Buffett in a Sweater, Abel at the Helm: Berkshire's Annual Meet Marks a Quiet Changing of the Guard

As Greg Abel led Berkshire Hathaway's 2026 annual meeting for the first time, a relaxed Warren Buffett sat in the front row and delivered an emotional tribute to Apple CEO Tim Cook — calling his stewardship one of American business's great miracles.

A Different Kind of Entrance

Warren Buffett walked into the CHI Health Center in Omaha on Saturday wearing a sweater. It was a small detail — the kind you might miss — but for those who have followed the 93-year-old investor across decades of shareholder meetings, it was anything but ordinary. The man who built Berkshire Hathaway into a $900 billion empire almost always appeared on this stage in a dark suit. This time, he settled into the front row looking, by most accounts, like a man who had genuinely let go.

The May 2 gathering of Berkshire Hathaway shareholders was different in other ways too. For the first time in the company's history, it was Greg Abel — appointed CEO last year — who took the stage to run the proceedings. Buffett was present, visible, occasionally smiling. But the meeting was Abel's to lead.

Cook Singled Out for Praise

The moment that drew the widest reaction came mid-morning. Buffett, given time to speak, turned toward the audience and asked Tim Cook — Apple's outgoing CEO, who was seated among the shareholders — to stand. Then he asked the thousands in the hall to applaud him.

"After Steve Jobs left, everyone was asking — who will handle Apple? Tim took responsibility. Taking the place of a stalwart like Steve and surpassing his records is one of the miracles of American business management," Buffett said.

Cook, who announced earlier this year that he would step down in September, acknowledged the recognition quietly. The tribute felt personal — Buffett has never been generous with such gestures. John Ternus is expected to take over as Apple's chief executive later this year.

The $35 Billion Gamble, Revisited

Buffett used the occasion to walk shareholders through one of Berkshire's most consequential decisions — its move into Apple stock roughly a decade ago. At the time, the company committed approximately $35 billion to Apple shares, a sum that represented nearly 10 percent of Berkshire's total investable resources. It was an unusual bet, and not everyone understood it.

According to Buffett, the risk was as much about personnel as it was about the business. "Back then, the average American investor didn't even know Tim Cook properly. We had placed such a large amount in the hands of a person who had taken charge after a legend."

That investment has since grown to approximately $185 billion, factoring in both dividend income and share price appreciation — a return of more than five times the original outlay. Buffett noted, in characteristic deadpan, that Berkshire did very little to earn it. "I didn't have to work a penny to make this much money. We at Berkshire are quite skilled at getting others to work and collecting money."

Apple remains the single largest holding in Berkshire's equity portfolio today.

Abel Steps Forward

Greg Abel's debut as meeting chairman was, by most assessments, measured and competent. He fielded questions from shareholders, deferred where appropriate to Buffett on matters of investment philosophy, and held the room with a steadiness that reassured many long-time attendees. The transition — from the Buffett era to whatever comes next — has been discussed for years. Saturday was the first concrete look at what it actually feels like.

Analysts following the company noted that Buffett's continued presence, even in a non-executive capacity, remains a stabilising factor. His remarks about Apple were received warmly on the trading floor in the days preceding the meeting. Initial reports indicate investor sentiment around Berkshire remained broadly positive through the weekend.

End of a Chapter at Apple Too

The meeting also served, somewhat unexpectedly, as a quiet farewell moment for Cook. His tenure at Apple — which began when Jobs died in October 2011 — has been defined by sustained growth, the expansion of services revenue, and the company's ascent to become the world's most valuable public company by market capitalisation.

Buffett described that arc in some detail: the garage origins, Jobs' ouster and return, the iPhone's arrival. But his point was that it was Cook who engineered the second phase of ascent — the chapter that followed the legend. "Buffett's tribute may matter more than the financial community realises," one market observer noted after the session. "It is rare, and it lands."

Local authorities confirmed the venue held close to 40,000 registered shareholders and guests — attendance broadly in line with prior years.

What Comes Next

No major strategic announcements emerged from Saturday's session. Abel indicated Berkshire's core philosophy — patient capital, quality businesses, long holding periods — would not change under his leadership. Questions about succession at Berkshire's operating subsidiaries, and about the company's cash position, were addressed but not resolved.

Sources familiar with the company's direction said further clarity is expected at the next board meeting, scheduled for later in the second quarter. For now, what the Omaha weekend offered was something rarer: a peaceful handoff, caught on video, in a sweater.