OMAHA, Nebraska: Berkshire Hathaway's annual shareholder gathering will look much the same this year, but for the first time in decades, Warren Buffett will not be at the center of it.

The 93-year-old investor, who built Berkshire into a US$1 trillion conglomerate, has handed over the chief executive role to Greg Abel, marking a historic leadership transition. Buffett will attend the event but plans to sit in the audience, while Abel leads the company's widely watched annual meeting.

The weekend in Omaha remains a major draw, featuring events such as discount shopping, a 5K run, and a convention-style showcase of Berkshire's businesses. It is still the largest shareholder gathering in corporate America.

Yet the shift in leadership has raised questions among investors. Since Buffett announced last year that he would step aside, Berkshire shares have fallen 12 percent, while the S&P 500 has risen 25 percent.

"It was overpriced a year ago. It is not overpriced anymore," said Steve Check, a longtime Berkshire investor at Check Capital Management in Costa Mesa, California. "Overall, we're still big fans."

Abel, long seen as Buffett's successor, is known for a more hands-on management style, though he has pledged to maintain Berkshire's decentralized structure, which gives business leaders significant autonomy.

Investors are now watching closely to see how he navigates key challenges, including how to deploy the company's vast cash reserves, which stood at about $373 billion at the end of 2025.

"That will play a pivotal role in Berkshire's future," said Paul Lountzis, president of Lountzis Asset Management in Wyomissing, Pennsylvania. "A lot of Berkshire's businesses have a great degree of predictability. But with a $1 trillion market cap, it's big, and that makes it much harder to grow."

Despite its size, Berkshire has struggled to deliver strong growth in recent years. Operating profit fell six percent in 2025, while revenue was largely unchanged. The company has also avoided major acquisitions for nearly a decade, even as it continues to hold significant cash.

Abel may also face pressure to provide more transparency around Berkshire's roughly $300 billion stock portfolio, which includes stakes in companies such as Apple, American Express, and Coca-Cola. He now oversees most of those investments following recent leadership changes.

Some investors remain cautious about the transition. "Some investors may want to see Greg prove himself in his job before they double down. I'm confident, but the market is expressing caution," said Lawrence Cunningham, a University of Delaware law professor and longtime Berkshire observer.

The annual meeting itself will also reflect the new leadership style. Abel is expected to spend more time outlining the company's strategy and will take questions alongside senior executives, including insurance chief Ajit Jain and BNSF Railway CEO Katie Farmer.

That format contrasts with past meetings, where Buffett and his longtime partner Charlie Munger, who died in 2023, would spend hours answering questions in sessions that became famous for their wit and insight.

Even attendance may shift. While thousands still travel to Omaha each year, fewer visitors are expected now that Buffett is no longer the main attraction.

"People came to hear Warren and Charlie," said Check. "They didn't really come to hear about Berkshire. And I expect Abel and the other executives to talk about Berkshire."