OMAHA, Neb. – The familiar blend of folksy charm and humor, synonymous with Warren Buffett’s leadership at Berkshire Hathaway’s annual meetings, was notably absent this Saturday. Yet, eager shareholders began queuing as early as midnight outside a Nebraska arena to hear from the new CEO, Greg Abel.

This year’s turnout marked a significant drop, with the arena only half-filled prior to the meeting’s commencement. In stark contrast to recent years, where the audience swelled beyond 40,000 to witness the 95-year-old Buffett and his long-standing partner Charlie Munger—who passed away in 2023—the atmosphere was notably different. Although Buffett stepped down as CEO in January, he retains his role as chairman and was present on the floor alongside the Berkshire board to observe the proceedings.

Abel, having shared the stage with the legendary investor in past meetings, took center stage for the first time in his new role. Shareholders anticipate a shift in focus, with discussions likely centering on the performance of Berkshire’s diverse portfolio. The conglomerate boasts ownership of major entities such as Geico, Pacificorp, BNSF railroad, and an array of manufacturing, retail, and service enterprises.

The transition was evident throughout the vast 200,000-square-foot exhibit hall, where shareholders eagerly purchased products from Berkshire’s companies. Notably, a caricature of Abel playing hockey featured prominently on commemorative boxes of See’s Candy, with Buffett and Mrs. See depicted in the background, clad in hockey gear. At the Pilot Travel Center booth, images of Abel and Buffett adorned the windshield of a semitrailer truck—with Abel in the driver’s seat. This year also saw the introduction of a Squishmallow version of Abel, complementing the latest stuffed dolls of Buffett and Munger, which shareholders eagerly queued to acquire.

“While we miss Warren and Charlie and the entertaining flair they brought, ultimately, it’s about the business,” remarked Chris Bloomstran, president of Semper Augustus Investments Group. “Hearing about the companies’ performances is what truly matters.”

For many attendees, the draw to Omaha extends beyond the meeting itself. It provides an opportunity to connect with fellow value investors who embrace Buffett’s investment philosophy and participate in various conferences and gatherings scheduled alongside Berkshire’s shareholder event.

“That’s why I’m really here, really here is to network with other people,” said Bob Robotti, who runs his own investment company. He doesn’t expect surprises from Abel and the other Berkshire executives at the meeting. “They shouldn’t say anything that would be shocking and surprising because they’re consistent with what they do.”

Many investors are watching closely for any changes Abel might make, but there’s not a lot of reason expect anything big. After all, Abel has been with Berkshire for more than 25 years, and he had already been managing all of the conglomerate’s non-insurance businesses for nearly eight years by the time he was promoted.

Abel did make a few administrative changes to establish a team to help support him, but he has promised to maintain Berkshire’s culture that allows the CEOs of all of its businesses to largely run their day-to-day operations while consulting with headquarters on any major investments and sending any extra cash to Omaha.

The CEOs of Dairy Queen, See’s Candy, Jazwares and Brooks Running all said very little has changed since Abel was promoted other than they now report to NetJets CEO Adam Johnson who is overseeing 32 retail and service businesses.

“I think this is a very deeply rooted culture that Warren has created, and I believe the transition to Greg is going to be rooted in those values that Warren has for 60 years instituted and will continue,” Brooks CEO Dan Sheridan said.

For years Buffett always said he was having too much fun running Berkshire to ever retire, but once the shock of his announcement in the final minutes of last years meeting wore off the company’s executives quickly agreed this plan for the transition was better so Buffett can still be around to advise Abel.

“Berkshire is as strong today as it’s ever been and Warren is still part of it,” DQ CEO Troy Bader said as his staff sold Dilly Bars to shareholders. “Warren is still present. So that’s the greatest combination right now, to be able to have that transition in leadership where Greg and Warren can still work together.”

Abel is known to be a more demanding and hands-on boss than Buffett ever was, but he does that by challenging Berkshire’s CEOs to strengthen their competitive advantages while taking care of their customers. Abel asks tough questions and offers advice that his CEOs appreciate, but he doesn’t tell them exactly what to do.

And with Buffett remaining Berkshire’s chairman and its largest shareholder it’s unlikely that Abel will make any drastic changes. So shareholders shouldn’t expect Berkshire to start paying a dividend or that Abel will suddenly split the company up. Instead, Abel will continue building on the foundation Buffett established over 60 years.

Robotti said the performance of Berkshire’s businesses should be much more important to shareholders than the entertainment value of the annual meetings.

“My hope and expectation are they’re picking people who have competency in running a business and not necessarily public speakers and presenters,” Robotti said.

Berkshire said Saturday morning that its profits more than doubled in the first-quarter to $10.1 billion, or $7,027 per Class A share, as the value of its investments grew and most of its businesses improved.

The paper value of Berkshire’s investments always has a major impact on its bottom line, and it did record a $5.8 billion gain on the stocks it did sell. The value of the portfolio did slip to just over $288 billion.

Berkshire’s massive cash pile continues to grow, and it hit $397.4 billion at the end of the first quarter.

Most of Berkshire’s varied businesses reported better operating earnings this year. The insurance unit that includes Geico and a number of other companies reported an underwriting profit of $1.7 billion, up from $1.34 billion last year. Profits also grew somewhat at BNSF railroad and Berkshire’s utility and manufacturing companies.