Greg Abel rules out break-up, stressing continuity with Buffett
CNBC • • general
Key Points:
- Berkshire Hathaway celebrated Warren Buffett’s 60 years as CEO with a jersey retirement and a commemorative video at its annual meeting, while Buffett praised Greg Abel’s leadership as the new CEO, calling his appointment "100 percent successful."
- Buffett highlighted Berkshire’s successful $35 billion Apple investment made about 10 years ago, now worth approximately $185 billion, crediting outgoing CEO Tim Cook for its success.
- Abel emphasized Berkshire’s nearly $400 billion cash reserve as a strategic advantage for future investments, stating the company is ready to act decisively on strong value opportunities.
- Buffett noted the current financial market is characterized by excessive speculation, cautioning that many asset prices appear "very silly," and reiterated his preference for investing only in businesses he understands.
- Despite resuming stock buybacks in March after a two-year pause, Berkshire’s repurchasing activity has been modest, with only around $234 million spent in March and no significant buybacks reported in early April.
 { path { fill: %23EEEFE9 } })