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At Greg Abel\u2019s first annual meeting as Berkshire Hathaway CEO this weekend, the arena was about half as full and the tone was more business-focused\u2014but by and large, investors gave the new CEO a thumbs-up.<\/p>\n
After 60 years as CEO of the conglomerate that owns everything from Dairy Queen to insurer Geico, Warren Buffett handed over the reins to Abel but is advising him and still serving as chairman.<\/p>\n
This year, the meeting celebrated the Oracle of Omaha\u2019s legacy by hanging a jersey bearing his last name and the number 60, representing his time as CEO, alongside a jersey for the late Charlie Munger, with the number 45, which represented his time at Berkshire.\u00a0<\/p>\n
Abel, a Berkshire veteran who joined the company in 1999 and oversaw all its noninsurance businesses starting in 2018, said \u201cboth those jerseys will remain in the rafters for the years to come.\u201d<\/p>\n
When it came to the business of the meeting, it was clear that Abel was the one running the show, sitting onstage while Buffett, 95, sat in the crowd.\u00a0<\/p>\n
Buffett and Munger regularly attracted 40,000 attendees from all over the world to Berkshire annual meetings in Omaha. Many investors showed up for the duo\u2019s famous Q&A sessions that covered the business, but often included bouts of comedy. In between Buffett\u2019s thoughts on Berkshire\u2019s operations, the longtime CEO also joked about his junk food-heavy diet and Munger\u2019s obsession with Costco.<\/p>\n
On Saturday, when Abel took charge of the meeting for the first time, the CHI Health Center in downtown Omaha was just over half full as the event started, the Associated Press reported. Still, Abel deftly explained the breadth of Berkshire\u2019s businesses and covered everything from Clayton Homes\u2019 affordable $249,000 \u201ccross-mod\u201d homes to the opportunity that exists for Berkshire\u2019s energy division to capitalize on the proliferation of data centers.<\/p>\n
His knowledge of the conglomerate\u2019s businesses and command of details impressed longtime investors.<\/p>\n
\u201cGreg Abel demonstrated his knowledge of and passion for running all of Berkshire\u2019s companies as well as its equity investments,\u201d David Kass, a University of Maryland finance professor who attended this year\u2019s annual meeting as he has for the past 20 years, told Fortune.\u00a0<\/p>\n
Kass, who has owned Berkshire stock for 40 years, said while nobody can match Buffett\u2019s wisdom and wit, Abel has now demonstrated his competency as CEO.<\/p>\n
\u201cHe is more serious in demeanor, but like Warren he is very pleasant. Since there will be less humor at future Berkshire meetings, they will be less entertaining. But Greg will be able to respond well to all shareholder questions and discuss the past performance and outlook for all of Berkshire\u2019s businesses,\u201d he said.\u00a0<\/p>\n
Another longtime annual meeting attendee, Chris Bloomstran, the president of Berkshire investor Semper Augustus Investments, said the meetings run by Buffett and Munger were an \u201cirreplaceable mix\u201d of business knowledge and humor.\u00a0<\/p>\n
But he added that Abel settled the nerves of concerned investors with a detail-heavy overview featuring remarks by Ajit Jain, insurance operations vice chairman, as well as Katie Farmer, the CEO of freight rail company BNSF.<\/p>\n
\u201cFor the shareholders interested in the myriad operations of Berkshire, Greg ran an outstanding business meeting. We wanted an overview heavy on detail from Greg, Ajit, Katie, and Adam [Johnson] on how management is attacking competitive and operational challenges, and they delivered perfectly,\u201d Bloomstran said.<\/p>\n
\u201cThis was definitely the meeting with the deepest insights into Berkshire\u2019s businesses in the last decade,\u201d added Tilman Versch, a shareholder and host of the Good Investing community for value investors.<\/p>\n
Berkshire reported strong results in its first quarter-earnings, with operating earnings after taxes jumping 18% to $11.35 billion. The company\u2019s insurance underwriting profits increased 29% to $1.72 billion.\u00a0<\/p>\n
While the Buffett era may be impossible to replicate, this weekend\u2019s annual meeting assured investors that the longtime CEO\u2019s pick for the top job was the right one.\u00a0<\/p>\n
As Bloomstran put it, \u201cAny concerns about Greg taking over for Warren were absolutely put to rest. Berkshire is in terrific hands for the decades to come.\u201d<\/p>\n
#Investors #endorse #Greg #Abeleven #Berkshire #crowd #thins #Warren #Buffett #CEO<\/p>\n","protected":false},"excerpt":{"rendered":"
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