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.

Nifty dwindles 450 points as crude oil boils past $107 a barrel; Sensex crashes on fears of prolonged US-Iran conflict in latest India News Update.

Indian stock indices nosedived into heavy selling on Thursday, 2 April 2026, after US President Donald Trump warned that America would hit Iran hard over the next two to three weeks. The 30-share Sensex crashed 1,400 points to settle at 71,722.57. The 50-share Nifty plunged 450 points to close at 22,241.50.

Markets Enter Heavy Selling  

Brokers reported relentless selling pressure from the opening bell. Panic spread quickly as traders reacted to the latest escalation between the US, Israel and Iran. Every sectoral index on the NSE ended in the red.

Pharma Sector Bears Brunt  

Nifty Pharma suffered the steepest loss, dropping 3.75 per cent. Healthcare and export-oriented stocks bore the maximum heat amid worries over disrupted global supply chains. Other sectors from auto to banking also closed with deep cuts.

Crude Oil Prices Surge  

Global benchmark Brent crude shot up nearly 6 per cent to $107 per barrel following Trump’s address. The sharp spike in oil prices added immediate pressure on India, one of the world’s largest crude importers. Traders said the jump would widen the current account gap and stoke inflation concerns.

Supply Chains Face Disruption  

Market participants pointed to immediate risks from the US-Israel-Iran conflict. Shipping routes and energy flows have already shown signs of strain. Analysts noted that any prolonged tension could hit India’s manufacturing and logistics sectors hard.

Asian Markets Show Mixed Trends  

Sentiment across Asia remained cautious. South Korea’s Kospi fell 4 per cent to 5,268. Japan’s Nikkei, however, rose 2 per cent to 52,557. Hong Kong’s Hang Seng gained 1 per cent to 25,012, while China’s Shanghai Composite edged up 0.5 per cent to 3,927.

US Markets Close Positive  

Wall Street provided some overnight support. The Dow Jones rose 224 points, or 0.48 per cent, to close at 46,565. The Nasdaq Composite climbed 1.16 per cent to 21,840 and the S&P 500 added 46 points, or 0.72 per cent, to end at 6,575.

Gains from Wednesday Wiped Out  

The sell-off came a day after strong gains. On 1 April the Sensex had surged 1,187 points, or 1.65 per cent, to close at 73,134. The Nifty rose 348 points, or 1.56 per cent, to finish at 22,679. Thursday’s fall erased those advances within hours.

What Next for Investors  

Dealers said the coming sessions would hinge on further developments from Washington and Tehran. Any fresh statement from the US administration or signs of direct confrontation could trigger more volatility. Domestic investors are closely watching the rupee and inflation numbers that could follow higher oil costs.

The Sensex crashes have once again shown how global events can swiftly reshape Indian market fortunes. With crude oil boiling at record levels and geopolitical clouds gathering, participants in this public interest story are bracing for a turbulent ride in the days ahead.

Indian equity benchmarks staged a sharp rebound on Tuesday, with the Sensex surging over 1,372 points to reclaim the 74,000 mark and the Nifty climbing nearly 400 points, driven by positive global cues after US President Donald Trump announced a five-day pause on planned military strikes against Iranian energy infrastructure.

The BSE Sensex closed at 74,068, up 1,372 points or 1.89 per cent from Monday’s close. The NSE Nifty settled at 22,958, gaining 445 points or 1.98 per cent. Banking and auto stocks led the buying, reflecting renewed investor confidence amid easing geopolitical tensions in the Middle East.

Strong Buying in Key Sectors

Banking shares witnessed robust demand as the Nifty Bank index rose sharply. Auto majors also posted solid gains, contributing significantly to the broader market rally. Market participants noted broad-based buying across most sectors, with only a few pockets of selling.

Traders attributed the bounceback to Trump’s announcement late on Monday that he had instructed a postponement of strikes on Iranian power plants and energy facilities following what he described as productive talks with Tehran. The development reduced immediate fears of supply disruptions in the global oil market.

Oil Prices Volatile Amid Pause

Crude oil prices remained in focus. Brent crude rose about 4 per cent to trade above $104 per barrel during the session, while the Indian crude oil basket hovered near elevated levels around $150 per barrel. Earlier, prices had eased sharply when Trump first signalled the delay, dropping from highs near $113, but they regained some ground on Tuesday.

Analysts said the five-day window for diplomacy offered temporary relief to energy-sensitive sectors in India, though long-term concerns over the India-Middle East conflict persist. Domestic fuel prices, however, remained unchanged despite the volatility in global benchmarks.

Rupee Gains Ground

The Indian rupee opened stronger, rising 34 paise to 93.64 against the US dollar from Monday’s close of 93.98. Currency traders pointed to a weaker dollar and improved risk appetite in emerging markets as key factors supporting the local unit.

Global Markets Turn Positive

Asian markets advanced in Tuesday’s trade. Japan’s Nikkei rose 0.77 per cent, South Korea’s Kospi gained 1.74 per cent, Hong Kong’s Hang Seng climbed 1.45 per cent, and China’s Shanghai Composite was up 0.95 per cent.

Overnight, US indices also closed higher. The Dow Jones added 631 points or 1.38 per cent, the Nasdaq Composite rose 1.38 per cent, and the S&P 500 gained 1.15 per cent, reflecting relief over the de-escalation signal from Washington.

Sharp Fall on Monday

The rally on Tuesday came after a bruising session on Monday, when the Sensex had tumbled 1,837 points or 2.46 per cent to close at 72,696, while the Nifty dropped 602 points or 2.60 per cent to 22,513. Banking, auto, metal and FMCG stocks bore the brunt of selling amid heightened worries over the US-Israel-Iran conflict and rising oil prices.

Impact on Indian Economy

The sharp recovery provided some breathing space to domestic investors, who had seen significant erosion in wealth in recent sessions. Lower volatility and a pause in escalation fears could support foreign institutional inflows in the near term. However, analysts cautioned that any breakdown in talks could quickly reverse the sentiment, given India’s heavy dependence on imported crude.

What Lies Ahead

Market watchers will closely track developments in the US-Iran dialogue over the next five days. Any concrete progress toward de-escalation could sustain the momentum in Indian equities. On the domestic front, participants await quarterly earnings from key companies and upcoming policy cues from the government and RBI.

Traders also remain wary of elevated oil prices and their potential pass-through effect on inflation and the current account. With global cues turning supportive for now, the coming sessions will test whether this rebound can hold or if Monday’s losses signal deeper concerns.