Greg Abel leads first Berkshire annual meeting in post-Buffett era

• Greg Abel chaired Berkshire Hathaway's 2026 annual meeting in Omaha, the first without Warren Buffett on stage following Buffett's retirement.
• Abel explicitly ruled out a break-up of Berkshire, framing continuity with Buffett's legacy as the central message of his tenure.
• He reviewed core stock holdings and reiterated Buffett investment principles, with patience as his headline guidance to shareholders.
• Buffett attended as a front-row observer and publicly underscored his support for Abel, providing a visible endorsement to shareholders.
• Shareholder reception was broadly positive, though analysts noted the difficulty of following Buffett, with Barron's grading Abel's debut a B-plus.
• Attendance was reported to be lower than in prior years, and the meeting opened with a deepfake of Buffett posing a question, reflecting the outsized shadow the founder still casts over the franchise.

Analysis: Lower attendance and the deepfake opening reveal that a portion of Berkshire's premium valuation has always reflected Buffett's personal brand rather than the underlying business. Abel's emphasis on…