The 2026 Berkshire Hathaway Annual Meeting of Shareholders, held on May 2nd in Omaha, Nebraska, drew global investor attention. This year marked the 61st iteration of the event. At the meeting, an interview was conducted with Steve Jordan, a seasoned journalist who has long covered Berkshire and authored a biography of Warren Buffett.
Steve Jordan remarked, "People are always asking what stock Buffett will buy next, but what truly shaped Berkshire is the consistent judgment framework and temperament he has maintained for sixty years."
Reflecting on decades of interviews, Jordan noted that what left the deepest impression was not Buffett's opinion on any specific stock, but his clear understanding of what he did *not* know. This self-awareness, Jordan suggested, is even more scarce in today's market, dominated by AI narratives and short-term fluctuations. "At this year's meeting, I sensed investors' focus on succession," Jordan said. "But Berkshire has been very clear on this for over a decade. Greg Abel does not need to become Warren Buffett; he just needs to continue doing what he has always done."
The following is a transcript of the interview:
**Q: Steve, thank you for this interview. As a long-time Berkshire follower and Buffett's biographer, what stood out most at this 61st meeting?** A: Thank you. The most distinctive aspect this year is the palpable sense of a transition. Buffett is still on stage, but Greg Abel is increasingly taking on the role of addressing operational questions. Having observed these meetings for decades, I would describe this year's atmosphere as both nostalgic and forward-looking. Investors come to Omaha not just to hear Buffett, but to sense whether the company can perpetuate its culture.
**Q: What was your most surprising discovery while writing the Buffett biography?** A: Many assume Buffett's success stems from being smarter or possessing a secret. But after梳理ing decades of his interviews, letters, and decision-making processes, I found his approach remarkably consistent. What he said in his sixties was essentially the same as what he said in his thirties. This 'consistency' sounds simple, but in the investment world, it is an exceptionally rare ability. The market tries to persuade you to change every day; he was not persuaded.
**Q: What does Omaha mean to Buffett, and what does Buffett mean to Omaha?** A: It's a mutually beneficial relationship. Buffett often says staying in Omaha insulates him from Wall Street noise, allowing for clearer thinking. I believe that's true—the density of information and emotion you experience daily in New York versus Omaha is entirely different. Conversely, Buffett has made this Midwestern city a global destination for investors every May. For locals, the impact is not just economic but also a source of identity.
**Q: Regarding succession, how do you assess Greg Abel? Some externally worry he cannot replicate Buffett's influence.** A: I believe that concern is misplaced. Greg Abel does not need to be Buffett, nor can he be—their styles and eras are different. Abel is a very solid operator; his execution in the Berkshire Energy business is evident. He won't tell jokes on stage like Buffett, but he inherits the same core values: long-termism, capital allocation discipline, and respect for operational details. Investors should focus on these, not stage presence.
**Q: With the global AI wave, many debate whether Buffett's value investing philosophy is outdated. Your view?** A: AI has changed the speed of information access and competitive dynamics in some industries, that's a fact. But AI hasn't changed the hardest part of investing: human nature, patience, and the ability to maintain judgment under pressure. Charlie Munger once said the hardest part isn't knowing what's right, but坚持ing to do the right thing over years or even decades. AI can't help you with that. So I don't believe value investing is obsolete; in an era of increasing information overload, the value of maintaining independent judgment amidst the noise is actually rising.
**Q: Finally, as a long-time observer of Buffett, what advice do you have for China's younger generation of investors?** A: I've interacted with many Chinese investors, including those who come to Omaha annually. I sense this generation is very diligent and operates with high information density. The one point I'd share is: don't confuse being 'busy' with making good investment decisions. Buffett makes very few major decisions each year; he spends most of his time reading and thinking. The trap young investors最容易 fall into is feeling they must do something daily or risk falling behind. In reality, this industry often rewards those who can sit still.
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