🚀 US Crude Exports Surge

In partnership with

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. U.S. crude oil exports reached an all-time high of 5.2 million barrels per day in April, as the ongoing conflict in the Middle East forces global energy markets to re-route. With the Strait of Hormuz effectively blockaded, Asian buyers have pivoted toward the U.S. Gulf Coast to secure alternatives to displaced Middle Eastern supplies. This surge has turned the Port of Corpus Christi into a critical global hub, recording the busiest quarter in its history and managing a "constant parade" of tankers to meet unprecedented international demand.

2. The 2026 Berkshire Hathaway Annual Meeting marked a historic transition as Greg Abel led his first shareholders' meeting as CEO. While Warren Buffett remained present as Chairman, sitting on the arena floor rather than the stage, the event focused heavily on Abel’s vision for the post-Buffett era. Abel explicitly ruled out any future break-up of the conglomerate, emphasizing that the company's culture and decentralized structure remain its greatest strengths.
   Key Takeaways from the Meeting:

   1. Continuity and the "No Break-Up" Pledge In his most definitive statement as CEO, Greg Abel rejected the idea of divesting subsidiaries or breaking Berkshire into separate entities. He argued that the current structure provides a "unique opportunity" to act decisively with capital without the bureaucracy typical of large corporations. Abel noted that while he may engage more closely with subsidiary operations than Buffett did, the underlying culture of autonomy remains intact.

   2. The Cash Pile and a "Gambling" Market Despite holding a record $397.4 billion USD in cash, Berkshire remained a net seller of stocks in Q1 (selling $24 billion vs. $16 billion in purchases). Buffett, in a live interview, described the current market as being in a "gambling mood," noting that prices for many assets look "very silly." He reiterated his commitment to only investing in businesses he fundamentally understands, admitting he has not learned new industries in several years.

   3. Apple: The $150 Billion USD Gain Buffett reflected on the 10th anniversary of Berkshire’s investment in Apple. He revealed that the initial $35 billion USD stake has grown to approximately $185 billion USD, praising Tim Cook’s leadership. Apple remains Berkshire’s largest equity holding, representing nearly half of its public stock portfolio.

   4. Selective Share Buybacks While Berkshire resumed buybacks on March 4 after a two-year hiatus, the pace has been remarkably slow. The company only repurchased about $234 million USD of stock in March, suggesting that Abel and Buffett still find Berkshire’s own shares to be priced above their conservative estimate of intrinsic value.

   5. AI and Tech: "Not for the sake of AI" Addressing the technology surge, Abel stated that Berkshire subsidiaries would not adopt AI "for the sake of AI," but rather focus on efficiency and data center growth (specifically for Berkshire’s utility businesses). Insurance chief Ajit Jain added that AI is currently incapable of replacing human judgment in stock selection or complex insurance underwriting.