Greg Abel praises Warren Buffett and promises Berkshire Hathaway won't retreat from investing

Core Insights - Warren Buffett's successor, Greg Abel, released his first letter to Berkshire Hathaway shareholders, highlighting a $4.5 billion write-down on Kraft Heinz and Occidental Petroleum stakes [1] - Abel emphasizes maintaining Berkshire's culture and operational methods that have proven successful over the past six decades [2] - Buffett remains chairman and largest shareholder, continuing to guide the company while Abel takes on the responsibility of writing annual letters and answering questions at shareholder meetings [3] Company Operations - Initial changes under Abel's leadership include administrative moves and a potential consideration to sell some or all of Berkshire's 325 million shares in Kraft Heinz, a move that may align with Buffett's previous criticisms of the merger [4] - Berkshire Hathaway's strength lies in its diverse portfolio of owned companies, including major insurers like Geico, the BNSF railroad, and various manufacturing and retail firms [5] - Abel has been managing Berkshire's non-insurance companies since 2018, gaining insights and praise from executives within those businesses [6]