Warren Buffett said Greg Abel should have final decisions on investments at Berkshire at the first annual meeting since business partner Charlie Munger died.
Warren Buffett said Greg Abel should have the final decision on investments at Berkshire Hathaway, making clear that his successor will have authority over not just takeovers but the sprawling conglomerate’s mammoth stock portfolio as well.
Investors had expected that Mr Abel would lead the company’s operating subsidiaries and be the person to take on Berkshire’s big game hunting – how Mr Buffett refers to the multibillion-dollar acquisitions on which he has made his name.But many had anticipated Berkshire’s $US336 billion stock portfolio would fall to Mr Buffett’s two investment deputies, Todd Combs and Ted Weschler, and that those two men could play a large role in how the company’s $US189 billion cash pile is deployed.
Last year, Mr Abel told CNBC that Mr Combs and Mr Weschler ran their own portfolios “and that’s the way it’ll always be, and they’ll manage it accordingly”.“I may ask them: ‘That was really interesting. What triggered your interest?’” Mr Abel said of his conversations with Mr Combs and Mr Weschler over their stock investments. “But that’s the extent of it. And outside of having relationships with both of them, which are important, that’s their portfolio.
“We have not heard much from Greg yet about the public investments,” Mr Rossbach said. “It’s going to be part of this ongoing transition, to learn more about how that business is going to be structured, and then also more about how Greg Abel thinks of it.”Compared with previous years, Mr Abel took on a larger role at Saturday’s meeting, the first since Mr Buffett’s longtime business partner and Berkshire vice-chair Charlie Munger died in November.
“We don’t want to throw good capital after bad capital,” Mr Abel said of the utility business following the wildfires, repeating a comment Mr Buffett made in his annual letter in February. “We’ll be very disciplined there.”
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