Greg Abel, who is widely expected to succeed Buffett as CEO, told shareholders that the company’s investment philosophy wouldn’t change if he takes over.
Abel said that would start with maintaining Berkshire’s reputation and a “fortress of a balance sheet,” which not only gives Berkshire the ability to make large investments. but protects and keeps it from relying on a bank or other companies.
“Allocation of capital will be absolutely critical but it comes with managing risk,” Abel said.