On Saturday, May 2 (Central Time), the annual premier event of the investment world—the 2026 Berkshire Hathaway (Berkshire Hathaway Inc. Class A(BRK.A.US) / Berkshire Hathaway Inc. Class B(BRK.B.US) ) Annual Shareholders Meeting—was held in Omaha.

The meeting lasted approximately four and a half hours, during which the new CEO, Greg Abel, discussed multiple hot-button issues. The 95-year-old Warren Buffett sat in the front row, delivered remarks, and gave an exclusive interview to CNBC.

This marks the first shareholders' annual meeting in the six decades of Buffett’s leadership where he "stepped behind the scenes," and it also served as the first public "stress test" for Buffett’s successor, Greg Abel.

The most symbolic adjustment at this year's meeting was having the heads of Berkshire's subsidiaries sit on the podium to answer questions alongside Abel. This move sent a clear signal to the outside world: Berkshire's authority is no longer reliant on personal charisma but will instead be built on a more diversified operating system.

The key takeaways from the shareholders' meeting, as summarized by Sahm, are as follows:

) Warren Buffett on the Market:

• The current environment is not ideal for us; people's gambling appetite has never been higher.
• The most likely time to buy is when everyone else stops picking up the phone.
• The things people discuss and worry about usually don't happen; instead, it is sudden "black swan" events that actually shake the market.

2) Warren Buffett on His Successor:

• Abel has done everything I used to do, and even more, and he does it better in every aspect. Therefore, we give this decision a perfect score of 100.

3) Warren Buffett on Apple:

• We spent $35 billion buying Apple Inc.(AAPL.US) stock 10 years ago. Including dividends, it has now grown to $185 billion, and I did absolutely nothing.
• Tim Cook, succeeding Steve Jobs, created one of the greatest miracles in American corporate management.

4) Greg Abel on AI:

• AI must be beneficial to our business. We will not adopt AI just for the sake of AI. We will deploy AI on a small scale, focusing on ways that create value.
• A deepfake video of Buffett played at the meeting highlighted the cybersecurity risks brought by AI.
• The construction of data centers and their demand on the power grid bring enormous growth opportunities for utility companies.
• The energy usage costs of data centers should be isolated from standard power grid customers.

5) Greg Abel on Investments:

• Reiterated the "Core Four"— Apple Inc.(AAPL.US), American Express Company(AXP.US), Moody's Corporation(MCO.US)'s, and Coca-Cola Company(KO.US)—as the cornerstones of their equity portfolio.
• Confirmed "absolute collaboration" with Buffett on the investment front.
• The investments in Japan's five major trading houses are long-term and strategic, and they are currently deepening cooperation with companies like Tokio Marine.
• Berkshire's internal structure is lean and efficient, possessing cross-conglomerate capital allocation capabilities, and it will not spin off or divest its subsidiaries.

6) Greg Abel on Who His "Charlie Munger" Is:

• The partnership between Buffett and Munger is "impossible to replicate."
• I am surrounded by outstanding people and have an excellent team of CEOs. I will reach out to them to seek their advice.

7) Ajit Jain, Berkshire Vice Chairman of Insurance Operations:

• Underwriting in the Strait of Hormuz "depends on the price," and U.S. military escorts are a prerequisite for underwriting the project.
• It is unlikely that AI will soon reach a level where it can weigh in on pricing, claims handling, and other aspects; that is still many years away.
• If you are counting on AI to tell you which stock to buy or sell, I don't think that is going to happen.

Earlier, Berkshire Hathaway also released its Q1 earnings report. Some of the key highlights include:

• Berkshire Hathaway's operating profit for Q1 2026 was $11.346 billion, a year-over-year increase of 18%. Within this, insurance underwriting profit grew by 28%, railroad subsidiary BNSF's profit increased by 13%, and there was a massive turnaround in foreign exchange gains.
• Net investment losses narrowed to $1.24 billion from $5.038 billion in the same period last year, driving GAAP net income up by approximately 120% year-over-year.
• Q1 cash reserves reached a record high of $397 billion.
• As of March 31, 61% of the total aggregate fair value of Berkshire Hathaway's equity investments was concentrated in American Express, Apple, Bank of America, Chevron, and Coca-Cola.