Greg Abel told Berkshire Hathaway shareholders to expect patience as the conglomerate sits on $380 billion in cash following his takeover from Warren Buffett. Speaking at the first annual meeting since assuming leadership, Abel emphasized the company's strong balance sheet and hinted at future investment opportunities when market dislocations arise. His message marked a shift from Buffett's tenure, with a shorter meeting and reduced shareholder Q&A time.

Berkshire continued shedding stocks in the first quarter, generating $7.2 billion in taxable gains from $24 billion in net sales. Cash and short-term Treasury holdings swelled by $7 billion, excluding unsettled government debt purchases. Analysts view the massive cash pile as dry powder for potential acquisitions or minority stakes, though the company remains selective, refusing to deploy capital in subpar opportunities amid market volatility.

Wall Street dealers are aggressively accumulating Treasuries, holding $550 billion on average this year—the highest level since 2007. Regulatory easing, particularly the enhanced supplementary leverage ratio reforms, is driving banks back into the $31 trillion government debt market. The shift reflects broader deregulation under the Trump administration, boosting profitability for major banks and fueling record share buybacks in Q1.

Elliott Management has drawn criticism for likening potential Iran conflict to Nazi Germany, advocating pre-emptive action. While the hedge fund's stance raises geopolitical concerns, market focus remains on Berkshire's capital allocation strategy and how Abel navigates the conglomerate's massive cash reserves in uncertain markets.