If you own Berkshire Hathaway stock—and let's face it, 99% of you don't, but it's fun to pretend—here's the truth: Nothing changes, except everything. Greg Abel is not going to sell the company's Apple shares or pivot to cryptocurrency. He's likely to double down on boring, cash-generating assets like railroads and insurance companies.
The biggest surprise? Abel has already announced he wants to "simplify" Berkshire. That means he might finally get rid of the company's 77 subsidiary CEOs who still use fax machines. One insider joked that Abel's first order of business was "finding the printer that hasn't worked since 2002." He's also a huge advocate for renewable energy, so expect Berkshire to become slightly more hipster.
Warren Buffett to step down following six-decade run atop Berkshire
The Shocking Stat That Will Make You Choke on Your Coffee
Here’s a mind-bender: Greg Abel once managed a project that built a $1.5 billion power plant in 18 months. For context, that's faster than I can assemble a bookshelf from IKEA. His efficiency is legendary—one report claims he once finished a board meeting early because "the numbers were so good they made him hungry."
Also, he doesn't use a smartphone. Yes, seriously. The new CEO of one of the world's largest conglomerates still carries a flip phone from 2007. Buffett joked in his letter, "Greg thinks 'iMessage' is a new dessert from Dairy Queen." This either makes him a genius or a madman—probably both.
Warren Buffett To Step Down as CEO of Berkshire Hathaway at Year-End