Warren Buffett has named Greg Abel as his successor and will give him complete control over Berkshire Hathaway's investment decisions. Abel, currently responsible for a significant portion of Berkshire's businesses, will have the final say on both stock purchases and acquisitions. Despite having investment managers, Buffett believes that the CEO should have ultimate responsibility for the portfolio due to its vast size.
Berkshire Hathaway sold off all its shares in Paramount at a loss. Warren Buffett admitted full responsibility for the decision. Paramount's stock has been declining since Berkshire first invested in 2022 due to issues such as a dividend cut and CEO exit. The company's struggles in the face of declining traditional pay-TV and competition in streaming led Buffett to question consumer priorities and the oversaturation in the streaming industry.
Warren Buffett's Berkshire Hathaway reduced its stake in Apple again, selling an estimated 116 million shares. This is the second quarter in a row that Buffett has trimmed his holdings in the tech giant. While Apple remains Berkshire's largest investment, Buffett may have sold due to valuation concerns, as Apple's stock has rallied significantly in recent months. Despite the sale, Berkshire is still Apple's largest shareholder outside of index funds.
