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.

Big underperformance

That shift reflects both the realities of leadership transition and the challenges facing the conglomerate itself. After a period of strong results driven largely by its insurance operations, growth has stalled as of late. Operating earnings fell nearly 30% in the fourth quarter of 2025 due to a 54% drop in insurance underwriting profits. Berkshire's first-quarter earnings will be released at 8 am E.T. Saturday.

Shares of Berkshire have fallen more than 5% year to date, lagging the S&P 500's 4% gain. Zooming out, the gap is even wider — Berkshire has trailed the index by more than 30 percentage points since Buffett signaled plans to step down last May.

"I think part of it is really hard to expect a whole lot of earnings growth this year," said Bill Stone, chief investment officer at Glenview Trust. "The insurance was so big, and they have tough comparisons year over year, so I'm kind of penciling in ... little to no growth and earnings. And you know, that's what drives stocks."

Buybacks resume

The underperformance came even after Berkshire resumed buybacks in March for the first time since 2024. Berkshire repurchased roughly $226 million of stock as of the announcement. Meanwhile, Abel revealed he used his entire after-tax salary of $15 million to personally buy Berkshire shares, and plans to keep doing so every year for as long as he's CEO.

"With BRK shares now trading at an even greater discount to their intrinsic value since the announcement, we believe the company's level of activity in executing additional share repurchases will be a critical factor influencing investor sentiment," UBS analyst Brian Meredith said in a note.

UBS estimates Berkshire is trading at about an 8% discount to its intrinsic value, and the firm expects the conglomerate to repurchase roughly $1.7 billion worth of stock this year. With the stock cheap relative to underlying assets, investors may press Abel on whether the pace of repurchases will accelerate in coming months.

Equity portfolio

Another area likely to draw scrutiny is Berkshire's sprawling equity portfolio, and how it's being managed in the post-Buffett era.

Abel is already moving to put his stamp on the roughly $300 billion basket, reportedly unwinding positions tied to former investment manager Todd Combs after his departure for JPMorgan at the end of 2025. Combs had been one of two deputies, alongside Ted Weschler, tasked by Buffett with helping oversee Berkshire's equity holdings.

The early moves suggest a more centralized approach under Abel. Weschler continues to manage a small slice of the portfolio — about 6%, according to Abel's first annual letter — while the new CEO takes direct oversight of the bulk of Berkshire's investments, even as he runs its vast collection of operating businesses.

"What I'd like to hear more about is the management of Berkshire's investments," said Steve Check, founder of Check Capital Management. "Why has it been decided that Greg will be managing 90-plus percent of the investments while also overseeing the operating companies? Will he be able to do this well?"

AI and tech question

Investors said one other topic likely to surface is artificial intelligence, both as a risk and an opportunity across Berkshire's diverse portfolio of businesses, which span insurance, railroads, energy and consumer brands.

"There will be an AI question," Sykes said. "In terms of durability, what will be disrupted, what could benefit? And, what are their thoughts about how they're approaching, kind of, this dynamic economic component through AI."

Abel may also be questioned about Berkshire's approach to technology broadly, an area where the company has historically been cautious. As artificial intelligence reshapes industries and capital spending across corporate America, shareholders are expected to probe how the chief executive plans to position Berkshire.

"Considering BRK's historical underinvestment in technology, we expect discussions to center around how the company is approaching technology and AI under Mr. Abel's leadership," UBS' Meredith said.

Berkshire quietly added a stake in Alphabet late last year, a sign the company may be getting more comfortable dipping further into the sector.

For longtime attendees, the atmosphere may evolve, but the core appeal remains.

"I still think we'll still have a good atmosphere and a good camaraderie. ... We're all there for one thing ... to talk about Berkshire Hathaway and all that's going on," Stone said.

— CNBC's Sarah Min contributed reporting.