Berkshire Hathaway cash hits record $397bn under new CEO Abel

Berkshire Hathaway's cash reserves surpassed $397 billion at the end of the first quarter, as new CEO Greg Abel continued the company's strategy of selling stocks and avoiding major investments during market volatility. The conglomerate sold $24 billion in equities while purchasing only $15.9 billion, extending its streak of net sales to 14 consecutive quarters. Berkshire's operating earnings jumped 18 percent year-over-year to $11.3 billion, while net income doubled to $10.1 billion, though these figures exclude fluctuations in the company's $288 billion equity portfolio. Abel presided over his first annual shareholder meeting Saturday in Omaha, Nebraska, marking the transition from Warren Buffett, who stepped down as CEO in January but remains chairman. The event drew significantly fewer attendees than previous years, with the arena only half full, as the familiar humor and folksy wisdom that characterized decades of meetings under Buffett and the late Charlie Munger gave way to a more business-focused format. The gathering began with a video tribute to Buffett and the symbolic retirement of jerseys bearing his and Munger's names in the arena rafters. Shareholders and executives largely expect Abel to maintain Berkshire's established culture rather than pursue drastic changes, citing his 25 years with the company and his prior management of non-insurance operations. CEO Dan Sheridan of Brooks Running noted that the transition has been consistent with Berkshire's values, while executives from various subsidiaries reported minimal operational changes since Abel's promotion. With Buffett still serving as chairman and largest shareholder, investors do not anticipate the company to begin paying dividends or undergo restructuring, though Abel is seen as a more demanding and hands-on leader who challenges business heads to strengthen their competitive positions.