Berkshire Hathaway’s new chief executive Greg Abel on Saturday said that he was committed to retaining the $1.1tn conglomerate’s fortress-like balance sheet, and that its massive cash holdings did not signal a retreat from dealmaking.
Abel used his first letter to shareholders to underscore his investment bona fides and his commitment to the principles that predecessor Warren Buffett had long extolled.
Abel, who took over in January, cast himself as a steward of Buffett’s legacy and signalled that the company’s investment philosophy was not changing.
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