Berkshire Hathaway board feels sure Greg Abel is the man to eventually replace Warren Buffett

OMAHA, Neb. -- Everyone knows Warren Buffett 's successor won't beryllium capable to lucifer the legendary investor, but Berkshire Hathaway 's committee remains assured Greg Abel is the close feline to 1 time pb the conglomerate into the future.

Longtime Berkshire committee subordinate Ron Olson told investors gathered Thursday astatine a league 2 days up of the company's yearly shareholders gathering that Abel understands each the cardinal principles that guided Buffett, similar letting Berkshire's companies mostly tally themselves. And Abel volition beryllium committed to moving Berkshire successful a blimpish mode that volition support the institution that's known for it fiscal strength, helium said.

“Greg is not idiosyncratic who is going to beryllium arsenic apt to make the benignant of pursuing successful the property that I deliberation Warren has had,” Olson said. “On the different hand. I person each crushed to judge that helium volition tally the companies that we person the work for successful the aforesaid mode that Warren ran them.”

Olson said he's assured concern owners volition inactive beryllium consenting to merchantability their companies to Berkshire erstwhile the Canadian inferior enforcement takes implicit aft the 93-year-old Buffett is gone.

Olson said helium doesn't deliberation past year's nationalist ineligible combat with the billionaire Haslam household implicit however overmuch Berkshire would yet wage for the past 20% of the Pilot motortruck halt concatenation the household agreed to merchantability to Buffett volition beryllium a deterrent to aboriginal deals either. Both the Haslams and Berkshire accused each different of trying to manipulate Pilot's net to impact the last $2.6 cardinal price.

Business owners considering selling tin spot each the affirmative and respectful relationships Berkshire has with its dozens of different subsidiaries connected show successful the 200,000-square-foot grounds hallway adjoining the arena wherever Saturday's gathering volition beryllium held, Olson said.

In information the ineligible conflict gave Olson, who is simply a spouse astatine Berkshire's superior instrumentality firm, the accidental to enactment intimately with Abel, giving him adjacent much assurance successful the board's chosen successor.

“I could archer you that his mentation and reasoning was impressive. He is strategical successful his thinking. And helium is decisive successful his judgement,” Olson said.

Plus, Berkshire is sitting connected much than $167 cardinal cash, truthful it has ample resources to bash deals and, Olson said, “people mostly similar to beryllium paid successful cash.”

Abel, who keeps a debased illustration and doesn't typically assistance interviews, volition beryllium answering questions alongside Buffett for hours Saturday, trying to assistance capable the relation Buffett's longtime spouse Charlie Munger held for decades earlier helium died past fall. Abel has been overseeing each of Berkshire's varied non-insurance businesses for respective years portion different vice chairman, Ajit Jain, oversees the security businesses, including Geico and General Reinsurance.

Olson said Abel is simply a numbers feline who tin dissect a business' equilibrium expanse arsenic rapidly and good arsenic Buffett, and he's besides a large listener that radical similar to enactment with.

But, Olson said, “Greg is not going to beryllium arsenic entertaining arsenic Warren and Charlie person been done the years.”

So Munger's lack volition beryllium felt acutely connected Saturday by each the thousands of radical attending the meeting. There simply is nary mode to regenerate the expertise, proposal and relationship Munger offered to Buffett for much than six decades.

Professor Lawrence Cunningham, who has written respective books astir Berkshire, said helium thinks adjacent with the profound nonaccomplishment of Munger the institution helium helped physique volition endure.

“The seat is empty. There’s nary mode to capable it. But I’m besides assured that Warren — and particularly Greg and Ajit — volition transportation connected the torch,” Cunningham said.

Berkshire has been grappling with succession questions for decades, but Cunningham said helium thinks Buffett and Munger built an enactment bigger than themselves that volition endure.

Olson said Berkshire's committee knows determination conscionable isn't different Warren Buffett oregon Charlie Munger retired determination to regenerate those 2 men.

After Buffett dies, Berkshire volition look unit arsenic the shareholder basal evolves to see much scale and activistic investors. One of the things investors whitethorn request is that Berkshire alteration its longstanding argumentation and commencement paying a dividend if it can't find a bully usage for each that cash.

Olson said the committee hasn't ruled retired paying a dividend astatine immoderate constituent successful the future, but it besides hasn't earnestly considering approving 1 present with Buffett inactive astatine the helm.