Greg Abel wants Berkshire Hathaway to outlast Warren Buffett

Abel also made it clear that he isn’t auditioning for Wall Street’s favorite role: “new guy who returns a ton of cash.” On dividends, the policy remains the Berkshire catechism — that the company won’t pay cash dividends as long as “more than one dollar of market value for shareholders is reasonably likely to be created by each dollar of retained earnings.” This isn’t a story about a new quarterback calling flashy audibles. It’s about running the same offense until the defense gets tired.In his first letter ...