Berkshire Hathaway's post-Buffett era is underway. Here's the bull and bear case.

Greg Abel's first quarter as Berkshire CEO printed 18% operating earnings growth, a record $397.4 billion cash pile, and the first share buybacks since May 2024. The stock has done nothing for a year, trailing the S&P 500 by roughly 40 percentage points since Buffett's succession announcement, and the gap is now wider than the operating numbers can defend on their own.