La retraite de Buffett, Greg Abel prend la tête de Berkshire Hathaway depuis 100 jours : la méthode de gestion de l'empire d'investissement est en train d'être réécrite

Berkshire Hathaway’s new CEO Greg Abel has been in office for a hundred days, demonstrating a management style more assertive than Buffett’s. He has restarted the buyback program, redefined Apple and three other companies as core holdings.

According to The Wall Street Journal, within just 100 days of taking office, the new leader of Berkshire Hathaway, built over decades by Warren Buffett, has already begun to show significant changes. For the market, Greg Abel is not only Buffett’s designated successor but also the person who will determine Berkshire’s capital allocation, subsidiary governance, and investment style over the next decade.

The 63-year-old Buffett successor, Berkshire CEO Greg Abel

Greg Abel is 63 years old and officially took over as Berkshire Hathaway CEO this January. Although he repeatedly emphasizes that Berkshire’s core culture, values, insurance business foundation, integrated corporate structure, and the CEO-led stock investment model will remain unchanged, The Wall Street Journal bluntly states that the reality is: change has already begun, and it is happening with direction and rhythm.

Abel has promoted deputies who work closely with him, offers salaries higher than during Buffett’s era but commits to using most of his compensation to buy Berkshire stock, restarted the nearly stagnant buyback plan since 2024, and further expanded Berkshire’s presence in Japan, even acquiring shares of a local insurance company.

Insiders: Abel is more involved in management than Buffett

The most notable aspect of this report is how it depicts the fundamental difference between Greg Abel and Buffett—not in investment philosophy, but in management style. Buffett has long been perceived as highly decentralized, with minimal intervention, even willing to tolerate underperforming managers to avoid unpleasant personnel issues. Greg Abel, on the other hand, is not like that.

Sources familiar with Berkshire’s internal operations say Abel is more “hands-on” than Buffett—more involved in business details, more proactive in management, and with higher expectations for subsidiaries, holdings, and senior executives. If someone cannot meet his standards, he is less tolerant than Buffett and may even dismiss them if necessary.

This also makes Greg Abel a more typical modern corporate manager, rather than just an extension of the legendary investor. His background explains this style: born in the Canadian prairie, with a pragmatic, straightforward North American Midwest personality. He has long managed Berkshire’s non-insurance businesses, especially with Berkshire Hathaway Energy, and has been honed through large industrial and utility systems.

He is not just someone who understands capital markets but also knows how to manage railroads, energy, utilities, industry, and large dispersed corporate groups. Therefore, when he took over Berkshire, the external perception was not of a philosophical continuation but of someone familiar with operations, performance management, and organizational accountability, actively taking the reins of this giant enterprise.

Abel has shown a more assertive stance than Buffett

The report notes that during the transition period before officially taking over, Abel already signaled a change in atmosphere internally. In December last year, at an employee lunch, someone directly asked whether he would move Berkshire’s headquarters out of Omaha. Such a question would have been almost unthinkable in Buffett’s era, but it reflects that everyone knows “a new era is coming.” Abel responded on the spot that he would not move the headquarters, but the question itself was enough to indicate internal expectations for changes after succession.

In terms of working style, Greg Abel also demonstrates a high level of engagement. Although Berkshire’s headquarters is in Omaha, he currently lives in Des Moines, Iowa, with no immediate plans to move to Omaha—at least until his son graduates high school. This means he often makes multiple trips weekly, with a two-hour one-way drive.

More importantly, he spends much of his time flying on Berkshire’s NetJets-managed aircraft, visiting subsidiaries across the country. This highly mobile, frequent inspection style is typical of a strong operational leader.

Greg Abel redefines Berkshire’s core holdings

From an investment perspective, Abel’s first significant signal is that he is beginning to redefine Berkshire’s “core” and “non-core” holdings. In his first shareholder letter on February 28, he explicitly named Apple, American Express, Coca-Cola, and Moody’s as core holdings.

This statement is crucial because it not only reaffirms Berkshire’s preference for concentrated holdings but also signals to the market: under Abel’s era, Berkshire’s stock investments will remain concentrated, but not all large holdings are viewed equally. The report even points out that Bank of America and Chevron are not considered on the same level as the four mentioned core positions.

In Abel’s era, Berkshire’s investment decisions may become more “focused”

At the same time, Abel has begun reorganizing the investment structure left over from the transition period. The report states that he has liquidated Todd Combs’s managed stock positions. Todd Combs, one of Buffett’s two investment managers, recently moved to JPMorgan Chase. Interestingly, the report suggests Abel is unlikely to hire new investment managers to assist with managing the portfolio.

What does this imply? It suggests that future stock investment authority at Berkshire may be even more centralized in the CEO’s hands than in Buffett’s later years. For the market, this means decision-making efficiency could improve, and Abel’s personal judgment will more directly influence Berkshire’s holdings.

But what will truly define Abel’s historical position is not whether he adjusts holdings but how he uses Berkshire’s record-breaking cash reserves. The report states Berkshire currently holds $373.1 billion in cash. For any successor, this is both an opportunity and a pressure.

Long-term shareholders may not care whether Abel continues Buffett’s style; they are more concerned about whether he will be more aggressive than Buffett in the next deep recession. Long-term Berkshire investors like Chris Bloomstran openly say that their real expectation for Greg Abel is that he will have the courage to deploy $300 billion into the market and be more active than Buffett in his later years.

This is the key point for Abel. Because Berkshire is not an ordinary company; it is one of the few global capital allocation machines that simultaneously holds insurance float, massive cash, complete industrial assets, and enjoys high market trust. Buffett’s core ability was not just stock picking but making large, high-return decisions at market panic lows using extremely low-cost capital. Whether Abel can inherit this ability will determine if he is merely “a manager after Buffett” or “a capital allocator after Buffett.”

Additionally, Abel has spent considerable time over the past year focusing on one of Berkshire’s most important foundations: the insurance business. The report notes he is prioritizing learning Berkshire’s extensive insurance system and interacting closely with Ajit Jain, who has long managed the insurance operations. Jain is expected to continue leading the insurance division, but Berkshire has also planned a succession for him. This indicates Abel is not only focused on energy and industrial sectors but is consciously filling gaps in his understanding of Berkshire’s core engine—insurance.

Abel’s test: the next recession is just the beginning

From a personal image perspective, Abel somewhat continues Buffett’s Midwestern affability. The report mentions he loves ice hockey, still coaches his son’s team, and during the Olympics, he supported both the Canadian men’s team and the U.S. women’s team to avoid taking sides. These details make him appear pragmatic, approachable, and life-oriented, aligning well with Berkshire’s long-standing plain culture.

But don’t be fooled by this gentle surface. The Wall Street Journal’s true portrayal is of a successor who does not shy away from conflict. Sources familiar with Abel say he believes in autonomy and decentralization but also respects Berkshire’s traditional de-centralized model. However, this does not mean he will tolerate underperforming units indefinitely.

In simple terms, Abel does not intend to replicate Buffett and Munger’s past leniency toward underperforming subsidiaries. If some businesses underperform long-term, they may be scrutinized, restructured, or even sold—something that was rarely done in Berkshire’s history.

This is especially noteworthy because Berkshire has rarely sold entire subsidiaries. The most notable cases were the 2020 sale of the newspaper business and the earlier closure of the textile division in 1985. In Buffett’s era, most acquired companies were held permanently. But in Abel’s era, this unwritten rule may no longer fully apply.

If performance fails to meet the new leader’s standards, Berkshire’s future disposition of subsidiaries could be more flexible and disciplined than the market is used to. Abel is not aiming to overthrow Buffett but to transform Berkshire from an “exceptional enterprise led by a genius founder” into a modern holding company that maintains its spirit but enhances execution and accountability.

He preserves Berkshire’s core genes: culture, insurance, concentrated investing, long-term holding, and capital discipline; but he is also adding his own marks: deeper operations, greater focus on performance, willingness to address underperformers, and a higher likelihood of bold capital deployment at critical moments.

For investors, Abel’s true test has yet to come. It may only arrive during the next recession, liquidity crisis, or major acquisition opportunity, when the market will see whether this new leader can make the kind of game-changing decisions Buffett once did amid chaos. But at least in these first 100 days, Berkshire’s new era has begun, and this successor shows no intention of merely maintaining the status quo.

• This article is reprinted with permission from 《Chain News》
• Original title: 《Greg Abel 接掌波克夏 100 天：巴菲特接班人，正在改寫投資帝國的管理方式》
• Original author: Neo