Nearly $400 billion in cash. An arena only a little over half full. Greg Abel ran his first Berkshire Hathaway annual meeting Saturday in Omaha, leading detailed business briefings while Warren Buffett, now chairman, sat in the audience and spoke briefly. The session put company operations, risks from the Middle East and questions about artificial intelligence front and center, signaling a shift from Buffett’s folksy Q&A to a management-led operational focus.

Attendance at the CHI Health Center was noticeably lower than in prior years. The arena was only a little over half full, the Associated Press reported. For decades, crowds topped 40,000 when Warren Buffett was on stage.

But the spectacle felt different. Greg Abel ran the program with a businesslike cadence. He walked through efforts to improve Berkshire’s railroad and insurance arms. He warned the company won’t pursue artificial intelligence work for its own sake, saying Berkshire is thinking critically about how AI can add value, CNBC reported.

A new stage, a new rhythm

The questions leaned operational. Managers described supply chains. They outlined cost pressures. They talked about how oil and shipping affect their businesses. Vice Chairman Ajit Jain answered one of the day’s flashpoint questions about the Strait of Hormuz. He said Berkshire would insure ships there if the price was right and if the U.S. Navy provided an escort, the AP reported. "The short answer is it depends on the price," Jain said.

Abel linked the war in the Middle East to challenges across Berkshire’s companies. He said higher oil costs affect many operations. "We very quickly move to what's the best solution for our customers," Abel said, according to AP. The comments showd a hands-on approach from managers who oversee core businesses.

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Honoring Buffett while shifting the spotlight

The meeting began with a video tribute to Buffett and a ceremonial hanging of jerseys bearing Buffett’s and Charlie Munger’s names in the rafters, AP reported. Buffett praised Abel live on stage and said he was glad he promoted him when he did. Buffett also told CNBC in a sideline interview that he didn't see an ideal investing environment and warned against treating the market like a casino.

"If the whole world lived by the golden rule then it would be such a more wonderful society," Buffett said, per AP.

Organizers blended homage with modernization. A deepfake of Buffett asked a question during one segment, prompting discussion about cybersecurity risks tied to AI, CNBC said. Abel used the moment to stress caution. He said Berkshire won’t chase AI projects unless they clearly add value.

That restraint tracked with what longtime attendees expected. David Kass, a finance professor at the University of Maryland, told Business Insider the Q&A would likely feel more sober without Buffett’s humor. Brian Gongol, a Berkshire shareholder of nearly 20 years, said Abel "can't help but sound more like an accountant than like a founder," Business Insider reported. And Eric Schleien, who has attended every meeting since 2006, said Buffett’s absence won’t feel like the headliner canceled. "It's more like the band is still playing," Schleien said.

The exhibit hall still brimmed with Berkshire brands. Fans shopped Nebraska Furniture Mart and Borsheims. But Business Insider and the AP both noted the crowd skewed more toward core shareholders and local devotees than the star-struck tourists who once flocked to see Buffett speak.

Financial context remained central. Berkshire’s latest report showed a record cash balance approaching $400 billion, CNBC reported. That figure framed many questions from the floor about how management might deploy capital and how operations will be funded in a higher-cost environment.

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"If the whole world lived by the golden rule then it would be such a more wonderful society," Buffett said.

This article was created with AI assistance.