Berkshire shares struggle into annual meeting. Can Abel rekindle enthusiasm without Buffett center stage?

berkshire hathaway's annual meeting this weekend will be the first without warren buffett as the central figure. the 95-year-old isn't on stage — greg abel, who became ceo at the start of 2026, takes the lead. investors expect the tone to shift from buffett's investing philosophy to a more business-focused discussion of operations and capital allocation. the change comes as berkshire struggles. shares are down more than 5% year to date, trailing the s&p 500's 4% gain. operating earnings fell nearly 30% in q4 2025, driven by a 54% drop in insurance underwriting profits. first-quarter earnings are due saturday morning. berkshire resumed buybacks in march for the first time since 2024, repurchasing about $226 million. abel used his entire after-tax salary of $15 million to personally buy shares, and says he'll do so every year as ceo. abel is also reshaping the roughly $300 billion equity portfolio. he's unwinding positions tied to former deputy todd combs, who left for jpmorgan. ted weschler manages about 6% of the portfolio; abel oversees the rest directly. investors will likely press him on ai, an area where berkshire has been cautious. the company quietly added an alphabet stake late last year.