7 Things You Missed at the Berkshire AGM (Yes, He’s Stepping Down)

It’s official. Warren Buffett is handing over the reins. But that wasn’t the only shocker this year.  

By now you’ve probably heard the headline: Warren Buffett is stepping down as CEO of Berkshire Hathaway. But if that’s all you caught from this year’s Annual General Meeting in Omaha, you’ve missed the full show, including cash hoards, insurance wins, and a surprise Apple shoutout.

Here’s what went down, what it means for investors, and what Buffett’s farewell era is shaping up to be.

1. Buffett Is Out, Abel Is In
At 94 years old and after 60 years at the helm, Warren Buffett officially announced that Greg Abel will be Berkshire’s next CEO.

Abel, who oversees Berkshire’s non-insurance businesses, has long been considered Buffett’s natural successor. He now takes on the challenge of maintaining Berkshire’s culture and discipline in a much larger, more complex business environment.

2. Berkshire’s Cash Pile Is Bigger Than Ever
Berkshire’s cash reserves have reached a new high of $348 billion, with Buffett citing a lack of fairly priced acquisition opportunities as the main reason for holding back.

3. Geico’s Comeback Is Real
After several challenging years, Geico is showing strong signs of recovery, reporting a Q1 loss ratio of 69.0% — a meaningful improvement driven by better pricing and telematics integration.

Ajit Jain, Vice Chairman of Insurance Operations at Berkshire, confirmed that Geico’s technology offering is now on par with competitors like Progressive, a key factor in its recent gains.

4. Buffett Issues a Warning on U.S. Debt
Never one to avoid the big picture, Buffett voiced concern about the long-term sustainability of U.S. federal debt, describing the country’s fiscal path as “unsustainable.”

While he didn’t propose specific policy fixes, the comment reflects a broader concern about interest rates, inflation, and economic resilience according to CNBC.

5. No Share Buybacks at Current Valuations
Berkshire has paused share repurchases for now, with Buffett noting that the company’s current share price is likely trading above its intrinsic value.

Morningstar analysts also consider Berkshire modestly overvalued, which could mean future buybacks may only resume if valuations become more compelling.

6. Apple Remains the Crown Jewel in Berkshire’s Portfolio
Buffett reiterated his confidence in Apple, calling CEO Tim Cook “one of the best managers in the world.” Apple remains Berkshire’s largest single stock holding — and one of its most profitable.

7. Buffett’s Parting Wisdom: Do What You Love
As the meeting drew to a close, Buffett shared a simple but meaningful message:

“Work at something you enjoy.”

It was a fitting send-off for the man who built one of the most iconic investing empires in history — not just through numbers, but through values and long-term thinking.

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