Berkshire Hathaway shareholders just woke up to a letter by someone other than Warren Buffett

Warren Buffett’s successor released his first letter to Berkshire Hathaway shareholders on Saturday as the company took a $4.5 billion write-down on the value of its Kraft Heinz and Occidental Petroleum stakes.

Greg Abel took over as CEO in January, so this is his chance to set the tone for his leadership. Investors are watching closely for any changes he might make, but Abel and Buffett have said there won’t be significant changes in the way Berkshire operates.

The letter...