Buffett's First Absence, What to Watch at Berkshire's Annual Meeting on Saturday?

Berkshire Hathaway's annual shareholders' meeting will be held in Omaha on May 2nd, marking the company's first-ever annual meeting without Warren Buffett taking the stage.

The incoming CEO, Greg Abel, will co-host the initial Q&A round with insurance business head Ajit Jain, and BNSF Railway CEO Katie Farmer and NetJets CEO Adam Johnson will also participate in the second group discussion.

Long-term observers anticipate a notable shift in the meeting's style—less philosophical discourse led by Buffett, replaced by in-depth probing into specific business operations and strategies.

The share repurchase topic is expected to be one of the focal points. Berkshire resumed stock buybacks in March, the first time since 2024. According to UBS estimates, as of the announcement, the company had repurchased approximately $225 million in shares. However, after the announcement, Berkshire's stock price fell by about 3%, while the S&P 500 rose by about 3% in the same period.

UBS analyst Brian Meredith estimates that the stock is currently trading at a discount of approximately 8% to its intrinsic value.

"Given that the discount of BRK's stock price to its intrinsic value has widened further post-announcement, we believe that the company's execution of additional buybacks will be a key factor affecting investor sentiment."

Another theme is the direction of technology investments. AI is reshaping industry landscapes and driving significant increases in corporate capital expenditures, and Berkshire has traditionally been cautious in the tech sector. Meredith notes:

"Considering BRK's historical underweight in the tech sector, we expect the discussion to focus on how the company will address the challenges of technology and AI under Abel's leadership."