Berkshire’s big handoff is about to get real

Omaha’s main character has changed

Berkshire Hathaway’s annual meeting in Omaha on Saturday, May 2nd is going to feel a little weird in the best possible way: Warren Buffett won’t be the guy driving the whole room anymore. After stepping down as CEO at the end of 2025, he’s expected to sit with the other board members while Greg Abel takes the mic for the first time.

The Greg Abel era starts with a very Berkshire-sized pile of cash

If you’re an investor, the obvious question is simple: what does the new boss do with Berkshire’s $373 billion cash mountain? Abel has already hinted he’s willing to let the equity portfolio evolve, and that’s Wall Street code for “don’t get too attached to the old playbook.”

He’s also shown he’s not afraid to make a move, including Berkshire’s sale of its Kraft Heinz stake. In his first shareholder letter, Abel said that investment had been disappointing — which is corporate speak for “this one never really hit the gym.”

What the market will be listening for

Shareholders will be scanning the meeting for any clues about:

• capital deployment in a market where bargains are harder to find than a quiet group chat
• whether Berkshire leans harder into core names like Apple, American Express, Coca-Cola, and Moody’s
• whether Abel signals more changes in the stock portfolio before the next 13F drop

And yes, Berkshire’s stock has been lagging the S&P 500 lately, which makes the transition even more important. When the stock that’s basically been the adult in the room starts underperforming, people notice.

Big picture

This isn’t just a ceremonial handoff. Berkshire is moving from the Buffett chapter to the Abel chapter, and investors are trying to figure out whether the sequel keeps the magic or just changes the soundtrack.