• For the first time, Warren Buffett won't be hosting Berkshire Hathaway's shareholder meeting.
• New CEO Greg Abel will take center stage this weekend and field hours of questions instead.
• Attendees predicted a more sober Q&A and a smaller gathering, but still expected a good time.

Berkshire Hathaway is about to hold its iconic shareholder meeting — without Warren Buffett as host.

Tens of thousands of people are expected to descend upon Buffett's hometown of Omaha this weekend for a gathering dubbed "Woodstock for Capitalists."

As usual, they can shop for Squishmallows plushies and Fruit of the Loom sweatshirts, picnic at Nebraska Furniture Mart, hunt for deals on jewelry at Borsheims, take part in the Brooks Running 5K, and watch a live Q&A with Berkshire's top brass.

However, Buffett won't be sitting on stage, taking questions while munching See's Candies and drinking Coca-Cola. He doesn't want to steal the spotlight from Greg Abel, who succeeded him as Berkshire's CEO at the start of this year.

Business Insider will be on the ground reporting from the conference, and before jumping on a flight to Omaha, we asked Berkshire experts making the trip what they're expecting this weekend.

The Abel effect

Buffett is renowned for his wit, folksy wisdom, and willingness to hold forth on virtually any topic, from marriage and nuclear weapons to politics and corporate malfeasance.

In stark contrast, Abel isn't a household name and hasn't shared much about himself or his views on non-Berkshire subjects. That could make for a more sober and restrained Q&A.

"Greg will be responding to questions in a businesslike manner but without Warren Buffett's humor and personal stories," David Kass, a finance professor at the University of Maryland, told Business Insider.

Brian Gongol, a Buffett superfan and Berkshire shareholder for nearly 20 years, praised Abel for upholding Buffett's core principles. But he said the new boss "can't help but sound more like an accountant than like a founder."

The Q&A is "likely to feel a lot like when one very capable artist performs a cover version of someone else's song," Gongol said. "The lyrics and the melody will stay the same, but the interpretation will give the audience something new."

Eric Schleien, who said he's attended every Berkshire bash since 2006, told Business Insider that Buffett's absence won't feel "like the headliner canceled."

"It's more like the band is still playing, and now the lead guitarist is finally getting to step forward," said the founder and CEO of Granite State Capital Management and host of "The Intelligent Investing Podcast."

A more hardcore gathering

The Berkshire meeting simply won't have the same appeal with neither Buffett nor his late business partner, Charlie Munger, in the hot seat this year.

Gongol predicted that locals and devotees will still make the pilgrimage to Omaha, but there will be fewer international travelers and "people we used to be able to talk into coming along for the ride on the basis of Buffett's star power."

Yet he said that Berkshire recognizes the value of its unique shareholder culture and how it directly influences Berkshire's prospects, and may well lean on "clever marketing work" to draw in crowds.

His fellow Buffett fans might also attend "just for the chance of capturing a glimpse of the legend from across the room," Gongol added.

"The people who show up this year are going to be the real ones," Schleien said. "You have to actually care about Berkshire's business and culture to come out for Greg Abel. I'd expect fewer people but a higher quality crowd."

Bigger than Buffett

Kass, the finance professor, and Larry Cunningham, the director of the University of Delaware's Weinberg Center and the author of several books about Berkshire, said they expected around 25,000 to 30,000 people to show up — down from the peak figure of around 40,000.

But Cunningham was still optimistic about the city's vibe this weekend.

"So much subculture has grown around Berkshire wholly apart from Warren, Omaha will still be abuzz," he said.

He quoted a line from his 2014 book, Berkshire Beyond Buffett: "Warren's greatest achievement was creating an organization larger than himself."

• Berkshire Hathaway's annual meeting is next week, but Warren Buffett won't be hosting.
• New CEO Greg Abel will welcome tens of thousands of shareholders from across the world to Omaha.
• Berkshire gurus want Abel to share his plans for stocks, businesses, cash, and leadership.

What is Berkshire Hathaway without Warren Buffett in charge?

Tens of thousands of shareholders are hoping to find out when they descend on the legendary investor's hometown of Omaha next week.

They're making the pilgrimage to attend Berkshire's annual meeting, dubbed "Woodstock for Capitalists" because it attracts a huge crowd of like-minded investors for a weekend of learning, networking, and celebration.

But for the first time, Buffett won't be hosting the gathering. Instead, it will be Greg Abel, who took over as Berkshire's CEO at the start of this year, marking the end of the business icon's six-decade run.

Business Insider asked five Berkshire gurus what they'd like to hear from Abel next week. They shared questions about his management approach, plans for Berkshire's cash pile and stock portfolio, and even his personal life.

1. Trailing the index

Berkshire stock has declined 14% since Buffett's surprise retirement announcement on May 3 last year, while the S&P 500 has gained 26%.

David Kass, a finance professor at the University of Maryland and a longtime Berkshire blogger, said he would like to hear Abel's "explanation for Berkshire underperforming the S&P 500" by roughly 40 percentage points in under 12 months.

2. Money mountain

Berkshire held a record $373 billion of cash, Treasury bills, and other liquid assets at the end of December. That figure exceeds the market value of Chevron ($371 billion), Palantir ($365 billion), and Cisco ($355 billion).

Buffett, perhaps the world's foremost bargain hunter, struggled in recent years to deploy Berkshire's cash as stock valuations surged, acquisition prices soared, and even buybacks grew unattractive as Berkshire shares climbed.

Now Buffett has stepped aside, it's up to Abel to put that money to work.

"What are his plans to invest $373 billion in cash?" Kass asked.

Brett Gardner, an analyst and the author of "Buffett's Early Investments," raised the prospect that Berkshire might use its dry powder to purchase Buffett's roughly 14% stake in the business, a position worth $138 billion.

"Does Berkshire plan on buying Warren's stake in a negotiated transaction someday?" he asked.

3. Leadership revamp

Abel has made a few changes to Berkshire's top brass since taking over, most notably appointing NetJets CEO Adam Johnson as president.

Johnson and Katie Farmer, the CEO of Berkshire-owned BNSF Railway, will join Abel onstage for the second Q&A session.

Larry Cunningham, the author of several books about Berkshire and the director of the University of Delaware's Weinberg Center, told Business Insider he's looking forward to seeing Abel engage with the two subsidiary CEOs, "a new practice that I hope will add tremendous value to the meeting."

Gardner is also looking for indications of whether Abel intends to appoint other divisional leaders like Johnson. Under Buffett, subsidiary CEOs reported to Abel as the head of the non-insurance businesses, and Berkshire's insurance chief, Ajit Jain.

Chris Ballard, a managing director at Check Capital Management, said he was curious about Ted Weschler's expanded role at Berkshire. Abel touched on that in his first shareholder letter, following the departure of the other investment manager, Todd Combs.

Ballard said he was hoping Abel would share "some details on how often he sees Ted, how often he is in contact with Ted, and what sort of behind-the-scenes responsibilities Greg leans on Ted for."

4. Stocks and subsidiaries

In his first shareholder letter, Abel listed Berkshire's core stock holdings as Apple, American Express, Coca-Cola, and Moody's, leaving out two large positions — Bank of America and Chevron.

Ballard said he was "very interested" to hear Abel's thoughts on Berkshire's stocks and what kinds of businesses he'd consider adding to its core portfolio.

He also highlighted that almost nothing is known about Abel's investing experience.

"We don't know what Greg's past personal or professional investment performance looks like, and we are very interested in him describing some investment successes and failures, so we can get a sense for what we might expect going forward," Ballard said.

Paul Lountzis, a longtime Berkshire shareholder and the president of Lountzis Asset Management, said he was curious whether Abel would look to offload any subsidiaries. Buffett famously offered businesses a permanent home, which distinguished Berkshire from other buyers.

"Does he see Berkshire selling any businesses if they receive offers to buy some of the companies at attractive prices?" Lountzis asked.

5. Hands-on vs. hands-off

Buffett and his late business partner, Charlie Munger, structured Berkshire as a decentralized web of autonomous subsidiaries, which allowed them to focus on allocating capital inside and outside the company instead of running the businesses themselves.

Abel is a more hands-on manager and may demand more of Berkshire's businesses. He wrote in his letter that Pilot had ranked second in a study of travel centers' popularity, and he wouldn't be pleased until it takes the No. 1 spot.

He also noted that Berkshire first invested in Pilot in 2017 but was "contractually delayed" from managing it until 2023, and said, "that mistake will not happen again."

"His comments were uncompromising and could be taken as unwelcoming," Ballard said. "In the past, Buffett wanted Berkshire to be seen as a great home for a long-held family business, and he would remain hands off and allow the current owners to have autonomy. Abel's comments could deter such owners from approaching Berkshire in the future."

Ballard asked whether Abel would promise a permanent home to potential sellers, and whether he would allow the same level of autonomy as Buffett and Munger did or seek to optimize businesses after buying them.

6. Getting personal

Buffett is famous for his investing prowess, his philanthropy, his frugal lifestyle, his junk-food diet, and more. Very little is known about Abel by comparison.

"What does his typical day look like?" Kass asked. "What percentage of his time is spent on travel to Berkshire's companies? How many hours per day does he spend on investment research, such as reading 10-Ks?"

Ballard said he's eager to learn "more about Greg as a person, both personally and professionally." He suggested Abel could talk about his love of ice hockey, his formative life experiences, his philanthropy, and his friends in the business world.

"It'd be nice to hear stories about some interactions that have taken place with other professionals, who he admires — other than Buffett — and what inspires him," Ballard added. "What books does he like? What movies, etc.?"

7. Next generation

Berkshire has already seen its biggest shake-up in decades, and there could be more changes to come.

Gardner said he'd like to know who will succeed Jain, who turns 75 this summer, as insurance chief. Lountzis inquired about how Abel is working with his lieutenants to line up successors for when Jain and other executives step down.

Buffett has headlined Berkshire's big bash for decades. Shareholders are about to find out what it's like when he's not running the show.