Abel is expected by investors and analysts to uphold Berkshire Hathaway’s track record of investing in companies for the long haul and eschewing dividend payments to shareholders
, he is expected to preserve the culture at the behemoth even if he does not match the star power of his legendary boss.
Even though Buffett has shown no signs of wanting to step aside, investor focus on Berkshire’s future came to the fore again after Charlie Munger, Buffett’s long-time friend and business partner, died in November at age 99. At Berkshire’s annual shareholder meeting in Omaha on Saturday, investors questioned Buffett and Abel about succession.
“We got the same feeling in terms of judging the attractiveness of businesses and making capital decision and that sort of thing,” Buffett said.“Greg understands the culture and he will honour that,” said Olson ahead of the meeting. “Greg doesn’t think of himself as Warren Buffett, but I have no doubt seeing Greg running the same way.”Gregory Edward Abel was born in Edmonton, Alberta, on June 1, 1962, to a working-class family.
Some executives who work with Abel say he scrutinizes financial metrics such as inventory levels, cash flows, capital expenditure and earnings before interest, taxes, depreciation and amortization. “We haven’t had a history of being very tough on people that coasted and we’ve had some that would do that,” Buffett said. “Greg will do something about it and Charlie and I wouldn’t have.”
“I would leave the capital allocation to Greg,” Buffett said on Saturday. “He understands businesses extremely well, and if you understand businesses you understand common stocks.”
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