2026 Berkshire Hathaway Annual Meeting Live Broadcast: Buffett Steps Aside, Abel Takes Center Stage for the First Time

The third matter discussed was the partnership, which highlights various aspects—how we hope this relationship will evolve remains unclear. So we’ll let it develop organically. This partner shares our culture and values. There’s no doubt it will be outstanding for many years to come. As for pursuing outright acquisitions in insurance or other fields, that will unfold over time—and clearly, such opportunities would be discussed by Ajit and the Tokio Marine executive team. If such an opportunity arises, we’d be delighted. 01:50 Question 10: Impact of Tariffs on the Portfolio? Question: Has Berkshire Hathaway considered seeking tariff relief or compensation programs for its wholly owned operating businesses facing import-cost pressures? How significant is this impact across the entire investment portfolio? Abel: The impact of tariffs on our overall portfolio resembles our earlier discussion about the Middle East situation. We experienced this once during the first administration and learned from it—so we’re better prepared now. We’ll simply roll up our sleeves and manage it ourselves. We’ll find ways to continue serving our customers—recovering these tariff costs either through direct customer contracts or via the products we manufacture. Our team has handled this exceptionally well. Many things remain uncertain at present, and we’re not actively pursuing such measures. BNSF CEO: Regarding compensation—no. But let me add a few words on tariff impacts. In early 2025, we observed some customers accelerating shipments ahead of tariff implementation, leading to increased freight volume. Then, volumes stabilized in the second half of 2025; by 2026, our customers had adapted and adjusted to the tariffs. That said, this has indeed introduced uncertainty. From a planning perspective, it’s extremely difficult for our customers—causing some capital to remain on hold regarding investments in manufacturing facilities. It’s precisely this tariff-related uncertainty that we’re truly observing among our customers. NetJets CEO: Let me use Berkshire Hathaway Automotive as an example—it saw a slight decline in new vehicle sales this year versus last year, partly due to tariff impacts. The issue is that tariffs change daily; merely understanding this ‘bouncing ball’ of tariffs is itself a full-time job. 01:35 Question 9: How Is Berkshire’s Decentralized Model Managed? How Does BNSF Maintain Competitiveness? Question: Berkshire’s system relies on decentralization: each manager serves as CEO of their own subsidiary. Which operating units require more oversight, and how are underperforming managers addressed? BNSF’s profitability lags behind competitors—how will it maintain competitiveness against rivals and emerging technologies? Abel: I emphasized our decentralized model, risk discipline, and capital allocation. We have an exceptional group of leaders and businesses—those closest to their customers—and if they think like owners, we achieve outstanding results across the entire conglomerate. But decentralization doesn’t mean abdicating responsibility. This autonomy means willingly accepting, alongside it, tremendous accountability—and pride in doing things well.

Buying $10 Billion in Google! Abel Begins Searching for His Own 'Apple Moment'

Following Buffett’s succession, Berkshire Hathaway has entered the Abel era. Recently, Berkshire Hathaway released its Q2 2026 financial results. The report shows total revenue of $101.808 billion for the quarter, up 10% year-on-year; operating profit of $12.983 billion, up 16%; and net income attributable to shareholders of $25.667 billion—a sharp increase of 107% year-on-year. For the first half of 2026 overall, Berkshire achieved revenue of $209.955 billion, up 15.25% year-on-year; operating profit of $24.329 billion, up approximately 17%; and net income attributable to shareholders of $35.773 billion, up 110.76% year-on-year. Regarding the sharp surge in net income, Berkshire clarified that the high reported earnings do not reflect a substantial improvement in the company’s underlying operational capabilities. The primary driver behind this earnings spike was $16.077 billion in investment gains—of which $15.644 billion stemmed from unrealized gains on equity holdings—combined with a low base effect from Kraft Heinz’s asset impairment in the prior-year period. Consequently, GAAP net income is significantly inflated and offers limited reference value. Berkshire also stressed that, after excluding distortions caused by stock market volatility, the company’s operating profit has remained steadily robust. By business segment, the Manufacturing, Services & Retail segment performed strongly in Q2, generating $4.47 billion in operating profit—up approximately 24% year-on-year (versus $3.601 billion in the prior-year quarter). The railroad transportation segment posted $1.558 billion in operating profit, up roughly 6%. Berkshire Hathaway Energy also delivered solid results, reporting $891 million in quarterly profit—up approximately 27%. In contrast, the company’s core insurance business posted a modest decline this quarter. Insurance underwriting profit stood at $1.731 billion, down 13% year-on-year; insurance investment income totaled $3.059 billion, down approximately 9%. Yet for capital markets, Berkshire’s overall earnings fluctuations are not the main focus—the company’s latest investment moves are what truly capture external attention. Looking at Berkshire’s equity holdings as of mid-2026, its top five positions were Apple, Bank of America, Coca-Cola, American Express, and Alphabet (Google’s parent company). Notably, this marks the first time Google has entered Berkshire’s top-five holdings. During Q2, the company accumulated approximately $10 billion in Google stock purchases. Regarding this major investment in Google, Buffett stated publicly in an interview that he personally initiated and facilitated the decision—but also explicitly affirmed that Abel holds final decision-making authority over the company’s investment activities. On the rationale behind investing in Google, Buffett noted that, based on the company’s historical operating performance, Google’s odds of success in artificial intelligence development are likely far higher than those of most AI projects championed by Wall Street.

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