What did Buffett say at the 2026 shareholders meeting after stepping back for the first time?
```
At the Berkshire Hathaway Shareholders Meeting on May 2, Buffett sat in the front row and spoke about the astonishing investment returns from holding a large position in Apple Inc. for ten years. He also gave very high praise to his successor Greg Abel and to Apple CEO Tim Cook.
In his speech at the Berkshire Hathaway Shareholders Meeting, Warren Buffett shared two recent "anniversary" events with all investors.
Buffett gave Abel "a score of 100" for his performance, and also looked back on the enormous returns from investing in Apple for ten years, expressing profound respect and gratitude to Apple's outgoing CEO Tim Cook, who is about to retire.
Investing in Apple for ten years earned $150 billion—“And I did nothing”
As one of the most important assets in Berkshire Hathaway's portfolio, Apple's rate of return has undoubtedly become the market's focus.
Buffett recalled at the meeting that about ten years ago, Berkshire committed to transfer 10% of half its resources, and eventually "spent about $35 billion to buy Apple stock."
Buffett candidly highlighted the astonishing returns of this investment and his consistent investment philosophy:
“That $35 billion, counting dividends, realized and unrealized gains, has now become $185 billion. And I did nothing.”
Buffett pointed out, “Basically, we handed the money to Apple’s management, made Berkshire look better, and didn't have to do any work ourselves. That's our favorite way to operate.”
Highly praises Cook for creating a “miracle in business management”
Speaking about Apple’s development, Buffett gave the current CEO Tim Cook extremely high praise. He mentioned that Apple started from a garage 50 years ago and experienced a roller-coaster journey. When the legendary Steve Jobs passed away, the outside world widely worried about “who would manage Apple.”
“Tim took over about 14 years ago after Steve's passing. When we invested, we handed Berkshire’s 10% of resources to Tim to manage.” Buffett said, “He has turned it into about $185 billion in pre-tax value.”
Regarding Tim Cook’s previously rumored retirement plan, Buffett responded positively in person and expressed thanks. He said:
“Tim has also announced he’s going to retire. If Tim is willing to accept everyone’s thanks and our shareholders thank him, that is very appropriate. To succeed Steve, to see his achievements—that’s simply one of the miracles of American business management.”
Succession was smooth—Buffett gives Abel “a score of 100”
Besides the Apple investment results, Buffett also shared this “anniversary” of internal power transition. Regarding Greg Abel, Buffett expressed great satisfaction.
Buffett said the board underwent a change which he kindly called a “refresh,” and it passed unanimously. “Last year when I announced the decision, apart from Suzy and one other, the entire board was surprised. Result: 100% success.”
He generously praised Abel onsite:
“Abel did everything I used to do, and even more, plus he did everything better. He’s exactly the right person. So for this decision, we give him a score of 100.”
Buffett’s full speech at the Berkshire Hathaway Shareholders Meeting:
Thank you. Today isn’t my main stage but…
Today we’re actually celebrating two anniversaries. The first is that the board underwent a transition, which I kindly call a “refresh.” They voted, and you won’t find a better decision. It was unanimous. Last year when I announced the decision, apart from Suzy and one other, the whole board was surprised. Result: 100% success.
Abel did everything I used to do, and even more, and he did everything better. He’s the right person. So we give the decision a score of 100.
But there’s another anniversary I’d like to spend a minute talking about. About ten years ago, we committed to transfer 10% of half of Berkshire's resources. We handed it to someone who was not well known at the time. We spent about $35 billion to buy Apple stock. We planned to let the management handle it.
It was basically handing the money to Apple’s management, making Berkshire look better, and we didn’t have to do any work ourselves—that’s our favorite operating style. What I’m reporting is that several things happened ten years later.
One of them is that $35 billion, including dividends, realized and unrealized gains, has become $185 billion. And I did nothing.
We really like getting other people to do the work, right? That’s been successful. We do see securities as businesses. That doesn’t mean we hold everything forever, but we’re still holding Apple. Apple has a very interesting history, some of you may know. Just this past week or so, they celebrated their own 50th anniversary. 50 years sounds long, but Apple feels like a very new company.
When Tim Cook took the top job at Apple…he succeeded a legend. Steve Jobs—every American knows his name. Not many know Tim’s name.
Apple experienced a roller-coaster journey. Started from a garage 50 years ago, then—I’m not sure how many know—Steve was pushed out for a bit, came back, achieved miraculous results in product development, and then passed away prematurely.
Everyone was saying: Steve Jobs is gone, who will manage Apple? Maybe only a small percentage of American investors had heard Tim’s name.
Actually, Tim took over about 14 years ago after Steve died. But when we invested, we handed Berkshire’s 10% of resources to Tim to manage. As I said, he turned it into about $185 billion in pre-tax value, and we won’t compare that…
But Tim has also announced he’s going to retire—this announcement was made in the past few years. So I think, if Tim can accept everyone’s thanks, and our shareholders thank him, that’s very appropriate. Tim is right next to me.
To succeed Steve, to see his achievements—that’s simply one of the miracles of American business management. So, anyway, thank you Tim. I’ll hand the mic back to Abel.
Risk DisclaimerThe market involves risk; investment requires caution. This article does not constitute personal investment advice, nor does it take into account individual users' specific investment objectives, financial situation, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. If you invest based on this article, you do so at your own risk. ```