At this year\u0027s Berkshire Hathaway AGM, investors got their best view yet of Warren Buffett\u0027s Canadian successor, Greg Abel. Read on.
Folksy charm
The quick and forthright admission follows a model that Buffett reminds Berkshire shareholders of each year: his famous 1991 congressional testimony over a bond trading scandal at Salomon Brothers that nearly brought down the investment bank. “Lose money for the firm and I will be understanding; lose a shred of reputation for the firm and I will be ruthless,” he said.
Abel’s experience at the helm of BHE and his hands-on approach with Berkshire’s dozens of businesses may also mean he will be a more active manager than Buffett — perhaps aiming for synergies or tie-ups among subsidiaries, something Buffett has never sought to foster. Managers of some Berkshire businesses said that Abel has been taking a more hands-on approach. In March, Abel visited Brooks Running chief executive officer Jim Weber to see the footwear business, while newly acquired toy company Jazwares has been reporting its results monthly to Abel and his team.“Warren grew up with all the businesses,” Abel told CNBC last month. “I had to learn the businesses and their industries, which means there’s going to be an active dialogue with the managers.
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