Squawk Pod: Warren Buffett at Berkshire Hathaway 2026 Annual Meeting: part 2 - 05/02/26 | Audio Only

Watch on YouTube ↗  |  May 03, 2026 at 13:00  |  1:12:26  |  CNBC
Speakers
Bobby Kotick — CEO, Activision Blizzard
Warren Buffett — Chairman of Berkshire Hathaway, former CEO
Greg Abel — CEO, Berkshire Hathaway

Summary

This episode covers the Berkshire Hathaway 2026 annual meeting, including interviews with Warren Buffett, Occidental Petroleum CEO Vicky Hollub, Brooks Running CEO Dan Sheridan, and former Activision CEO Bobby Kotick. Key themes include Buffett's view on excessive market gambling, Occidental's bullish oil thesis, and Berkshire's valuation opportunity. Greg Abel also discusses data center growth and technology investments.

  • Warren Buffett compares current market to a casino, criticizing one-day options gambling.
  • Occidental Petroleum CEO Vicky Hollub expects oil shortages by mid-2026 and sees significant upside for OXY.
  • Bobby Kotick argues Berkshire's operating businesses are cheap at ~10x earnings, signaling upside in BRK.B.
  • Greg Abel discusses Berkshire's data center energy load growth and technology buildout.
  • Buffett reaffirms confidence in Greg Abel and the new management structure.
  • Berkshire holds ~$380 billion in cash due to lack of attractive investment opportunities.
  • Deepfake concerns are highlighted with a fake Warren Buffett video shown at the meeting.
  • Several Berkshire portfolio CEOs, including Tim Cook and James Quincey, are stepping down.
Trade Ideas
Vicki Hollub CEO, Occidental Petroleum 14:10
Oxy benefits from upcoming oil shortage.
Vicky Hollub, CEO of Occidental Petroleum, expects oil shortages by mid-2026 due to depletion of strategic petroleum reserves. She believes oil prices are currently suppressed but will rise starting this summer. Occidental has a low break-even cost below $40/barrel, and once debt is reduced to $10 billion by late 2025 or early 2026, the company will accelerate organic development. This will create massive value, drive stock price up significantly over 3-5 years, and allow for shareholder returns via buybacks and dividends.
OXY HIGH
Bobby Kotick CEO, Activision Blizzard 28:18
Berkshire operating businesses cheap at 10x.
Bobby Kotick, longtime Berkshire shareholder, argues that Berkshire Hathaway's equity portfolio is valued at roughly the S&P 500's historic mean of 17x earnings, implying about $70-80 billion of risk. However, its operating businesses trade at much lower multiples, closer to 10x earnings, indicating significant upside. He also notes that Berkshire is buying back shares, signaling confidence, and likes to buy when the company buys.
BRK.B MED
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This CNBC video, published May 03, 2026, features Vicki Hollub, Bobby Kotick discussing OXY, BRK.B. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Vicki Hollub, Bobby Kotick  · Tickers: OXY, BRK.B