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

The third matter discussed concerns 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. However, as for pursuing absolute acquisitions in insurance or other fields, that will unfold over time—and clearly, such matters will be discussed by Ajit and the Tokio Marine executive team. Should such opportunities 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 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. Our approach is simply to 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. Right now, many details remain unsettled, 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 observed some customers accelerating shipments ahead of tariff implementation, leading to a temporary freight volume increase. Then, in the second half of 2025, volumes stabilized; by 2026, our customers had fully adapted and adjusted to the tariffs. That said, uncertainty remains. From a planning perspective, this uncertainty poses real difficulties for our customers—causing some capital to remain on hold regarding investments in manufacturing facilities. It is precisely this tariff-related uncertainty—not the tariffs themselves—that we observe 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 embracing, willingly, tremendous responsibility—and pride in doing things well.

Has Berkshire Hathaway’s Stock Price Hit a New All-Time High Against Market Trends—Is It Because Buffett’s Portfolio Picks Were Once Again Correct, or Has Abel Launched a New Investment Direction?

Don’t fixate on the stock price—focus on the company itself! That’s the bedrock of value investing! Stock prices result from the叠加 of numerous factors; trying to decipher their direction is fundamentally a pipe dream! Even analysis of past prices is subjective—everyone has their own interpretation. You can’t convince me, nor can I convince you. Such price analysis is utterly meaningless. We cannot predict Berkshire’s future with certainty. But for now, its dozens of wholly owned subsidiaries continue generating steady profits (and cash flow). Its major holdings—Apple, Bank of America, Coca-Cola, American Express, and Occidental Petroleum—remain sound. Its insurance float sits at a historical high—and Buffett is still here. The value-investment framework he created continues operating effectively. So, Berkshire’s fundamentals are solid. If you already hold the stock, there’s no need to sell. If you haven’t bought yet, the current price isn’t suitable for entry! That’s it—simple and clear. There’s no point analyzing why the stock rose; even if you did, your explanation would likely be wrong—or, even if right, no one could verify it. It’s utterly meaningless!

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