Overview
- Greg Abel becomes Berkshire Hathaway's chief executive on Jan. 1, succeeding Warren Buffett after six decades.
- Buffett stays on as chairman and says he is "going quiet," while Abel takes over the annual shareholder letter.
- Berkshire holds a record $381.6 billion in cash as of September and has been a net seller of equities for 12 consecutive quarters.
- The roughly $300 billion stock portfolio draws heightened scrutiny, with some analysts suggesting active stock selection could be pared back given its size and concentration.
- Buffett's tenure produced compounded annual gains near 20% and an overall return above 5.5 million percent, built on insurance float and long-term ownership of durable businesses.