Greg Abel, Buffett's successor at Berkshire Hathaway, struggles as the firm underperforms in an AI-exuberant market. Adhering to Buffett's value investing principles, Berkshire maintains large cash reserves, resulting in its worst underperformance in decades. The author questions if investors will show Abel, an "untested" CEO, the same patience granted Buffett during past downturns. While Abel's strategy aligns with Buffett’s success, the article expresses strong skepticism that investors will tolerate prolonged underperformance. Investor loyalty without sustained returns is unlikely, potentially replacing the "Buffett premium" with an "Abel discount."