Berkshire enters the Abel era after Buffet steps back

Berkshire Hathaway will open its annual meeting with a historic shift as Warren Buffett steps away from the spotlight, ending decades of investor-focused sessions he has led.

CEO Greg Abel now takes charge alongside insurance head Ajit Jain, signaling a more operational, data-driven tone.

At 95, Buffett continues as board chair and will be present.

The transition comes during weaker performance. Operating earnings fell nearly 30% in Q4 2025 after a sharp 54% drop in insurance underwriting profits.

Shares have declined by more than 5% in 2026, lagging the S&P 500, which has gained about 4%. Since Buffett signaled his step back, Berkshire has underperformed the index by more than 30 percentage points.

Berkshire resumed share buybacks in March, repurchasing about $226 million in stock, but the underperformance continued.

Analysts estimate the shares trade at an 8% discount to intrinsic value and could see up to $1.7 billion in buybacks this year.

What to expect at the meeting
Detailed discussions on capital allocation and growth challenges.

Focus will also shift to Berkshire’s $300 billion equity portfolio, where Abel now oversees the majority of investments.

Strategy on artificial intelligence and technology adoption across its businesses.

Berkshire will release its first-quarter earnings tomorrow.