Berkshire Hathaway CEO Greg Abel said he still speaks with Warren Buffett almost every day, underscoring the legendary investor’s continued presence at the vast conglomerate even after he ceded the top spot earlier this year.
Mr. Buffett has stepped down as CEO after more than 60 years at the helm, but remains chairman of the Omaha, Nebraska-based company and continues to come into the office regularly, Mr. Abel said.
“He’s in the office every day, so when I’m in Omaha, we talk every day and we’re always connected,” Abel said Thursday on CNBC’s “Squawk Box.” “When I’m traveling, I often check in, like yesterday, to see what he’s seeing, what he’s hearing, what I’m feeling. So if not every day, then every few days.”
Mr. Abel also acknowledged that it was difficult to step into Mr. Buffett’s role as Berkshire’s chief communicator to shareholders, especially when writing his first annual letter to investors.
“The mission is demanding in all aspects, but Warren is an exceptional communicator,” Abel said. “It wasn’t easy. I said to Warren, ‘Listen, the responsibility that has been transferred is great, but when it comes to the job and the work that has to be done, that was the hardest part.’
Mr. Abel used his letter to shareholders to outline a clear framework of core values centered on financial strength and disciplined investing, vowing to maintain the blueprint Mr. Buffett had carefully put together since the 1960s.
Mr. Abel added with a laugh, although Mr. Buffett offered little comfort. “When we were talking about it, he said, ‘The second letter couldn’t be any easier.’
Regarding investments, Abel said Berkshire is unlikely to enter cryptocurrencies, echoing Buffett’s long-standing skepticism about the asset class.
“I don’t think we’ll ever see cryptocurrencies…I just don’t see it,” Abel said.
But he left the door open to technology-related investments.
“My feeling is that when it comes to technology, even from an operations perspective, by looking at how we use technology and the impact that technology has, we can build a stronger view and a better knowledge base about a particular company that is a technology company and how they use technology. So technology is always on the table,” Abel said.
