons year over year, so I’m kind of penciling in … little to no growth and earnings. And you know, that’s what drives stocks.”

Buybacks resume

The underperformance came even after Berkshire resumed buybacks in March for the first time since 2024. Berkshire repurchased roughly $226 million of stock as of the announcement. Meanwhile, Abel revealed he used his entire after-tax salary of $15 million to personally buy Berkshire shares, and plans to keep doing so every year for as long as he’s CEO.

“With BRK shares now trading at an even greater discount to their intrinsic value since the announcement, we believe the…