Berkshire Hathaway CEO Greg Abel said he still speaks with Warren Buffett nearly every day, underscoring the continued presence of the legendary investor at the sprawling conglomerate, even after handing over the top job at the start of the year.
Buffett, who stepped down as CEO after more than six decades at the helm, remains chairman of the Omaha-based company and continues to come into the office regularly, Abel said.
“He’s in the office every day, so we’re talking every day if I’m in Omaha, we’re always connecting,” Abel said on CNBC’s “Squawk Box” Thursday. “If I’m traveling, like I was yesterday, I often check in just to catch up on what he’s seeing, what he’s hearing, what am I feeling. So if it’s not every day, it’s every couple days.”
Abel also acknowledged the challenge of stepping into Buffett’s role as Berkshire’s chief communicator to shareholders, particularly when writing his first annual letter to investors.
“The shoes to fill are tough on all fronts, but Warren is an exceptional communicator,” Abel said. “It was not easy. I’ve told Warren, ‘listen, the responsibilities transferred are great, but as far as the work and the task I had to do, that was the toughest.'”
Abel used the letter to shareholders to outline a clear framework of foundational values centered on financial strength and disciplined investing, vowing to preserve the blueprint Buffett carefully orchestrated since the 1960s.
Buffett offered little comfort, Abel added with a laugh. “When we were discussing it, he said, ‘the second letter doesn’t get any easier.'”
On investing, Abel said Berkshire is unlikely to move into cryptocurrencies, echoing Buffett’s longstanding skepticism of the asset class.
“I don’t think you’ll see crypto … I just don’t see it,” Abel said.
He left the door open to investments tied to technology, however.
“What I do see is that when it comes to technology, even from an operational perspective, where we’re seeing how we use it, the impact it’s having, it does allow us to develop strong views and a better knowledge base around certain companies that are technology companies, or how we’re using the technology. So technology will always be on the table,” Abel said.
