Apple, cash, tariffs: 10 questions for Berkshire Hathaway's 2025 Annual Meeting

Buffett is scheduled to take questions for four and a half hours, starting at 6:30 pm local time

Berkshire Hathaway investors are looking forward to this weekend’s annual meeting in Omaha — it’s the one time each year when they get to hear Warren Buffett speak in detail about the company. From President Donald Trump’s tariff plans to why Buffett is sitting on more than $300 billion in cash, Street is hoping for answers on several hot topics.

Buffett is scheduled to take questions for four and a half hours, starting at 6:30 pm local time and wrapping up by 11:30 pm, with a half-hour break in between. He will be joined on stage by Vice Chairmen Greg Abel, 62, who leads Berkshire’s non-insurance operations, and Ajit Jain, who manages its insurance businesses.

One of the key things people want to know: would Buffett consider trimming Berkshire’s large Apple investment? Here are 10 big questions on everyone’s mind heading into this year’s meeting.

1. Why did Berkshire sell two-thirds of its Apple stake, wasn't it supposed to be a forever holding Many investors assumed Berkshire’s Apple investment would be held long-term, like its stakes in Coca-Cola or American Express. But Berkshire sold two-thirds of its Apple shares last year, along with other long-term holdings like Bank of America. Since 2020, the company has been a net seller of stocks, unloading around 140 billion dollars’ worth—118 billion from Apple and 15 billion from Bank of America. This raises questions about whether even core holdings like American Express, Coca-Cola, and Moody’s are still off-limits for selling.
2. Who will lead Berkshire after Buffett steps down? Buffett has named Greg Abel as his successor for day-to-day operations and investing decisions when he becomes CEO. Abel, 62, currently leads Berkshire’s non-insurance businesses. Ajit Jain, 73, runs the insurance side and has worked in reinsurance for about 40 years. Buffett praised Jain last year, saying there’s no true replacement for him, but confirmed that a succession plan is in place.
3. What’s the future for Todd Combs and Ted Weschler? Combs and Weschler were expected to eventually manage Berkshire’s entire investment portfolio. But last year, Buffett clarified that when Abel becomes CEO, he will make investment decisions. Combs, who now leads day-to-day operations at GEICO (Berkshire's wholly-owned subsidiary), may not be able to give full attention to investing. Weschler has had mixed results—big wins with Apple and DaVita, but losses with Paramount and Liberty Media—leaving investors unsure about their roles going forward.
4. Is Berkshire stock overvalued now that buybacks have stopped? Berkshire hasn’t bought back shares since May 2024. With the stock climbing around 20 percent year-to-date, some wonder if Buffett believes it's now overpriced. Analysts expect a small drop in Q1 earnings per share from 5.20 dollars to 4.72 dollars, but Berkshire stock has stayed strong despite market challenges.
5. Will Berkshire start paying dividends with all that cash on hand? Berkshire is sitting on over 300 billion dollars in cash, and with no recent buybacks, investors are asking if Buffett might issue a dividend. Some speculate this could include a one-time special dividend or even a small regular payout—moves that could keep long-time shareholders engaged, especially those with Class A shares.
6. Can the low margins at BNSF Railway be improved? BNSF, acquired in 2010, has some of the weakest profit margins among major North American railroads. Its operating ratio has been about 520 basis points worse than Union Pacific’s and 380 basis points below the average of other Class I railroads over the last five years. Investors are eager to know if this performance can be turned around.
7. Is GEICO falling behind Progressive in technology? Buffett praised GEICO’s progress under Todd Combs, but many investors worry it still lags behind Progressive, especially in using technology like real-time driving data to price insurance. There’s concern that GEICO might be at a permanent disadvantage in this area.
8.  Will Buffett buy all of Occidental Petroleum? Occidental’s CEO, Vicki Hollub, recently said it would be “a dream come true” if Berkshire bought the entire company. While Buffett has previously said he wasn’t interested in full ownership, investors are curious if he might change his mind.
9. Why did Berkshire pay less for one stake in BHE than another? Last year, Berkshire bought Walter Scott’s estate’s stake in Berkshire Hathaway Energy at a lower price than what it paid Greg Abel in 2022. That’s led to questions about whether the value of BHE has dropped—or whether there were other factors at play in how those deals were priced.
10. What’s Buffett’s biggest personal investment outside of Berkshire stock? Buffett’s personal investments outside Berkshire aren’t widely known or reported. Most of his wealth is tied up in Berkshire Hathaway shares. He does reportedly hold large stakes in companies like Apple, American Express, Bank of America, Coca-Cola, and Chevron—but it is unclear how much of those are personal versus through Berkshire. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.