Buffett attended the meeting in person, telling the audience that “Greg is doing everything I did and then some,” reprising comments he made last year when he announced his retirement as CEO.
The 95-year-old also praised Apple, one of Berkshire’s most successful investments, and its departing chief executive, Tim Cook. Buffett remains Berkshire’s chairman.
Though Berkshire is now a US$1.02 trillion behemoth with dozens of companies, Abel said it has a “unique opportunity” to build on its businesses and redeploy capital. “We can create long-term value for shareholders,” he said.
BUFFETT PRESENCE AT MEETING
Before the meeting, Berkshire said first-quarter operating profit totaled US$11.35 billion, up 18 percent from a year earlier, when its insurance businesses suffered losses from southern California wildfires.
Several retail businesses struggled with uncertain economic conditions and lower consumer confidence. Some big operations, including the BNSF railroad, posted higher profit.
Though Berkshire is often considered a microcosm of the US economy, its shares have lagged the Standard & Poor’s 500 by 39 percentage points since Buffett announced at last year’s meeting that he would step down.
That in part reflects Berkshire’s decision not to hastily deploy more of its huge cash stake, which was a record US$380.2 billion at the end of March. Berkshire saw some value in its own stock, repurchasing US$234 million in the first quarter, its first buybacks since May 2024.