Berkshire’s Greg Abel admits ‘Warren is obviously a very hard act to follow’ in first letter to shareholders

Greg Abel paid tribute to his predecessor Warren Buffett while promising in his first shareholder letter that Berkshire Hathaway won’t retreat from investing or make significant changes in the way it operates.

Abel said he will always maintain Berkshire’s financial strength but investors shouldn’t look at the company’s $373.3 billion cash as a sign that it’s not interested in new investments. The number is actually down slightly from the third quarter’s $382 billion. Abel said that cash...