Berkshire shares struggle into annual meeting. Can Abel rekindle enthusiasm without Buffett center stage?

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. …