Key Takeaways from the 2026 Berkshire Hathaway Meeting
/By Kelly Doyle
I always keep the first Saturday in May free to attend the long revered “Woodstock for Capitalists Day” in Omaha, Nebraska—the day that thousands of shareholders have historically come together for the Berkshire Hathaway annual shareholders meeting.
This year marked the first time that Greg Abel, CEO, led the meeting, with Warren Buffett, 95, enjoying the view from the front row among other members of the board of directors.
The new CEO faced no shortage of unscripted questions from the audience. Here are a few of my highlights from the meeting.
Retiring Buffett’s Jersey
The meeting opened with a symbolic retirement of Buffett’s jersey to the rafters of the CHI Health Center Omaha, alongside Charlie Munger’s, where it will remain as a reminder of the tremendous impact they both made.
Greg Abel, New CEO
Abel didn’t attempt to mimic Buffett’s wit or humor, nor did he try to create a new Buffett-and-Munger-style dynamic by bringing a sidekick. Instead, he acknowledged the transition and leaned into the fresh perspective that comes with a new CEO, offering a deep (and I mean deep) dive into Berkshire’s businesses and operations.
There had always been an assumed understanding that Buffett and Munger didn’t need to go into the same level of detail at past meetings, so hearing Abel demonstrate his knowledge and experience was a positive sign. That matters, because business fundamentals remain top of mind for many shareholders.
According to CNBC, Berkshire’s stock performance has continued to lag broader market gains:
Berkshire shares have trailed the S&P 500 by more than 30 percentage points since Buffett’s announcement last May that he would be stepping down. That underperformance persisted even as Berkshire bought back about $226 million worth of its stock.
Year to date, Berkshire shares are down more than 1.6%, while the S&P 500 is up 8%.
In his first Berkshire Hathaway shareholder letter as CEO, Greg Abel wrote about the transition from Buffett and his vision for the company: “To invest in Berkshire has long been a vote of trust in our founder—a trust that now rests with Berkshire. Your capital is commingled with ours, but it does not belong to us. Our role is stewardship. That stewardship has shaped a culture and reinforced a set of values that are not the result of our success, but the reason for it.”
Cash Reserves and Deploying Capital
Many questions focused on capital allocation in the coming years. The company’s cash and Treasury holdings exceed $370 billion. Abel returned to this topic several times, using an analogy Buffett often invoked related to baseball Hall of Famer Ted Williams, who divided the strike zone into 77 segments and swung only at pitches in his “happy zone,” finishing with a 0.344 career batting average and a historic 0.406 season in 1941.
The lesson: discipline, patience, and judgment define Berkshire’s investing approach: waiting for the right pitches, then swinging decisively.
Abel repeatedly emphasized Berkshire’s capital allocation principles and its focus on identifying new opportunities built on the foundation that Buffett established decades ago.
Buffett’s 30-minute Interview
Buffett gave a 30-minute interview backstage with Becky Quick of CNBC and showed no loss of wit or charm.
The interview covered familiar ground: his investing philosophy, the importance of patience and discipline, his rationale for selecting Berkshire’s leadership team, views on the current market environment, concerns about prediction markets, his love of America, and his belief in the Golden Rule. He described Abel’s succession as CEO as a major success of Berkshire’s long-term planning.
On the current market environment, Buffett noted that in the 60 years he had been in business, only five were truly "juicy"—rare periods when broad market panic or economic crises allowed him to buy outstanding businesses at massive discounts. His broader philosophy is that successful long-term investing does not require constant action, but rather the patience to wait until one of these rare opportunities presents itself.
He reiterated that Berkshire remains disciplined by investing only in businesses it understands and avoiding those it does not. He added that the world is full of people trying to sell you things, and discipline means saying “no” most of the time. But when the opportunity arises—as with the recent investment in the homebuilder, Taylor Morrison Homes—Berkshire stands ready.
Buffett likened the stock market to a church with a casino attached. Right now, more people are entering both—but the casino side feels especially active. He suggested that speculative behavior, particularly in short-term options trading, reflects gambling more than investing.
He also discussed inflation concerns, expressed confidence in the Federal Reserve leadership, and closed with optimism tied to the upcoming 250th anniversary of the United States.
Exceptional Team
One new agenda item was an introduction to members of Berkshire’s leadership team, giving shareholders a close look at the individuals running key businesses.
Abel said the company plans to continue introducing more leaders over time. This year, attendees heard from BNSF Railway CEO Katie Farmer and NetJets CEO and newly appointed President of Consumer Products, Service, and Retailing Adam Johnson.
Operational Excellence
The phrase “operational excellence” was repeated throughout the meeting. Integrity, reputation, and doing right by customers remain core pillars of Berkshire Hathaway.
Abel emphasized Buffett’s well-known newspaper test: a simple ethical framework for decision-making: "How would you feel about any given action if you knew it was to be written up the next day in your local paper to be read by your family, friends, and neighbors—written by an unfriendly but intelligent reporter?"
He also highlighted Berkshire’s decentralized model, while noting a more connected level of oversight across operations. He emphasized how the company’s businesses are increasingly interrelated.
The Famed Q&A
Attendees were able to ask unscripted questions during the famed Q&A session, the most anticipated part of the meeting. While the exchange felt slightly more formal than in past years, the questions still generated lively discussion. They ranged from concerns of global warming to insurance exposure for boats passing through the Strait of Hormuz.
Why Should I Hold Berkshire Stock?
The first question came from Buffett himself—or so it seemed. In reality, it was an AI-generated video of Buffett, which prompted discussion about concerns surrounding artificial intelligence.
In the deepfake video, Buffett asked Abel: Why should I own Berkshire stock?
Abel responded that culture and values remain the bedrock of the company. With insurance still at the core, Berkshire also sees meaningful opportunity in its non-insurance businesses, equity portfolio, and capital deployment capacity when the right opportunities arise.
He emphasized that Berkshire’s large cash position and low reliance on debt allow it to operate without external pressure, summing it up by saying that “no one can tell me what to do.” These principles, he said, define Berkshire’s long-term success and future direction.
I look forward to next May and seeing more of the new leadership at Berkshire.
