During the weekend, hordes of Berkshire Hathaway investors flocked to Omaha, Nebraska, for what is affectionately termed the “Woodstock for Capitalists,” a nickname Warren Buffett has bestowed upon his company’s annual gathering.

This year marked a significant moment as Greg Abel, Warren Buffett’s chosen successor, took the helm for the first time at this lively celebration of Berkshire’s achievements.

Despite leadership changes, one aspect of Berkshire’s operations remains steadfast: its substantial cash reserves. Since the conclusion of 2025, the company’s cash holdings have increased by 6%, reaching a staggering $397 billion.

Several Wall Street experts speculate that Berkshire is amassing these cash reserves in anticipation of a potential downturn in the market.

“It raises questions about what insights Berkshire Hathaway might have that are not yet apparent to the rest of us,” one analyst remarked.

‘They are hoarding cash at the same time most people – big investors and small – are ploughing money into the stock market and pushing it to record highs.’ 

The warning comes as the S&P 500 and Nasdaq have been hitting record highs over the past two weeks, including today (Tuesday), after dipping in the aftermath of the start of the Iran war. 

At the annual meeting, Abel told shareholders that all the cash was ‘dry powder’ to ensure Berkshire is ready to jump on unbeatable investments at a moment’s notice.

Warren Buffett has handed the reins over to Berkshires new CEO, Greg Abel, but remains as the company’s chairman

Some Wall Street analysts think Berkshire has been building cash reserves to prepare for a market meltdown

Abel asked his investors not to look at the company’s cash pile as a sign that it’s  uninterested in new investment opportunities. 

‘It allows us to act decisively, invest when others are tentative or fearful, and stand firm when financial storms roll through,’ he wrote in Berkshire’s quarterly update.

The company’s current horde dwarfs its holdings around the dot-com crack-up in 2000 and the financial crisis of 2008. 

At the height of the dot-com crash in 2001, Berkshire held $68 billion in cash, more than half the company’s market value at the time. And when the US housing bubble was starting to pop in late 2007, Berkshire was sitting on $47 billion in cash.

After the dot-com bubble burst, Buffett used his ‘dry powder’ to make Berkshire’s first acquisition in the energy business, purchasing 76 percent of MidAmerican Energy for $9 billion.

The MidAmerican acquisition led to a series of energy sector investments that today are grouped into a business unit called Berkshire Hathaway Energy, which Buffett has referred to as one of his companies four ‘crown jewels.’

‘It’s not that we don’t see exceptional companies out there today that we’d love to own … but the price relative to the opportunity, the economic prospects of that company and the related risks – we’re not interested in acquiring those companies at that price,’ said Abel.  

The new Berkshire CEO is not the only Wall Street guru worried about risks right now – in a recent interview, billionaire hedge fund manager Paul Tudor Jones warned that the stock market was eerily similar to before the dot-com crash of 2000.

Berkshire Hathaway CEO Greg Abel greets shareholders during the company’s annual shareholders’ meeting

Hedge fund giant Paul Tudor Jones agrees that stock market valuations have gotten out of hand

Jones warned of a major correction of 30 percent or more, and like Abel he said that valuations have gotten out of hand.

‘Valuation matters a lot, and the stock market’s really high, and it’s going to be really hard to make money from here, I think, with any kind of long-term view,’ said Jones.

The Berkshire Hathaway annual meeting began with a video tribute to Buffett, beginning with a clip showing the standing ovation Buffett received last year after he surprised shareholders by announcing that he would step down.

Buffett praised Abel and said he’s glad that he made the decision to promote him now.

‘He´s very, very smart about businesses,’ said Buffett in a live interview that aired during the meeting. 

Abel is known to be a more demanding and hands-on boss than Buffett ever was – he reportedly asks tough questions and offers advice that his lieutenants appreciate, but he doesn’t tell them exactly what to do.

And with Buffett remaining Berkshire´s chairman and its largest shareholder it´s unlikely that Abel will make any drastic changes in Berkshire’s approach.

In Carrollton, Texas, tragedy struck on Tuesday as a shooting resulted in the deaths of at least two people and left three others injured.

The alleged shooter, identified as 69-year-old Seung Han Ho, was quickly apprehended following a short pursuit on foot, according to a report by FOX 4 Dallas.

Carrollton Police Chief Roberto Arredondo reported to the station that the victims had gathered to meet Ho for a business-related discussion when the altercation turned violent around 10:30 a.m. local time.

Emergency services were promptly dispatched to the scene, with ambulances arriving to assist those affected by the incident.

Ho was captured just a few miles from the crime scene at a shopping center in Koreatown, following the brief chase, as noted by Chief Arredondo.

Video from FOX 4 showed a large police presence, including the FBI, at the shooting scene and shopping center.

The three wounded victims are in stable condition, Arredondo said.

Carrollton Police Chief Roberto Arredondo briefs the press following a shooting in Carrollton, Texas. (KDFW)

FBI Dallas did not immediately respond to inquiries from Fox News Digital.

David Letterman has openly criticized CBS, branding them as “lying weasels” following the announcement of “The Late Show With Stephen Colbert” cancellation. He challenges the network’s assertion that financial reasons were behind the decision.

Having hosted the “Late Show” himself for over two decades, Letterman suspects the show’s termination, slated for May 21, is more closely linked to the network’s sale rather than financial strain, as CBS claims.

“He was let go because those involved in selling the network to Skydance wanted to assure, ‘Oh, don’t worry about him causing any issues,'” Letterman stated in an interview with the New York Times. “‘We’ll handle the show. It’ll be part of the deal. When does the check clear?’

Letterman further emphasized his stance, telling Times reporter Jason Zinoman, “I’m just going to state it plainly: They’re lying. And to add one more thing, Jason—they’re lying weasels.”

CBS’s parent company, Paramount, was acquired by Skydance for $8.4 billion in August 2025, following a prolonged and complicated negotiation process.

The network has repeatedly said the move was driven by economics.

In July 2025, when it announced the show would end, CBS called it “purely a financial decision” amid a declining linear TV landscape.

After Letterman’s latest remarks, a spokesperson reiterated to the Times that it was “unequivocally a financial decision.”

Letterman, 79, questioned that explanation while acknowledging broader shifts in television.

“They don’t share the books with me. All of television seems to have been nicked by digital communication and streaming platforms and on and on. TV may not be the money machine it once was,” he said.

“On the other hand, what about the humanity for Stephen and the humanity of people who love him and the humanity for people who still enjoyed that 11:30 respite?”

Letterman has previously criticized how CBS handled the cancellation.

He called the cancellation “pure cowardice,” saying the network “did not handle Stephen Colbert, the face of that network, in the way he deserves.”

“I don’t think it was money,” Letterman said at the time.

“I think it was all to make sure [Skydance head David Ellison, who became the CEO of Paramount when the two companies merged last year] were solid spending dad’s money.”

Colbert, a constant critic of President Trump, addressed speculation about the decision in November, saying it’s “a reasonable thing to think” the cancellation could be politically motivated, but he declined to “engage in that speculation.”

“The Late Show With Stephen Colbert” will air its final episode on May 21, 2026. “Comics Unleashed With Byron Allen” will take over the time slot.

President Donald Trump’s campaign to seek retribution has kicked off with a significant impact.

During Tuesday night’s primaries, at least five Republican state senators lost their seats after opposing a Trump-endorsed redistricting plan aimed at reshaping the state’s congressional boundaries.

This setback for a group of state lawmakers, who had aligned with Democrats to block the President’s preferred map, serves as a stark warning for those within the MAGA movement in one of the nation’s most conservative states.

Real estate agent Blake Fiechter defeated long-time Senator Travis Holdman, the Majority Caucus Chair in the chamber and the third-ranking Republican.

In other races, Trump-backed candidates Michelle Davis and insurance broker Trevor De Vries unseated Senators Greg Walker and Dan Dernulc, respectively. Additionally, Trump-endorsed candidates Brian Schmutzler and Tracey Powell prevailed over incumbent Senators Linda Rogers and Travis Holdman.

Trump’s political operation went after seven Indiana Republican senators in total. 

‘It’s a wipeout so far in Indiana,’ noted Zachary Donnini, the head of data science at VoteHub. ‘Trump-backed Republicans are steamrolling the anti-redistricting faction.’ 

The showdown was months in the making, becoming a proxy war over redistricting that turned Indiana’s Senate body into a national flashpoint.

US President Donald Trump makes a fist after a roundtable discussion on his “no tax on tips” policy at the AC Hotel Las Vegas Symphony Park in Las Vegas, Nevada, on April 16, 2026

A general exterior view of the Indiana Statehouse in Indianapolis, April 23, 2025

An X post by AdImpact which breaks down spending on the Indiana State Senate races

In December, the Indiana Senate rejected the proposed reformed map in a 31–19 vote, with 21 Republicans joining all 10 Democrats to block it, effectively killing the red state redistricting push to add two seats to the Republican total. 

Chloe Anagnos Pierce, President of the Indiana Federation of Republican Women, told the Daily Mail on Tuesday that ‘incumbents who didn’t vote in favor of redistricting defied the wishes of their constituents.’ 

‘Ultimately, the Republican base voted for redistricting by voting these folks out. Now, it’s up to our base to turn out in November to keep these seats red,’ she added.

Indiana State Senator Greg Goode, a Republican representing the 38th district, held off a Trump-backed challenger, Brenda Wilson to keep his seat.

Rodric Bray, Indiana’s Senate president pro tempore, would have been an unthinkable target for any President in a previous era. 

His family representing Indiana in a near-unbroken stretch dating back to 1951, Bray is a quiet small-town lawyer and former Sunday school teacher who is well respected among Indiana politicians. 

But because he balked at supporting Trump’s redistricting push, he got in Trump’s crosshairs. 

In January, Trump lambasted him as a ‘total RINO’ and vowed to ‘work tirelessly’ to remove him.  But since Bray isn’t up for reelection until 2028, the White House strategy became to pick off Bray’s Senate allies and wrest his leadership position away from him.  

Millions of dollars flooded races in which tens of thousands are usually devoted. Bray put his head down and refused to fight Trump rhetorically. 

Indiana State Senator Michael Bohacek, another Republican from the Hoosier State who is not running this year and thus was not on the ballot, also pledged to vote against a draft congressional map that would have seen two Democratic seats eliminated because of the president’s inflammatory rhetoric.

The proposed map came as part of a redistricting effort aimed at keeping a GOP majority in Washington.

As midterm elections typically result in the president’s political party losing seats, Trump has pressured Republican-led states to assist him in keeping power after next November’s elections, and not spend his last two years in office as a lame duck, or worse, going through another impeachment trial.

Bohacek issued a statement bashing the president not for political reasons, but for one that was more personal.

The Indiana state senator rebuked Trump’s rhetoric after the president called Minnesota Governor Tim Walz—Kamala Harris’ 2024 running mate—a slur for people with intellectual disabilities while criticizing his handling of immigration from Somalia and other countries.

Walz is also a father to his son Gus who has a non-verbal learning disorder, as well as anxiety, attention-deficit/hyperactivity disorder (ADHD).

‘This is not the first time our president has used these insulting and derogatory references and his choices of words have consequences. I will be voting NO on redistricting, perhaps he can use the next 10 months to convince voters that his policies and behavior deserve a congressional majority,’ Bohacek wrote in a Facebook post in which he also explained that he is a father to a daughter with Down syndrome.

While running for president in 2016, Trump was famously accused of mocking a disabled New York Times journalist.

Trump’s retribution run is only getting started. Later this month, he and his political operation hope to defeat Senator Bill Cassidy in Louisiana and Rep. Thomas Massie in Kentucky.  

Cassidy was one of seven GOP senators who voted to convict Trump in his 2021 impeachment trial following the Jan. 6 riot. Massie, a longtime irritant of Trump, has consistently torn into his administration over its reluctance to release the Jeffrey Epstein files. 

Meanwhile, there was a near-miss at John F. Kennedy International Airport in New York City on Monday. Flight tracking data indicates that two planes came alarmingly close, within approximately 500 feet vertically of each other, during their approach.

This incident occurred just a day after another aircraft hit a light pole and damaged a bakery truck while landing in New Jersey, highlighting a recent trend of aviation close calls.

Audio from JFK’s air traffic control revealed that a controller warned the pilot of a Delta flight, operated by Endeavor Air, about a smaller aircraft flying less than 500 feet above them, as reported by ABC7.

According to Flightradar24 data cited by ABC7, the two planes had a vertical separation of about 475 feet when their paths crossed. The Endeavor aircraft was at an altitude of roughly 2,100 feet, while the Cirrus plane was at approximately 2,575 feet.

A Delta Connection flight operated by Endeavor Air and a small aircraft came within roughly 500 feet vertically while approaching John F. Kennedy International Airport in New York City, according to flight-tracking data cited by local reports. (Bruce Bennett/Getty Images)

The Federal Aviation Administration said Endeavor Air Flight 5289 was on final approach to Runway 22L around 5:15 p.m. Monday when a Cirrus SR22 crossed overhead while preparing to land on Runway 22R.

“Air traffic control provided traffic advisories to both pilots, and each reported the other in sight,” the FAA said. “The required separation was maintained.” 

The Endeavor pilot told controllers the flight crew received a traffic advisory, followed by a resolution advisory from the aircraft’s collision avoidance system, ABC7 reported.

A commercial airplane approaches John F. Kennedy International Airport in New York City. (Nicolas Economou/NurPhoto via Getty Images)

Audio captured the exchange between controllers and the flight crew.

“Endeavor 5289 yeah I’m not talking to him. He’s 500 feet above you now left to right half a mile in front of you,” a controller said, according to the report.

“And tower Endeavor 5289 he just flew about 500 feet right over so looks like he’s taking a left turn now,” the pilot responded.

The international terminal, train, and control tower are visible at John F. Kennedy International Airport in New York. (Skyhobo/Getty Images)

Monday’s incident is the latest in a series of close calls that have drawn increased scrutiny from federal regulators and lawmakers.

On Sunday, a United Airlines flight traveling from Venice, Italy, to Newark Liberty International Airport struck a light pole and damaged a bakery truck during its descent around 2 p.m. The 221 passengers and 10 crew members aboard were not injured, and the plane landed safely.

JFK also experienced a close call last month when two passenger jets came too close on approach, triggering onboard collision warnings and a federal investigation.

In that incident, the FAA said Republic Airways Flight 4464 performed a go-around after missing its approach path and flying too close to Air Canada Express Flight 8554, which had been cleared to land on a parallel runway.

Fox News Digital has reached out to the FAA, Delta and Cirrus for comment.

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