NYSE:BRK.B: Passing the Baton, Holding the Line
Reflections on Berkshire Hathaway’s 2025 Annual Meeting
It is the Berkshire weekend, and like many of the readers I spent quite a bit of watching the full video. I have often wished to visit the event in person, but given my meagre investments (and corpus) and the rather costly logistics of getting to Omaha for the event, I have much rather chosen (as probably Warren would) to just listen in to the videostreams.
Highlights
Without taking too much of your time, let me present a few quick thoughts, and at the end will leave you with the video recording in case you wish to watch.
This year’s Berkshire Hathaway Annual Meeting carried a tone of thoughtful transition. Warren Buffett, as always, spoke with characteristic clarity, but the message was unmistakably forward-looking. The announcement that Greg Abel will take over as CEO at year-end wasn’t a surprise — we’ve seen this coming — but it still marked the end of an era. And yet, as I watched, I was filled not with uncertainty, but confidence.
First, a moment for Charlie. Though no longer physically present for now the second year, his wisdom reverberated throughout the hall. Warren made it a point to revisit many of Charlie's principles — the need to avoid superficial understanding, the power of arguing the other side better than your opponent, the importance of reading, and above all, the integrity to not “play with the numbers.” Charlie wasn’t just a business partner; he was a remarkable teacher. We’re all better investors — and thinkers — because of him.
There were many light hearted moments, but one stood out for me - a question about Berkshire buying a hotdog chain (Portillo’s) turned out to be a mix-up — it was Berkshire Partners, not Berkshire Hathaway. The speed with which the panel caught and corrected the confusion mid-meeting was classic Buffett: clear-headed, sharp, and just a little bit amused.
But there were weightier reflections. Warren talked about how people — and CEOs — behave when they don’t have their own skin in the game. He contrasted that with Greg and Ajit, who have both bought Berkshire shares with their own money. That speaks volumes about their alignment and sense of fiduciary responsibility. When he said “they’re not here because they need the money,” it wasn’t just a statement — it was a culture check.
Ajit’s insights on insurance were razor-sharp as always. On a question about how AI, specifically self driving cars, reshapes the auto insurance landscape, he responded about how they may shift from “operator error” to “product liability.” He called out that while frequency might fall, severity per event could rise. It’s a nuanced view — and a reminder that intelligent underwriting in an AI world won’t be just about data, but about how to make the most of the changing environment - and it seems Berkshire, through GEICO, is up for the challenge.
On utilities, there was a marked shift. The candor was telling: Berkshire’s enthusiasm for investing in public utilities is “different now.” The lesson from de-energizing events and wildfire liability was stark — we can't be the insurer of last resort. Public utilities need massive capital, and if regulators make the environment investor-unfriendly, that capital simply won’t show up. As Warren put it, “if you're going to need lots of money, you probably ought to behave in a way that encourages people to give you lots of money.”
And while Berkshire under Warren and Charlie has long prided itself on a hands-off approach with its operating businesses, Warren hinted — gently — that Greg might lean a bit more hands-on. That’s not a break from tradition; it’s an evolution. And we’ll watch how that plays out with interest.
The broader takeaway for me was timeless: prepare, read, and stay patient. The virtue of combining tenacity with readiness came up again and again. As did the importance of being unemotional when investing. “Check your emotions at the door,” Warren said. It’s easy advice to give, hard advice to follow — and yet essential. I have been on this journey over time, but will admit that I am perhaps closer to the beginning that I would wish to be at.
As I write this, Berkshire’s stock is down ~5% post-earnings. I’ve added a little. And if it declines further, I’ll add a lot more. This meeting didn’t shake my conviction — it reinforced it. I welcome Greg Abel as the incoming CEO, and I plan to keep all my money with Berkshire. The baton is being passed, but the discipline, integrity, and long-termism remain firmly in place.
If you haven’t watched the whole Berkshire Hathaway annual meeting, I strongly recommend you do, instead of falling for the cherry picked sound bites presented to you by secondary sources. I watched the following 2 videos:
Morning Session
Afternoon Session
On that note, Happy Investing!
Disclaimer: I am not your financial advisor and bear no fiduciary responsibility. This post is only for educational and entertainment purposes. Do your own due diligence before investing in any securities. I may hold or enter into, a position in any of the stocks mentioned above. The above is NOT a solicitation to either buy or sell the securities listed in this post.