Watching the Berkshire Hathaway Annual Shareholders Meeting held in Omaha on Saturday, I really felt something—Warren Buffett, at 95 years old, is now truly stepping into the background. It was the moment when he fully handed over the annual shareholders meeting he had presided over for 60 years to Greg Abel.

The most symbolic part was the stage setup. Abel moderated the Q&A from the center, while Warren Buffett sat in the audience. The sight of subsidiary CEOs such as Ajit Jain, Katie Patmore, and Adam Johnson taking the stage together to answer questions clearly showed the shift from “personal charisma” to an “organizational system.” I was impressed by the section where Buffett personally praised Abel in his opening remarks, and the phrase “100% successful” reflected his confidence in the succession plan.

There were also many noteworthy points in terms of performance. In the first quarter, operating profit rose 18% to $11.3 billion, and cash reserves reached an all-time high of $397 billion. This massive amount of cash is not just a number—it symbolizes Berkshire’s operational freedom. Abel also emphasized it: it means they can wait for opportunities in a position not controlled by anyone.

The AI segment was also interesting. Abel made it clear: “We won’t do AI for the sake of AI itself.” This is the exact opposite stance from other corporate CEOs who are embracing the AI trend. What was intriguing, though, was that before the Q&A started, they showed a deepfake video of Warren Buffett. It was a video posing the question, “Why should you hold Berkshire stock long-term?”—and it became a vivid educational tool that highlighted AI-based cybersecurity risks. I liked the part where Abel said, “This is a chance for our team to become alert.”

Looking at the portfolio strategy, Berkshire’s philosophy comes through clearly. Abel identified Apple, American Express, Moody’s, and Coca-Cola as its four core companies, and also emphasized investments in Japan’s five largest trading companies. What stood out to me was the explanation that Buffett’s initial investment in Apple wasn’t because it was a tech stock, but because he understood how much consumers value those products. That’s the core of the Berkshire-style investment philosophy.

In questions about capital allocation, the answers from Abel and Jain were also notable. Especially Jain’s statement that “true success in insurance is the ability to say ‘no’.” This emphasizes patience and discipline, and the message is that if the current investment environment isn’t ideal, then it makes sense to wait for opportunities.

The management philosophy was also interesting. Abel emphasized that Berkshire is a “decentralized but highly efficient conglomerate.” The key is that there is no bureaucratic hierarchy. And the part where he said that they consider selling businesses that have labor-management disputes or reputation risks also shows realistic operating principles.

They also covered geopolitical uncertainty and tariff issues. The CEOs of each subsidiary showed an attitude of “We are prepared to deal with situations like this.” The CEO of BNSF Railway explained the increase in shipments before tariffs in early 2025 and the stabilization afterward, while the CEO of NetJets said, “Companies that have dealt with tariffs for 100 years will handle it again this time.”

The data center and power demand segments are also worth paying attention to. Abel said that the data center expansion driven by the AI boom is creating significant growth opportunities in the power sector as well. Currently, the share of peak load accounted for by data centers is 8%, and it’s expected to increase by more than 50% over the next 5 years.

It was also interesting that shareholder attendance was lower than in previous years. It seems to symbolize the end of the Buffett era. However, when you see Abel walking around the lobby, visiting every booth, and interacting with shareholders, you get the impression that the new leadership is still well connected with shareholders.

Ultimately, the key takeaway from this shareholders meeting is clear. Warren Buffett’s era is over, but Berkshire Hathaway’s culture and values will continue. Abel emphasized that he will guard against three poisons: “arrogance, bureaucracy, and complacency,” and made it clear that, backed by cash of $397 billion, he will patiently wait for opportunities. That seems to be the true meaning of Berkshire-style investing.