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☆ 'Twist' in Warren Buffett's succession plan raises eyebrows among Berkshire's Omaha faithful
▼ + stars: | 2024-05-06 | by ( Yun Li | ) www.cnbc.com time to read: +5 min

OMAHA, Nebraska — Many Berkshire Hathaway shareholders left last weekend's annual meeting pondering Warren Buffett's big revelation about succession. Others think Abel will be more likely to delegate the responsibility of stock selection. Buffett's investment lieutenants, Todd Combs and Ted Weschler, have independently managed about $15 billion each for Berkshire over the past decade. In addition to Berkshire's enormous equity portfolio, its pile of cash grew to nearly $189 billion at the end of March. The new forecast would translate into more than 20% upside and push Berkshire's total market value above $1 trillion.

Persons: Warren Buffett's, Greg Abel, Buffett, Greg, Abel, Todd Combs, Ted Weschler, Buffett hasn't, Combs, Bill Stone, Charlie Munger, who's, he's, Bueffett's, Cathy Seifert, Brian Meredith, Meredith, — CNBC's Michael Bloom Organizations: OMAHA , Nebraska —, Berkshire Hathaway, Saturday, Madison Investments, CNBC, Geico, Glenview Trust, Berkshire Hathaway Energy, UBS Locations: OMAHA , Nebraska, Omaha, Berkshire, Toyama, UBS Berkshire

In this article BRK.A Follow your favorite stocks CREATE FREE ACCOUNTWarren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. The death of Munger last year brought the question of succession to the forefront of many investors' minds at this year's shareholders meeting. Warren Buffett and Greg Abel during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024. At the 2015 meeting, for example, he observed, "Warren, if people weren't so often wrong we wouldn't be so rich." Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024.

Persons: Warren Buffett, David A, CNBC Warren Buffett, Charlie Munger, Munger, Buffett, Greg Abel, Ajit Jain, Berkshire Hathaway, he'd, Abel, Greg, CNBC Abel, that's, Munger's, Warren Organizations: Berkshire, Grogen, CNBC, Berkshire Hathaway, Berkshire Hathaway Energy, Oracle Locations: Omaha , Nebraska, mull, Berkshire, Omaha

☆ Warren Buffett says Greg Abel will make Berkshire Hathaway investing decisions when he's gone
▼ + stars: | 2024-05-04 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

OMAHA, Nebraska — Warren Buffett said Saturday his designated successor Greg Abel will have the final say on Berkshire Hathaway's investing decisions when the Oracle of Omaha is no longer at the helm. Berkshire investing managers, Todd Combs and Ted Weschler, both former hedge fund managers, have helped Buffett manage a small portion of the stock portfolio (about 10%) for about the last decade. There was speculation that they may take over that portion of the Berkshire CEO role when he is no longer able. But it seems, based on Buffett's latest comments, that Abel will have final decisions on all capital allocation — including stock picks. Berkshire acquired MidAmerican Energy in 1999 and Abel became CEO of the company in 2008, six years before it was renamed Berkshire Hathaway Energy in 2014.

Persons: OMAHA , Nebraska — Warren Buffett, Greg Abel, Greg, Buffett, Abel, Charlie Munger, you've, Todd Combs, Ted Weschler Organizations: Berkshire, Oracle, Apple, MidAmerican Energy, Berkshire Hathaway Energy Locations: OMAHA , Nebraska, Omaha, Berkshire

☆ Buffett's Berkshire Hathaway trouncing the market this year and near a record heading into shareholder meeting
▼ + stars: | 2024-05-03 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Berkshire Hathaway shares are near all-time highs ahead of the conglomerate's annual shareholder meeting, but a few worries are weighing on analysts' minds. BRK.B ALL mountain Berkshire Hathaway Class B shares But that doesn't mean the stock is without its problems. Berkshire Hathaway Energy Berkshire Hathaway has been contending with several high-profile lawsuits in recent months, including the settlement this year of a billion-dollar lawsuit with the Haslam family over how Berkshire valued Pilot Travel Centers, a truck-stop giant. Her 12-month price target of $472 implies Berkshire shares can climb roughly 18% from Thursday's closing price of $400.60 per share. "I think that the future is very bright for Berkshire Hathaway," Shanahan said.

Persons: Berkshire Hathaway, Cathy Seifert, Berkshire Hathaway Energy Berkshire Hathaway, Haslam, PacifiCorp, Warren Buffett's Berkshire Hathaway, Buffett, Edward Jones, James Shanahan, CFRA's Seifert, Seifert, Shanahan, Bull Organizations: Berkshire, Berkshire Hathaway, CFRA Research, Berkshire Hathaway Energy Berkshire, Travel Centers, Berkshire Hathaway Energy, Federal Reserve, CNBC Locations: Berkshire, Oregon, Northern California, Warren, Woodstock, Omaha , Nebraska

☆ Warren Buffett’s Real Estate Brokerage Agrees to $250 Million Settlement
▼ + stars: | 2024-04-26 | by ( Debra Kamin | ) www.nytimes.com time to read: +1 min

HomeServices of America, the largest residential real estate brokerage in the United States and owned by Warren E. Buffett’s Berkshire Hathaway Energy, has agreed to settle a series of lawsuits that could change the way commissions are paid to real estate agents. On Thursday, the brokerage signed off on adding $250 million to the mounting pile of damages won by home sellers who have successfully sued several brokerages and the National Association of Realtors over what they described as inflated commissions. That settlement received preliminary approval from a federal judge on Tuesday, and now N.A.R. will pay $418 million in damages and significantly change its rules on agent commissions and the databases, accessible only by those who hold membership to N.A.R. The settlement will introduce competition to the market for real estate commissions, driving down the fees that consumers are required to pay when selling a home and eventually lowering home prices across the board as a result, some industry analysts say.

Persons: Warren E Organizations: Warren, Berkshire Hathaway Energy, National Association of Realtors, The New York Times, Industry Locations: America, United States

It's a story increasingly familiar in the energy industry: Some utility companies don't properly assess the risks wildfires pose to their operations. The primary purpose is to prevent power lines from igniting a wildfire during periods of high fire danger. The lawsuit also alleges the company "inexcusably kept their power lines energized during the forecasted high-fire danger conditions." A PG&E utility worker locates a gas main line in the rubble of a home burned down by wildfire in Paradise, California, Nov. 13, 2018. Several of those agencies track statewide wildfire information, but most did not keep track of the names of utility companies associated with wildfire incidents.

Persons: Michelle Glogovac, Glogovac, Laurie Allen, Brent Jones, Allen, Jones, inexcusably, Michael Wara, Shelee Kimura, Yuki Iwamura, David Pomerantz, Pomerantz, Patti Poppe, It's, JOSH EDELSON, Warren Buffett's, Stanford's, CNBC's Brian Sullivan, David Paul Morris, Institute's Pomerantz, Tama Organizations: CNBC, Electric, Energy, Stanford University, Hawaiian Electric, AFP, Getty, Policy, Policy Institute, NV Energy, Warren Buffett's Berkshire Hathaway Energy, Bloomberg, Getty Images Locations: Paradise , California, Lahaina , Hawaii, Hawaii, Maui, Maui County, Lahaina, California, Nevada, Warren, — Arizona, California , Colorado, Hawaii , Montana , Nevada , New Mexico , Oregon , Utah, Washington, Arizona , New Mexico, Utah

☆ California's Salton Sea could hold enough lithium for 375 million batteries — more than the total number of vehicles currently on US roads
▼ + stars: | 2023-12-05 | by ( Jennifer Solis | Nevada Current | ) www.businessinsider.com time to read: +6 min

The US Department of Energy released an analysis estimating how much lithium is under the Salton Sea. Salton Sea has the potential to produce an estimated 375 million lithium batteries for electric vehicles — more than the total number of vehicles currently on US roads, according to the analysis commissioned by the Department of Energy. It's the most comprehensive analysis to date quantifying the domestic lithium resources in California's Salton Sea region. AdvertisementIf the Salton Sea lithium can be extracted, it could give the US the ability to produce domestically sourced lithium, ending the nation's dependence on rival countries for a supply of the metal. AdvertisementThe state of California is also leaning into the development of lithium extraction in the Salton Sea.

Persons: DOE's Lawrence, Biden's, Jeff Marootian, George Rose, Gavin Newsom, Thacker Organizations: US Department of Energy, Service, Department of Energy, DOE's Lawrence Berkeley National Laboratory, Berkshire Hathaway Energy, DOE, California State, California Gov, US Fish and Wildlife Service Locations: Nevada's Thacker, Salton, Niland , California, California, Saudi Arabia, Nevada, In Nevada, Esmeralda County

☆ Charlie Munger's death brings home the inevitable future: Berkshire without Warren Buffett
▼ + stars: | 2023-12-03 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Greg Abel, vice chairman of Berkshire's non-insurance operations, became known as Buffett's heir apparent in 2021 after Munger inadvertently made the revelation . Ajit Jain, Berkshire's vice chairman of insurance operations, had been a top contender for the top job, but Buffett recently revealed that Jain "never wanted to run Berkshire." "All [Munger's passing] does is add to the conversation that what happens when Buffett's gone because this brings it home. Berkshire analysts believe the event won't notably alter Berkshire's transition plans. James Shanahan, Edward Jones' Berkshire analyst, also said he remains confident in the leadership of Berkshire following Munger's passing.

Persons: Charlie Munger, Warren Buffett's, Berkshire Hathaway, Greg Abel, Munger, Ajit Jain, Buffett, Jain, Abel, he's, Buffett's, Bill Stone, Warren Buffett, Catherine Seifert, James Shanahan, Edward Jones, CNBC's Becky Quick, Ted Weschler, Todd Combs Organizations: Oracle, Berkshire, Glenview Trust, CFRA's, MidAmerican Energy, Berkshire Hathaway Energy Locations: Berkshire, Omaha, Glenview, CFRA's Berkshire, Japan

☆ After Munger's death, Berkshire succession comes into focus
▼ + stars: | 2023-11-29 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/4] Berkshire Hathaway Inc Vice Chairman Charles Munger speaks at the Daily Journal annual meeting in Los Angeles, U.S., February 15, 2017. Munger's death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett's top advisers and sounding boards. At the 2021 annual meeting, Jain was asked how he and Abel interact with each other. "You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company." "It particularly doesn't feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here," Buffett said.

Persons: Charles Munger, Lucy Nicholson, Berkshire, Charlie Munger, Warren Buffett, Buffett, Munger, Munger's, Greg Abel, Ajit Jain, Abel, Jain, Warren, Charlie, Bill Stone, Howard Buffett, Todd Combs, Ted Weschler, Bill Smead, Whitney Tilson, Munger didn't, Jonathan Stempel, Megan Davies, Paritosh Bansal, Stephen Coates Organizations: Berkshire Hathaway, Daily, REUTERS, Berkshire Hathaway's, Berkshire, BNSF, Investors, Glenview Trust, Berkshire Hathaway Energy, University of Alberta, PricewaterhouseCoopers, Energy, MidAmerican's, Apple, Smead Capital Management, Kase Capital, Thomson Locations: Los Angeles , U.S, Berkshire, Omaha , Nebraska, Munger, Glenview, Edmonton, Alberta, Indian, Odisha, Phoenix, Woodstock, Omaha, New York

☆ Meet Greg Abel, Warren Buffett's successor and heir apparent to Berkshire Hathaway
▼ + stars: | 2023-11-29 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Warren Buffett named Greg Abel, 61, as his successor at Berkshire Hathaway back in 2021. Abel started out as an accountant, before taking the reins as CEO of Berkshire Hathaway Energy. The Canadian businessman is currently chair of Berkshire Hathaway Energy and vice chair for non-insurance operations at Berkshire Hathaway. Abel took over the reins of MidAmerican in 2008, which was renamed Berkshire Hathaway Energy in 2014. Abel's tenure as Berkshire Hathaway Energy's CEO would last for two decades until he stepped down in 2018.

Persons: Warren Buffett, Greg Abel, Abel, Charlie Munger's, —, Berkshire Hathaway, Buffett, Greg who'd, CNBC's Becky Quick, Charlie Munger, Berkshire acolyte Abel, CalEnergy, Warren Buffett Abel, Greg, Munger, He's, Warren Organizations: Berkshire Hathaway, Berkshire Hathaway Energy, Service, Berkshire, CNBC, University of Alberta, mater's, PricewaterhouseCoopers, MidAmerican Energy, doer, Directors, Business Insider Locations: Berkshire, Canadian, MidAmerican, Munger

☆ What Charlie Munger's death means for Warren Buffett and Berkshire Hathaway
▼ + stars: | 2023-11-28 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

Charlie Munger, vice chair of Berkshire Hathaway and second-in-command to Warren Buffett, is dead at 99. With Munger's death, Greg Abel may have a closer working relationship with Buffett. AdvertisementCharlie Munger, also known as Warren Buffett's right-hand man, died Tuesday at 99 — leaving open the role of vice chair of Berkshire Hathaway. Munger served as the 93-year-old Buffett's second-in-command for years, amassing a net worth of nearly $2.3 billion while overseeing Berkshire Hathaway. He was named CEO of MidAmerican — now Berkshire Hathaway Energy — in 2008 and was named vice chairman of non-insurance operations for all of Berkshire Hathaway in 2018, securing himself a role on the conglomerate's board of directors that same year.

Persons: Charlie Munger, Berkshire Hathaway, Warren Buffett, Greg Abel, Buffett, Abel, —, Warren Buffett's, Munger, Greg, He's, Warren, CalEngery, MidAmerican, Pat Egan, Egan, Troy Bader, Bader Organizations: Service, Berkshire, Berkshire Hathaway Energy, doer, PricewaterhouseCoopers, Dairy Locations: Berkshire, Canadian, MidAmerican —, Omaha

☆ Warren Buffett's Berkshire Hathaway reveals record $157 billion cash pile as the investor hunts in vain for bargains
▼ + stars: | 2023-11-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

His company Berkshire Hathaway sold over $5 billion of stocks on a net basis, its earnings show. Berkshire's cash pile grew to a record $157 billion, surpassing Disney's market capitalization. AdvertisementAdvertisementWarren Buffett's Berkshire Hathaway grew its cash pile by 7% to an astounding $157 billion last quarter, smashing the conglomerate's previous record of $149 billion in late 2021. They poured a record $68 billion into stocks last year, or $34 billion on a net basis. Their total cash and cash equivalents fell by 21% to $26 billion between January and September, while their short-term Treasury pile swelled by 36% to $126 billion.

Persons: Warren Buffett, Berkshire Hathaway, —, Warren, Buffett, . Buffett, Charlie Munger Organizations: Berkshire, Service, Disney, Travel Centers, BNSF Railway, Berkshire Hathaway Energy Locations: Alleghany, Berkshire

☆ Pipeline operator Enbridge Inc will buy three natural gas utilities from Dominion Energy for $9.4 billion
▼ + stars: | 2023-09-05 | by ( Samantha Delouya | ) edition.cnn.com time to read: +1 min

CNN —Canadian pipeline operator Enbridge Inc. announced Tuesday that it plans to acquire three gas distribution companies from Dominion Energy. The deal is valued at $14 billion, including $9.4 billion in cash and $4.6 billion in debt, and will create North America’s largest natural gas utility platform, according to Enbridge. Enbridge will buy three of Dominion’s gas utilities: The East Ohio Gas Company, Public Service Company of North Carolina, Incorporated, and Questar Gas Company, which serve about 3 million homes and businesses. “Adding natural gas utilities of this scale and quality, at a historically attractive multiple, is a once in a generation opportunity,” Enbridge CEO Greg Ebel said in a statement. “These businesses and employees have been an integral part of the Dominion Energy team, which is why we approached this decision with careful and deliberate consideration,” Dominion Energy CEO Robert Blue said in a statement about the company’s agreement with Enbridge.

Persons: Enbridge, ”, Greg Ebel, Dominion, Warren Buffett’s, Robert Blue Organizations: CNN, Canadian, Enbridge Inc, Dominion Energy, Dominion, East Ohio Gas Company, Public Service Company, Questar Gas Company, Warren, Warren Buffett’s Berkshire Hathaway Energy, ” Dominion Energy, Enbridge Locations: Enbridge, Richmond , Virginia, Calgary, Canada, United States, North Carolina

☆ Warren Buffett at 93: All of the big moves from the still-active investing legend in the past year
▼ + stars: | 2023-08-30 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Before turning 93 on Wednesday, Warren Buffett made a number of astute moves in the past 12 months that helped push his conglomerate Berkshire Hathaway to an all-time high. Buying T-bills Buffett's massive cash hoard swelled to nearly $150 billion at the end of the second quarter. And the only question for next Monday is whether we will buy $10 billion in 3-month or 6-month" T-bills, Buffett told CNBC. Ramping up Japan bet Buffett recently hiked his stakes in five Japanese trading houses — Itochu , Marubeni , Mitsubishi , Mitsui and Sumitomo — to more than 8.5%. Occidental stake tops 25% Buffett also kept buying the dip in Occidental Petroleum , now owning a quarter of the oil giant.

Persons: Warren Buffett, Berkshire Hathaway, he's, Buffett, Treasurys, Chamath Palihapitiya, oilman Armand Hammer, NVR, Todd Combs, Ted Weschler, Benjamin Moore Organizations: Buffett, Berkshire, CNBC, Japan, Mitsubishi, Mitsui, Sumitomo, Social, Occidental, Occidental Petroleum, Clayton Homes, Berkshire Hathaway Energy Locations: Berkshire, Fitch's, U.S, Japan, Occidental, Horton

☆ Berkshire posts record operating profit, rising rates boost Buffett's returns
▼ + stars: | 2023-08-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +5 min

"The earnings impact of higher interest rates on investment income is offsetting the economic softness caused by those same rates," he added. Investors closely watch Berkshire because of Buffett's reputation, and because results from the Omaha, Nebraska-based company's operating units often mirror broader economic trends. NOT LOVING VALUATIONSQuarterly operating profit rose 7% to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier. Berkshire repurchased $1.4 billion of stock in the quarter, down from $4.4 billion from January to March. Overall profit from Berkshire Hathaway Energy, where Berkshire has a 92% stake, was little changed at $785 million.

Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Jim Shanahan, Edward Jones, Buffett, Cathy Seifert, Seifert, PacifiCorp, Jonathan Stempel, Ira Iosebashvili, Angus MacSwan, Jan Harvey, Alistair Bell, Diane Craft Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire, Berkshire's Clayton Homes, Profit, BNSF, Forbes, Berkshire repurchased, Apple, Berkshire Hathaway Energy, Occidental Petroleum, Thomson Locations: Omaha , Nebraska, Berkshire, Alleghany, Oregon, An Oregon, Occidental, New York

☆ Berkshire posts record operating profit, $35.9 billion of net income
▼ + stars: | 2023-08-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

Quarterly operating profit topped $10 billion for the first time but grew just 7%, in part from recent purchases of the Alleghany insurer and Pilot truck stop operator. Second-quarter operating profit rose to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier. Net income totaled $35.91 billion, or $24,775 per Class A share, compared with a year-earlier $43.62 billion loss. Pilot added $114 million to operating profit. Overall profit from Berkshire Hathaway Energy, in which Berkshire has a 92% stake, was little changed at $785 million.

Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Cathy Seifert, Seifert, Buffett, PacifiCorp, Jonathan Stempel, Angus MacSwan, Jan Harvey, Alistair Bell Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire, Clayton Homes, BNSF, Berkshire repurchased, Apple, Occidental Petroleum, Berkshire Hathaway Energy, Forbes, Thomson Locations: Omaha , Nebraska, Berkshire, Alleghany, Occidental, An Oregon, New York

☆ Warren Buffett flaunts his green investment thumb
▼ + stars: | 2023-07-17 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, July 17 (Reuters Breakingviews) - How does Warren Buffett allocate capital? Buffett noted a few years ago how electric utilities need a “massive makeover” involving costs that would chew up BHE’s earnings for decades. Natural gas will also become increasingly important as a backup fuel. Unlike most utilities, BHE doesn’t have to pay a dividend – and neither does Berkshire, because of the faith investors have in the $750 billion company. This frees up capital, giving Buffett an edge where capex and acquisitions are concerned.

Persons: Warren Buffett, Buffett, Greg Abel, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Berkshire Hathaway, Berkshire Hathaway Energy, Dominion, Chevron, Occidental Petroleum, Twitter, Dominion Energy, Brookfield Infrastructure Partners, Thomson Locations: Berkshire, Brookfield

☆ Berkshire Hathaway takes control of LNG facility as Buffett ups bet on energy infrastructure
▼ + stars: | 2023-07-11 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Berkshire Hathaway Energy has agreed to purchase a 50% stake in the Cove Point liquefied natural gas facility for $3.3 billion in cash. Warren Buffett's big energy and utility division bought the stake from Dominion Energy and will now own a 75% limited partnership stake in Cove Point LNG located in Lusby, Maryland. The Cove Point LNG Terminal has a storage capacity of 14.6 billion cubic feet and a daily send-out capacity of 1.8 billion cubic feet. Berkshire Hathaway first bought a stake in Dominion's gas pipeline and storage assets for $4 billion in 2020. Abel is now vice chairman for noninsurance operations at Berkshire Hathaway and the successor to the 92-year-old "Oracle of Omaha."

Persons: Warren Buffett's, Bill Stone, Buffett, Berkshire Hathaway, Greg Abel, Tom Farrell, Abel, Stone Organizations: Berkshire Hathaway Energy, Dominion Energy, Brookfield Infrastructure Partners, Glenview Trust, Sumitomo Corp, CNBC, Berkshire Hathaway, Oracle, Occidental Petroleum, Chevron Locations: Point, Lusby , Maryland, Berkshire, U.S, Glenview, Omaha, Iowa

☆ Warren Buffett's Berkshire Hathaway sold a net $10 billion of stocks last quarter - but ramped up buybacks to over $4 billion
▼ + stars: | 2023-05-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett's Berkshire Hathaway reported first-quarter earnings on Saturday. Buffett's company sold $10.4 billion of stock on a net basis, and spent $4.4 billion on buybacks. The famed investor's conglomerate dumped $13.3 billion of stocks, and only bought $2.9 billion worth, meaning it sold $10.4 billion of equities on a net basis. On the other hand, Buffett's company ramped up its stock buybacks. Pilot contributed $9.5 billion of revenue and $83 million of net earnings to Berkshire in the two months ending March 31.

☆ Berkshire posts $35.5 billion profit, sells over $13 billion in stocks
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +3 min

Berkshire also sped up repurchases of its own stock, buying back $4.4 billion, while paring its investments in other stocks such as Chevron Corp CVX.N, which is still a major holding. MORE CASHNet income equaled $24,377 per Class A share and rose from $5.58 billion, or $3,784 per share, a year earlier. That in part reflected a 27% jump in Apple's AAPL.O stock price, leaving Berkshire with a $151 billion stake in the iPhone maker. Quarterly operating profit increased 13% to $8.07 billion, or about $5,561 per Class A share, from $7.16 billion. Berkshire's cash hoard grew $2 billion in the quarter to $130.6 billion, as the company sold $13.3 billion of stocks and bought just $2.9 billion.

☆ Berkshire director: Buffett CEO heir an ideal fit, but changeover not imminent
▼ + stars: | 2023-05-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

But Olson added that Abel is likely “a good number of years off” from taking over, with Buffett and Munger still on board. Buffett publicly designated him as his likely successor as CEO in 2021, after Munger appeared to let slip the board's thinking at that year's annual meeting. After Buffett departs, Berkshire is expected to name his eldest son Howard as non-executive chairman to preserve its culture, where business units operate essentially without interference from the top. Upon becoming CEO, Abel would likely experience "more formality" in his relationship with directors than Buffett, who took over in 1965, now has. "The bottom line is, not only is Warren satisfied, Charlie is satisfied that Greg ... will carry out that culture," he continued.

☆ Mario Gabelli, John Rogers, and 3 other Warren Buffett experts just weighed in on the banking turmoil, pressure on house prices, and some of the investor's biggest bets. Here are their 10 best quotes.
▼ + stars: | 2023-05-05 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Five experts on Warren Buffett's Berkshire Hathaway spoke ahead of this year's annual meeting. Mario Gabelli, John Rogers, Chris Bloomstran, Adam Mead, and Todd Finkle discussed the conglomerate. Todd Finkle, the author of "Warren Buffett: Investor and Entrepreneur," emphasized the unique nature of Berkshire's yearly gathering, which attracts tens of thousands of people from around the world. Meanwhile, Adam Mead, the author of "The Complete Financial History of Berkshire Hathaway," touted the underlying value of Berkshire Hathaway Energy, and the savvy structure of Buffett's conglomerate. "Berkshire Hathaway Energy is going to become a powerhouse over the next decade.

☆ Warren Buffett's successor Greg Abel is wooing shareholders, but some questions remain
▼ + stars: | 2023-05-05 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

To say that Warren Buffett's successor Greg Abel has big shoes to fill would be an understatement. The vice chairman for non-insurance operations at Berkshire Hathaway recently joined Buffett in Japan to visit the country's top trading houses. Skin in the gameAbel recently loaded up on Berkshire Hathaway shares with his personal assets. Berkshire acquired MidAmerican Energy in 1999, and Abel became CEO of MidAmerican Energy in 2008, six years before it was renamed Berkshire Hathaway Energy in 2014. How does dispute resolution work if there is a dispute," said a Berkshire shareholder, who spoke on the condition of anonymity.

☆ Factbox: Warren Buffett, Berkshire Hathaway at a glance
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +8 min

[1/2] Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan/File PhotoMay 4 (Reuters) - Tens of thousands of people are descending on Omaha, Nebraska to attend the annual shareholder weekend for billionaire investor Warren Buffett's Berkshire Hathaway Inc (BRKa.N). Susan Buffett and Howard Buffett are Berkshire directors. His Berkshire stock will go to philanthropy after he dies. (Interview with CNBC, April 12, 2023)Abel on Berkshire managers' relationship with him: "It's not the same as working for Warren.

☆ Berkshire Hathaway’s energy company is about to hit a major renewable energy milestone
▼ + stars: | 2023-04-22 | by ( Tim Mullaney | ) www.cnbc.com time to read: +3 min

With annual meeting season coming soon, Warren Buffett's climate record is back in the news – and activists are still not happy. Buffett's Berkshire Hathaway conglomerate faces three different shareholder resolutions heading into its annual "Woodstock for capitalism" on May 6. Buffett's climate metrics getting betterBerkshire is a climate paradox: Many of its climate metrics are improving rapidly, if not as fast as some competitors. Berkshire Energy spokesman Brandon Zero said the company would have no comment. But it still uses more coal, the dirtiest major electricity fuel – coal represents 23% of Berkshire's power mix – more than the national average of 20%.

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