Warren Buffett's Successor, Greg Abel, Pared Down Bank of America, and Piled Into a Virtual Monopoly That's Now Berkshire's 3rd-Largest Holding
Key PointsBerkshire Hathaway's portfolio has meaningfully changed since Warren Buffett retired as CEO on Dec. 31.
In the second quarter, Greg Abel, who succeeded Warren Buffett as CEO of Berkshire Hathaway, put nearly $35 billion of cash to work. This capital deployment was a significant move for the company's investors. Abel, known for his operational approach rather than capital allocation, has been actively managing the company's substantial cash reserves. The previous year, Buffett had handed over to Abel a cash pile of approximately $369 billion, which he has been diligently putting to work.
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