Core Viewpoint - Warren Buffett expressed strong confidence in Greg Abel, the new CEO of Berkshire Hathaway, stating he would prefer Abel to manage his money over any top investment advisers or CEOs in the U.S. [1][10] Group 1: Leadership Transition - Buffett announced his plan to step down as CEO at the end of the year, with his last day on the job being Wednesday, while he will continue as chairman of the board [2] - Abel is expected to be the primary decision-maker, with Buffett praising his ability to accomplish more in a week than he could in a month [3][7] - Buffett highlighted Abel's normal lifestyle and character, indicating that he is well-suited to lead a large company like Berkshire Hathaway, which employs around 400,000 people [8] Group 2: Market Performance - On Abel's first trading day as CEO, Berkshire Hathaway's A shares fell by 1.4%, while B shares decreased by almost 1.2% [14] - In contrast, the S&P 500 index experienced a slight gain of 0.2%, leading to a year-to-date performance advantage of 1.60 percentage points over Berkshire's A shares [15] Group 3: Financial Metrics - As of September 30, Berkshire Hathaway's cash reserves stood at $381.7 billion, reflecting a 10.9% increase from June 30 [17] - The company's market capitalization is approximately $1.07 trillion, with no stock repurchases since May 2024 [17]
Buffett backs new CEO Greg Abel with 'huge endorsement' in CNBC interview