Karen Langley
Appearances
The Journal.
There Will Never Be Another Warren Buffett
It was fascinating. I was way up in the nosebleed seats in the press box, but it felt to me like this huge arena filled with many thousands of people went silent as Buffett started to deliver those words. And I think people realized that this was a moment of a lot of gravity, that that was taking place. And so the room fell so quiet, despite how many people were there.
The Journal.
There Will Never Be Another Warren Buffett
And then when he finished delivering his announcement, people started to stand and applaud. And there was this big standing ovation.
The Journal.
There Will Never Be Another Warren Buffett
Thousands of people flock to the city of Nebraska from all over the country, but also all over the world.
The Journal.
There Will Never Be Another Warren Buffett
Many, if not most of them, are shareholders of the company, but also people who are just really fascinated by Warren Buffett, who are interested in hearing what he has to say. You could see very long lines the day beforehand for people picking up their meeting credentials, the morning of the annual meeting, well before the sun came up.
The Journal.
There Will Never Be Another Warren Buffett
It's very noticeable in Omaha that Berkshire Hathaway is having its meeting.
The Journal.
There Will Never Be Another Warren Buffett
So Greg Abel is a former accountant who's from Canada. He became involved with Berkshire more than two decades ago when the company invested in a utility company from Des Moines where Abel worked. And Abel, as part of the Berkshire organization, helped to build out that company, which became known as Berkshire Hathaway Energy through a series of acquisitions.
The Journal.
There Will Never Be Another Warren Buffett
Warren Buffett has for a long time really praised Abel, saying that he's both a dealmaker and a manager, which really are like some of the highest words of praise coming from Warren Buffett.
The Journal.
There Will Never Be Another Warren Buffett
He's really praised Abel's knowledge of the business. I should say that a few years ago, Warren Buffett made Greg Abel a member of the board and also put him in charge of overseeing Berkshire's many subsidiary companies that are outside of the insurance field.
The Journal.
There Will Never Be Another Warren Buffett
When I've talked to CEOs of those subsidiaries who report to Abel, they similarly have said that, you know, he has more than 24 hours in his day that he's so available, but like really gets their business and has like a great feel for business. And how does his leadership style compare with Buffett's?
The Journal.
There Will Never Be Another Warren Buffett
Warren Buffett is somebody who is such a personality, who is a storyteller, has so much charisma. And Abel presents as a bit more of a buttoned down person. He clearly knows so much about the businesses when he's asked about the details of various Berkshire operating companies at the annual meeting. He clearly knows all of that stuff. I'd say he seems more reserved.
The Journal.
There Will Never Be Another Warren Buffett
Buffett has, like, famously called it a woodstock of capitalism. Fair, okay. People talk about, yeah, that kind of comparison. A festival-like atmosphere, there's certainly parties and events surrounding it.
The Journal.
There Will Never Be Another Warren Buffett
So I think we'll have to see as he steps into the CEO role, if that continues to be the case, if he evolves in that manner or whatnot.
The Journal.
There Will Never Be Another Warren Buffett
Berkshire is such a huge company. And so, of course, Able has been overseeing so many of its subsidiary companies. But now he will also be the final word with matters like investing. Warren Buffett famously is the main person in charge of Berkshire's stock portfolio.
The Journal.
There Will Never Be Another Warren Buffett
And so Warren Buffett said a year ago at the annual meeting that he would anticipate that Greg Abel should be in charge of what they call the capital allocation. So meaning either acquiring companies in full or investing in the stock market. There are also investment managers working at Berkshire Hathaway.
The Journal.
There Will Never Be Another Warren Buffett
But Warren Buffett described Greg Abel as being kind of the final word, if you will, on the capital allocation going forward. And then, of course, you know, Warren Buffett has been the face and the voice of Berkshire Hathaway. But as CEO, Abel will be, you know, stepping into those shoes.
The Journal.
There Will Never Be Another Warren Buffett
When Warren Buffett is not in as prominent of a role at the company, if so many people continue to want to be there, Berkshire has a big shopping exhibit that's also a draw for many people at this annual weekend. And you could see all kinds of memorabilia that were in the shape of Warren Buffett, like a bobblehead or a rubber ducky, etc. I didn't spot those for Greg Abel.
The Journal.
There Will Never Be Another Warren Buffett
And so I think we're going to have to see going forward if the vibe really changes in the future.