Greg Abel Takes Control at Berkshire Hathaway Annual Meeting Following Warren Buffett's Retirement
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Abel has been on stage next to the legendary investor at the annual meetings for several years, but this year is his first time running the show. Investors expect the conversation to focus more on how the dozens of companies Berkshire owns are doing. The conglomerate owns major insurers like Geico, several major utilities like Pacificorp, BNSF railroad and an assortment of manufacturers, retail and service businesses.
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New York Post BusinessAbel has been on stage next to the legendary investor at the annual meetings for several years, but this year is his first time running the show. Investors expect the conversation to focus more on how the dozens of companies Berkshire owns are doing. The conglomerate owns major insurers like Geico, several major utilities like Pacificorp, BNSF railroad and an assortment of manufacturers, retail and service businesses.
ZeroHedgeAt the Omaha shareholder meeting earlier today, new CEO Greg Abel assured Berkshire shareholders that he will invest wisely and manage the conglomerate's massive cash stake without the burdens of bureaucracy, as he seeks to win over those cautiously hoping he is a worthy successor to Warren Buffett. Abel, 63, spoke at Berkshire's annual meeting in Omaha, Nebraska, four months after succeeding arguably the world's most famous investor as CEO.
CNBCOMAHA, Nebraska — In his debut running Berkshire Hathaway's annual meeting, Greg Abel delivered what many shareholders came to see: a steady hand, a firm grasp of the sprawling conglomerate and just enough of his own style to reassure investors the post-Warren Buffett era is on solid footing.
Financial TimesGreg Abel to address shareholders at first gathering since he succeeded Warren Buffett
BloombergGreg Abel lead the Berkshire Hathaway Inc. shareholders meeting on Saturday for the first time as CEO. It was very different compared to when Warren Buffett ran the program. Matthew Palazola of Bloomberg Intelligence was there and came on Bloomberg Radio to talk about what he saw. (Source: Bloomberg)
Washington Times BusinessThe conglomerate that Warren Buffett built released its earnings report Saturday as thousands of shareholders streamed into an arena in Omaha, Nebraska, for the annual meeting. Berkshire said it earned $10.1 billion, or $7,027 per Class A share. That’s up significantly from last year’s $4.6 billion, or $3,200 per A share.
MarketWatchAt his first annual meeting as CEO of Berkshire BRK.B BRK.A on Saturday, Greg Abel justified that holding — largely U.S. Treasury bills: “It’s not that we don’t see exceptional companies out there today that we’d love to own… but the price relative to the opportunity, the economic prospects of that company and the related risks — we’re not interested in acquiring those companies at that price,” Abel said.
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“Sadly we miss Warren and Charlie and that show which was fun, but it’s a business meeting for a lot of us and hearing what the businesses are doing is what it’s all about,” investor Chris Bloomstran, who is president of Semper Augustus Investments Group said.
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Fortune“Sadly we miss Warren and Charlie and that show which was fun, but it’s a business meeting for a lot of us and hearing what the businesses are doing is what it’s all about,” investor Chris Bloomstran, who is president of Semper Augustus Investments Group said.
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"Greg and company delivered on content, examination of businesses and confidence in outlook," Macrae Sykes, a portfolio manager at Gabelli Funds.
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Abel then announced the symbolic move of retiring jerseys with Buffett’s and Munger’s names on them that will hang in the rafters of the arena.
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FortuneAbel then announced the symbolic move of retiring jerseys with Buffett’s and Munger’s names on them that will hang in the rafters of the arena.
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The CEOs of Dairy Queen, See’s Candy, Jazwares and Brooks Running all said very little has changed since Abel was promoted other than they now report to NetJets CEO Adam Johnson who is overseeing 32 retail and service businesses.
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FortuneThe CEOs of Dairy Queen, See’s Candy, Jazwares and Brooks Running all said very little has changed since Abel was promoted other than they now report to NetJets CEO Adam Johnson who is overseeing 32 retail and service businesses.
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“I think this is a very deeply rooted culture that Warren has created, and I believe the transition to Greg is going to be rooted in those values that Warren has for 60 years instituted and will continue,” Brooks CEO Dan Sheridan said.
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Fortune“I think this is a very deeply rooted culture that Warren has created, and I believe the transition to Greg is going to be rooted in those values that Warren has for 60 years instituted and will continue,” Brooks CEO Dan Sheridan said.
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“Berkshire is as strong today as it’s ever been and Warren is still part of it,” DQ CEO Troy Bader said as his staff sold Dilly Bars to shareholders. “Warren is still present. So that’s the greatest combination right now, to be able to have that transition in leadership where Greg and Warren can still work together.”
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Fortune“Berkshire is as strong today as it’s ever been and Warren is still part of it,” DQ CEO Troy Bader said as his staff sold Dilly Bars to shareholders. “Warren is still present. So that’s the greatest combination right now, to be able to have that transition in leadership where Greg and Warren can still work together.”
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Thanks for signing up! Robotti said the performance of Berkshire’s businesses should be much more important to shareholders than the entertainment value of the annual meetings.
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FortuneRobotti said the performance of Berkshire’s businesses should be much more important to shareholders than the entertainment value of the annual meetings.
6 details only one outlet reported
Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 New York Post Business The mountain of moolah has only grown bigger as Buffett, who recently handed over Berkshire’s CEO reins to longtime lieutenant Greg Abel, warned about speculative behavior in markets and compared the explosion in short-dated options trading to gambling.
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02 Fortune “This was definitely the meeting with the deepest insights into Berkshire’s businesses in the last decade,” added Tilman Versch, a shareholder and host of the Good Investing community for value investors.
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03 CNBC The reviews from longtime shareholders and professional investors were broadly positive, even as many acknowledged the notable absence of Buffett, whose wit, storytelling and investing acumen have long defined the event.
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04 ZeroHedge Worries about the economy took a toll on several of Berkshire's consumer-oriented businesses. Berkshire said economic conditions weighed on building products businesses such as the Clayton Homes mobile home unit, while the Forest River RV unit, Fruit of the Loom and Squishmallows maker Jazwares reported lower revenue amid "higher economic uncertainty" and lower consumer confidence.
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05 Washington Times Business Berkshire said its profits got a $249 million boost from its foreign currency holdings because of the exchange rate. A year ago, Berkshire recorded a $713 million loss on foreign currencies.
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06 MarketWatch New CEO Greg Abel has the biggest investment shoes to fill — but he also had the best coach, which gives him ‘the best chance of success’
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