To The Moon

"When nobody picks up the phone, that's when you buy."

On May 2, 2026 (local time), Berkshire Hathaway $Berkshire Hathaway(BRK.A)$ $Berkshire Hathaway(BRK.B)$ held its 2026 Annual Shareholders' Meeting in Omaha — the hometown of the "Oracle of Omaha." This marked the first time in Warren Buffett's 60-year reign that he stepped back from the spotlight, with new CEO Greg Abel taking center stage for his first public "stress test."

The 95-year-old Buffett sat in the front row, speaking occasionally and giving a sideline interview to CNBC. The meeting lasted roughly 4.5 hours — shorter than the usual 5-6 hour marathons of the past. Here are the 10 must-read highlights and investment insights compiled for Tiger investors 👇

I. 🔍 10 Must-Read Highlights from Berkshire's 2026 AGM

① 🎽 A Historic Handover: Buffett's #60 Jersey Retired

Abel opened the meeting by announcing that Buffett's #60 jersey would be hung from the arena rafters, alongside the late Charlie Munger's #45 — permanently honoring both legends for their decades of stewardship.

This was Berkshire's way of closing one era and opening another.

② 💰 Record Cash Pile: $397.4 Billion

Berkshire's Q1 cash reserves surged to a record $397.4 billion (net cash & short-term securities at ~$380.2B).

In his CNBC interview, Buffett said he doesn't see an ideal investing environment right now. The best time to buy? "When nobody else is picking up the phone."

Translation for us: Don't rush. Wait for the panic. Patience is the ultimate edge.

③ 💯 Buffett Gives Abel a Perfect Score

"Abel has done more — and done it better."

Buffett heaped praise on his successor: "He has done everything I used to do, and even more, and he has done it all better. So we give this decision a score of 100."

The meeting coincided with the one-year anniversary of Abel's CEO appointment. For markets, this was a major confidence booster.

④ 🤖 AI Strategy: No AI for AI's Sake

Abel stressed: "AI has to be beneficial to our businesses. We will not do AI for AI's sake." AI will be deployed in small, value-focused ways.

Most strikingly, the Q&A session opened with a deepfake video of Buffett — a vivid cybersecurity warning to shareholders about the risks of AI.

Classic Buffett move: teach the market with a real example, not a lecture.

⑤ 🍎 The "Big Four" Core Holdings Unchanged

$Apple(AAPL)$ , $American Express(AXP)$ , $Moody's(MCO)$ , $Coca-Cola(KO)$ — Abel reaffirmed these four as the bedrock of the portfolio, with the top two tiers of holdings totaling nearly $270 billion.

Buffett recalled: "We bought Apple for $35 billion 10 years ago. With dividends, it's now worth $185 billion — and I didn't do a thing."

That's the magic of long-term holding. Food for thought for us traders! 💪

⑥ 🇯🇵 Japanese Trading Houses: A "Forever" Bet

Abel called the investment in Japan's five trading houses "long-term and strategic." "We really think of them as forever."

The $1.8 billion partnership with Tokio Marine is a 10-year joint M&A and reinsurance collaboration, not a passive financial bet. Berkshire is playing the long game in Japan.

⑦ ⚓ Insurance on the Strait of Hormuz: "It Depends on Price"

When asked if Berkshire would insure ships transiting the Strait of Hormuz, insurance vice chairman Ajit Jain gave a blunt answer: "It depends on price."

He added that U.S. Navy escorts for transiting vessels would be a prerequisite for underwriting.

An old insurer's answer — clean and simple: we'll take the risk, but the price must be right.

⑧ 🏗️ No Breakup, No Dependence on Anyone

Abel flatly ruled out a breakup: "Absolutely not. We are a conglomerate, but we are an efficient conglomerate with no layers of management."

He emphasized that the massive cash and U.S. Treasury holdings give Berkshire "the freedom to act. We are not going to be beholden to anybody."

In an era where giants are often pushed around by activist investors, Berkshire's independence is its true moat.

⑨ 📈 Q1 Results: Operating Profit $11.3B, Up 18% YoY

Berkshire's Q1 operating profit hit $11.3 billion, driven by a ~29% surge in insurance underwriting profit (Q1 2025 included an $860M after-tax charge for California wildfires, while Q1 2026 saw no major catastrophes).

GEICO's policies-in-force grew 2%, with a core goal of restarting growth.

⑩ 🎯 Market View: Not an Ideal Environment Right Now

Buffett noted: "The gambling instinct has never been higher." Now is not an ideal investing environment.

He reminded the audience: people worry about things that usually don't happen. It's the sudden black swans that move markets. Abel reiterated that one of Berkshire's greatest strengths is patience and discipline in capital allocation.

For retail investors like us: don't FOMO, don't chase. Cash is a position.

II. 🔍 6 Key Differences from Previous AGMs

① 🎭 New Lead Actor: Buffett Moves from Center Stage to the Audience

For the first time in 60 years, Buffett did not host the Q&A session.

Buffett, seated in the audience, took the mic and said: "This handover is 100% successful. He took over everything I did — and did more, and better."

② ⏱️ Shorter Duration: Compressed from 5-6 Hours to ~4.5 Hours

• Q&A start: Delayed from 8:00 AM to 9:30 AM

• Mid-break: Extended from 30 min to 60 min

• End time: Still around 2:00 AM Singapore time

③ 🏢 Subsidiary CEOs on Stage: From "One-Man Show" to "Team Battle"

The most symbolic change: subsidiary leaders joined Abel on stage.

The signal: Berkshire's authority no longer relies on one person's charisma, but on a diversified operational system.

④ 🎪 Cooler Crowd Energy: From "Capitalist Woodstock" to Business Meeting

"Sadly we miss Warren and Charlie and that show which was fun, but it's a business meeting for a lot of us." — Investor Chris Bloomstran

⑤ 🎨 Merchandise "De-Buffettization": Abel Takes Center Stage

Abel even personally designed his own Squishmallow — "focused, passionate, all-in."

⑥ 📝 Communication Style Shift: From "Folksy Wisdom" to "Operational Report"

Analysts say Abel's core challenge is showing his own strategic vision while preserving Berkshire's unique culture.

III. 🔍 Additional Investment Highlights (Not in Top 10)

① 📊 Q1 Earnings at a Glance

Note: Q1 2025 included an $860M after-tax California wildfire charge. Q1 2026 had no major catastrophes, boosting insurance profits.

②💸 Share Buybacks: Only $234M — Abel Hasn't "Hit the Gas" Yet

Berkshire repurchased just $234 million of its own stock in Q1, signaling Abel remains cautious on buybacks and has not yet accelerated the pace.

This contrasts with market expectations of "massive buybacks," reflecting Abel's conservative view on current valuations.

③🚂 BNSF Railway: AI Powering 177 Years of Data

Abel revealed BNSF runs 750+ trains daily and is using AI for:

• Predictive failure monitoring (locomotives & equipment)

• Scheduling & operational optimization based on 177 years of railroad data

This is Berkshire's "no AI for AI's sake" philosophy in action — AI must solve real business problems.

④🌍 FX Gains: A Sharp Reversal

Foreign exchange gains saw a significant turnaround in Q1, becoming one of the key drivers behind the roughly 120% YoY surge in GAAP net income.

⑤ 🎓 Buffett's "Final Lesson": The Deepfake Warning

The AI deepfake video of Buffett at the opening wasn't just a cybersecurity warning — it was Buffett's final lesson to the market:

In an age where AI makes truth hard to distinguish, clear, sincere, principled communication is the shortest path to building trust.

Whether in investing or public speaking, authenticity is always the best strategy.

IV. 🔍 5 Unanswered Questions Investors Care About Most

V. 🔍 3 New Takeaways for Retail Investors

🎯 Closing Thoughts for SG Investors

Berkshire's 2026 AGM wasn't just a meeting — it was a passing of the torch.

For Singapore investors, the key message is clear: In a world of AI hype, geopolitical noise, and FOMO-driven markets, the oldest edge in investing still works — patience, discipline, and owning wonderful businesses forever.

Buffett may have moved to the audience, but his principles remain center stage. The question for us is: Are we investing with the same patience Berkshire is showing with its $397 billion cash pile?

"The stock market is designed to transfer money from the Active to the Patient." — Warren Buffett

What's your take on Abel's debut? And what "elephant" do you think Berkshire is waiting to buy with that $397B war chest? Drop your thoughts below! 👇

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investing involves risk. Please conduct your own due diligence.

🐯 See you in the markets!