In Abel’s first year at the helm, he submitted an exam paper titled 'Doing Nothing'—yet this paper was worth $37.3 billion.

Abel’s First Year: A 'Do-Nothing' Exam Paper Worth $37.3 Billion The S&P 500 has just hit a new all-time high—but the world’s largest long-term investor chose to stand still. That very stillness itself is a price signal. Berkshire Hathaway’s annual shareholders’ meeting opened today in Omaha. Every first Saturday of May, tens of thousands of investors fly to this small Nebraska city of 500,000—many begin queuing outside the venue at 3 or 4 a.m. to secure seats with a clear view of the stage. Before the meeting begins, exhibits showcase Berkshire’s portfolio brands: See’s Candies’ candy booth, Dairy Queen’s ice cream, Coca-Cola, and GEICO. Buffett himself dubbed this gathering the 'Woodstock for Capitalists'; over decades, it has evolved into a global pilgrimage for the investment community. For most of the day, management fields questions from shareholders and journalists—no topic is off-limits, no questions pre-submitted. Last year, Buffett announced his succession plan, naming Greg Abel as his successor. This year marks Abel’s debut as chair of the annual meeting. Abel has been with Berkshire for over two decades—joining its management team when Berkshire acquired MidAmerican Energy in 2000, becoming CEO of Berkshire Energy in 2008, promoted to Vice Chairman (overseeing non-insurance businesses) in 2018, and officially named heir apparent in 2021. Known for his low-key demeanor, he remains so understated that many retail investors couldn’t even name him. Ironically, in his first year at the helm, BRK-B consistently underperformed the S&P 500—falling behind for months amid the AI-driven market rally, where old-money firms telling no AI story failed to command valuation premiums. After Six Quarters of No Buybacks, Abel Resumed Them Abel’s first capital-allocation decision as CEO was announcing the resumption of share repurchases on March 4. Berkshire began systematic buybacks in 2018—but had purchased zero shares for six consecutive quarters, judging the stock insufficiently attractive. Upon taking charge, Abel reinstated buybacks, recognizing that BRK’s price relative to its intrinsic value had become compelling—and that the market was effectively discounting Berkshire. The timing of the buyback resumption coincided precisely with the S&P 500 nearing an all-time high. While others chased new highs, Abel judged Berkshire itself undervalued. This was no coincidence: someone managing cash on this scale does not make buyback decisions casually. He did not publicly comment on whether the S&P was expensive—but these two actions together convey one unified message: the $37.3 billion in cash on hand remained untouched, signaling that no external assets appeared cheap enough to buy; yet funds were allocated to buybacks, indicating Berkshire’s own stock was, in fact, undervalued by the market. Abel spent over two decades managing physical assets—power grids and pipelines—at Berkshire Energy, never having come from a background in stock trading or derivatives. His first public act as Berkshire CEO was announcing the March 4 buyback resumption. $37.3 Billion in Cash Generates $1.5 Billion in Annual Interest Income When outsiders see $37.33 billion in cash, their instinctive reaction is: 'Too much money—nowhere to deploy it.'

Buffett retires; Abel’s debut: 10 practical insights for enduring corporate longevity.

Beware of Arrogance, Bureaucracy, and Complacency When asked why investors should hold Berkshire Hathaway long term, Abel emphasized vigilance against the 'Three Poisons': Arrogance, Bureaucracy, and Complacency. This mindset of perpetual vigilance manifests in operational details: the insurance business employs a fixed-salary compensation structure to prevent employees from taking undue risks for short-term gains; a core leadership team with 35 years of collective experience ensures continuity and consistency in decision-making. Chinese enterprises often develop 'large-company disease' during expansion phases. Berkshire’s antidote: maintaining a lean organizational structure, strengthening the role of chief risk officers, and establishing cross-business mechanisms for sharing operational experience. Insight Seven: The 'Dual-Track System' for Utilities—Balancing Social Responsibility and Commercial Interests Berkshire Energy achieves 93% renewable power generation in Iowa—yet retains coal-fired units to meet peak demand. Abel explained: 'State governments determine asset operating lifecycles, because customers ultimately bear the costs.' This balancing act—complying with policy while ensuring commercial viability—drove a 13% increase in utility profits this quarter. Implication for Chinese entrepreneurs: Amid China’s 'dual carbon' goals, new-energy transitions must avoid 'campaign-style emissions reductions.' Instead, gradual, region-specific plans—tailored to local energy structures and customer affordability—are essential. Insight Eight: The 'Strategic Partnership' Model for International Operations—From Financial Investment to Operational Synergy Berkshire’s investments in Japan’s five major sōgō shōsha (general trading companies) reflect a new strategic mindset: shifting from purely financial stakes to decade-long collaborative ventures—including joint acquisitions via Tokyo Marine and reinsurance cooperation. Abel stressed: 'This is a trust-based relationship that transcends mere investment—cultural alignment matters more than financial terms.' This model mitigates geopolitical risk while delivering stable, long-term returns. Chinese enterprises venturing overseas frequently encounter cultural barriers. Berkshire’s lesson: select partners whose values align with yours; build localized management teams; prioritize long-term relationships over short-term gains. Insight Nine: The 'Head-Down Hard Work' Philosophy for Crisis Response—Turning Challenges into Opportunities Faced with Middle East tensions and tariff volatility, Berkshire subsidiaries demonstrated remarkable adaptability: LSBI Pipeline developed drag-reduction solutions for Middle Eastern markets; BNSF Railway enhanced intermodal transport competitiveness amid high oil prices. NetJets’ CEO summarized: 'We’ve weathered pandemics and high inflation—now tariffs. What matters most is flexibility.' Entrepreneurs should build a 'crisis playbook': proactively simulate disruptions—supply-chain breakdowns, regulatory shifts—and cultivate teams capable of rapid response. Remember: survival in crisis favors not the strongest, but the most adaptable. Insight Ten: The 'Permanent Holding' Mindset for Corporate Longevity—Resisting Short-Term Pressure to Spin Off When asked whether Berkshire would consider spinning off businesses, Abel responded firmly: 'We buy to hold permanently—unless irreconcilable labor issues or reputational risks arise.' This long-termism enables tax-efficient, cross-business capital reallocation—avoiding the temptation to break up high-quality assets solely to boost short-term earnings reports. Contrasted with some domestic firms that 'spin off businesses solely to go public,' Berkshire proves that an integrated business ecosystem—combined with flexible capital deployment—is vital for navigating economic cycles. Key Insight: What Changes—and What Endures—in the Post-Buffett Era Enduring Core Principles: Unwavering commitment to the 'circle of competence' (investing only in businesses one truly understands)

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