Berkshire Hathaway enters the post-Buffett era as stock prices fall

Berkshire Hathaway’s post-Buffett era got off to a quiet start Friday, as shares fell slightly after the “Oracle of Omaha” gave Greg Abel the top job after six decades at the helm. The world’s most famous conglomerate must now protect its reputation without its chief architect, who reshaped modern investing and transformed the company from a struggling textile company into an investment giant worth more than $1 trillion.

Warren Buffett is known for his long-term strategy and his focus on buying high-quality companies at reasonable prices. He posted steady profits that outpaced the broader markets and made him a reliable steward of capital.But Buffett’s longtime lieutenant Greg Abel is taking over at a sensitive time for the company. Berkshire’s stock has underperformed the S&P 500 index through 2025, and Buffett has said it’s difficult to find an acquisition that “moves the needle” for the conglomerate.

RECORD CASH, FEWER DEALS

Berkshire has trimmed its stakes in Apple and Bank of America while building a record pile of cash that has some investors worried. The company had $381.7 billion in cash and equivalents on hand as of September 30. Berkshire has not said who will take over its stock portfolio, which totaled $283.2 billion at the end of September.

Yet Abel, 63, inherits one of corporate America’s biggest war chests. He joined Berkshire in 2000 after it acquired MidAmerican Energy, now known as Berkshire Hathaway Energy.

Since 2018, he has served as vice chairman and oversees Berkshire’s non-insurance operations.

Berkshire’s Class B shares, which trade at a more accessible price point, fell 0.3% in New York on Friday. Class A shares also traded 0.4% lower.

Wall Street’s major indexes rose on Friday.

Berkshire Hathaway owns an extensive collection of companies, including insurer GEICO, BNSF Railway, dozens of manufacturing and energy operations, and consumer brands such as Dairy Queen, Fruit of the Loom and See’s Candies.

Buffett remains chairman and has said he plans to continue coming to Berkshire’s Omaha office, about 2 miles east of his home, every day to support Abel.