Summary

• Greg Abel passed his first test, navigating the 2026 annual meeting confidently and earning investor trust in the post-Buffett transition.
• Q1 operating earnings came in strong at $11.35B, up 17.7% YoY, with insurance underwriting and BNSF as standout performers.
• The $397B cash pile remains the biggest overhang for BRK.B, with nearly 40% of market cap sitting in T-Bills acting as a drag on compounding and shareholder returns.
• Valuation isn't a bargain, but it holds up on a relative basis vs. the S&P 500 — worth holding, but only worth adding below $450-460/share.

On Saturday, 2 May, Berkshire Hathaway (BRK.B) (BRK.A) hosted its 2026 annual meeting - its first, since Warren Buffett stepped down as the CEO of the firm and passed the baton to Greg Abel. I won't lie, as an investor with Berkshire

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of BRK.B either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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