In his annual letter to shareholders, Warren Buffett revealed that Greg Abel, head of Berkshire Hathaway’s energy division, will soon succeed him as CEO. Buffett, 94, emphasized Abel’s commitment to transparency and accountability, qualities that align with Berkshire’s values. Buffett also highlighted the company’s significant contributions to federal taxes, paying $26.8 billion in 2024, more than any other U.S. company. Despite political and cultural challenges, Buffett urged long-term focus, praising Berkshire’s robust Q4 and full-year earnings. The company’s cash reserves reached $334.2 billion, with investments in firms like Apple and American Express. Buffett also expressed optimism about the resilience of American businesses amid economic volatility. He paid tribute to his late partner, Charles Munger, and advocated for capitalism, acknowledging its flaws but emphasizing its unmatched potential. Buffett concluded by advocating for a stable currency and wise government spending. — news from Variety
