The 2026 Berkshire Hathaway Annual Shareholder Assembly occurred on Might 2nd, 2026. Right here is the full 5-hour assembly (pseudo-transcript) and a 7-minute spotlight reel from CNBC from Omaha. That is the primary one the place Warren Buffett was not on stage answering questions because the CEO, however it nonetheless felt similar to previous conferences. I believe they’re fortunate that each Buffett and Abel don’t have monumental egos and are permitting for a gradual transition. Along with the principle assembly, there was additionally a ~25 minute CNBC interview with Warren Buffett (transcript). Did you additionally know that Invoice Murray was additionally interviewed as a shareholder because the Seventies and common assembly attendee?
In a manner, this assembly was a throwback in the way in which that focus was extra the small print of BRK as an organization as an alternative of Buffett and Munger speaking about worldly knowledge. I nonetheless loved watching and listening to the whole Q&A session with new CEO Greg Abel, Vice Chairman Ajit Jain, BNSF Railway CEO Katie Farmer, and NetJets CEO Adam Johnson. After all, Charlie Munger’s unfiltered honesty was nonetheless sorely missed. It does get a bit sleepy when everyone seems to be so well mannered.
Listed here are a couple of private takeaways and notes.
Transition goes properly, nonetheless lots of money as a result of they see costs as too excessive, and are nonetheless holding money for the following inevitable disaster. From the Buffett interview, I assumed this was a pleasant abstract of the present state of affairs.
Nicely, I believe it’s all working. It’s all working. It isn’t our ultimate surrounding space or surroundings, I ought to say, by way of deploying money for Berkshire, however by way of how we received the correct administration, we received the correct association, and you already know, we will decide our spots, and no one can inform us what to do precisely. And so generally we’re doing nothing, however different occasions we get fairly energetic.
Playing is all over the place. I’m significantly disturbed by the quantity of people that assume that zero-day choices are their path to monetary freedom. Extra fact from Buffett:
Nicely, it appears like, you already know, I’ve in contrast the markets to a church with a on line casino hooked up. And folks can transfer between the church and on line casino. And I’d say there are extra folks within the church and extra folks within the on line casino, however the on line casino has gotten very enticing to folks. Should you’re shopping for sooner or later choices, or promoting them, I imply that’s – that’s not investing, it’s not speculating, it’s playing.
Investing and insurance coverage each contain saying “no” lots. From Ajit Jain:
You recognize, insurance coverage, like investing, is a recreation of endurance. It’s extraordinarily tough to get folks to take a seat idle and do nothing. Once I recruit folks, my normal strategy is to inform them upfront. I say, your job is to say ‘no.’ You can be bombarded day after day with varied offers, however your basic accountability is to say ‘no.’ I inform them, often you’ll come throughout a deal that hits you want a plank, shouting ‘cash right here,’ and that’s while you come to me, after which we’ll resolve collectively whether or not to proceed.
You recognize, joking apart, when everybody else is being hustled by brokers and brought to London, it’s actually onerous to only sit there and do nothing. I consider that within the insurance coverage trade, and positively within the funding subject, the true check of success lies within the capacity to say ‘no.’
This feels much like what people face as of late. There are such a lot of issues that may gladly take your cash. Crypto memecoins, sports activities betting, prediction markets, dangerous choices, Purchase Now Pay Later debt, margin leverage.
As a shareholder, I really feel that we’ll must be affected person as properly to see what occurs as Abel takes a extra energetic function in enhancing the interior operations.
Previous BRK conferences:
- 2025 Berkshire Hathaway Shareholder Assembly Video, Transcript, and Notes
- 2024 Berkshire Hathaway Shareholder Assembly Video, Transcript, and Notes
- 2023 Berkshire Hathaway Shareholder Assembly Video, Transcript, and Notes
- 2022 Berkshire Hathaway Shareholder Assembly Video, Transcript, and Notes
- 2021 Berkshire Hathaway Shareholder Assembly Video, Transcript, and Notes