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 underscores 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 evolve over time—and clearly, such opportunities will be topics for discussion between Ajit Jain and the Tokio Marine executive team. Should such an opportunity arise, 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 increased import costs? 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 and recover these tariff costs—either through contracts directly with customers or via the products we manufacture. Our team has handled this exceptionally well. Right now, many things remain uncertain, and we aren’t actively pursuing such measures. BNSF CEO: Regarding compensation—no. But let me add a few words on tariff impacts. In early 2025, we saw some customers rush shipments ahead of tariff implementation, leading to higher freight volumes. Then volumes stabilized in the second half of 2025, and by 2026, our customers had fully adapted and adjusted to the tariffs. That said, tariffs have introduced real uncertainty. From a planning perspective, this has been extremely difficult for our customers—causing some capital to pause investments in manufacturing facilities. It’s precisely this tariff-related uncertainty that we’ve observed most acutely among our customers. NetJets CEO: Let me cite Berkshire Hathaway Automotive as an example: its new-car sales this year are slightly down versus last year—partly due to tariff effects. The problem is, tariffs change daily; merely understanding this ‘bouncing ball’ of tariff policy 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? 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—who, when thinking like owners, deliver outstanding results across the entire conglomerate. But decentralization doesn’t mean abdicating accountability. This autonomy implies willingly embracing immense responsibility—and the pride that comes with doing things well.

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

With Buffett’s succession complete, 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—a 10% year-on-year increase; operating profit reached $12.983 billion, up 16% year-on-year; and net income attributable to shareholders soared to $25.667 billion, a dramatic 107% increase year-on-year. For the first half of 2026 overall, Berkshire achieved total revenue of $209.955 billion, up 15.25% year-on-year; operating profit totaled $24.329 billion, up approximately 17%; and net income attributable to shareholders amounted to $35.773 billion, surging 110.76% year-on-year. Regarding the sharp net income growth, Berkshire clarified that this high headline figure does not reflect a substantial improvement in the company’s underlying operational capability. The primary driver behind this surge 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. As a result, GAAP net income is significantly inflated and offers limited reference value. Berkshire also stressed that, after stripping out volatility caused by equity market fluctuations, the company’s operating earnings have remained steadily robust. By business segment, the Manufacturing, Services & Retail segment performed strongly in Q2, generating $4.47 billion in operating profit—a roughly 24% increase year-on-year (versus $3.601 billion in the prior-year quarter); the railroad transportation segment posted $1.558 billion in operating profit, up approximately 6%; and Berkshire Hathaway Energy delivered solid results too, reporting $891 million in quarterly profit—up about 27% year-on-year. In contrast, the company’s core insurance business posted modest declines this quarter. Insurance underwriting profit stood at $1.731 billion, down 13% year-on-year; and insurance investment income totaled $3.059 billion, down roughly 9%. Yet for capital markets, Berkshire’s overall earnings changes 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—the parent company of Google. Notably, this marks Google’s debut among Berkshire’s top five holdings. During Q2, the company accumulated approximately $10 billion worth of Google shares. Regarding this major investment in Google, Buffett stated publicly in an interview that he personally initiated and facilitated the decision—but he also explicitly affirmed that Abel holds ultimate decision-making authority over the company’s investment activities. On the rationale behind investing in Google, Buffett noted that, judging by the company’s historical operating performance, Google’s odds of success in artificial intelligence far exceed those of most AI projects championed by Wall Street.

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