Overview
- Warren Buffett steps down as CEO on Dec. 31; Greg Abel takes over on Jan. 1 while Buffett remains chairman.
- Berkshire has built a cash pile of about $381 billion after roughly 12 consecutive quarters of net stock selling.
- The leadership shift follows the departure of investment lieutenant Todd Combs to JPMorgan, raising questions about investment continuity.
- A strategist says the stock trades at a "succession discount" and frames the transition as a buying opportunity, while suggesting Abel could target energy or defense.
- Recent figures highlight Berkshire’s scale, with Q3 operating income up 34% to $13.5 billion and a portfolio spanning roughly $700 billion in tradable assets and about 200 controlled companies.