New CEO Greg Abel did most of the talking at his first Berkshire Hathaway shareholders meeting, but Warren Buffett was still a major presence.

For the first time, the 95-year-old Buffett won't be the central figure on stage, marking a new era for one of investing's most closely watched rituals.

The mood in the air was cautiously optimistic as new and returning investors weighed the company's direction under a new chief executive.