GURU REPORT

Greg Abel Is Not Buffett — And That's Exactly the Point

From day one of inheriting $37.3B in cash, Abel has made clear he is not Buffett. A $1.8B Tokyo deployment, trimming Kraft Heinz, resuming buybacks within 65 days, and a personal $15M stock purchase. The May 13F is his first report card.

Justin·April 19, 2026·7 min read

AI Summary

In his first moves as Berkshire CEO, Greg Abel deployed $1.8B into Japan's five major trading houses, began trimming the long-stagnant Kraft Heinz position, resumed share buybacks on March 5 after a two-year suspension, and personally purchased $15M in Berkshire Class A shares. The actions draw a clear contrast with Buffett's style — Abel is more decisive, operationally hands-on, and willing to move quickly. The May 13F will serve as his first formal scorecard.

May 15: When We Get the Answer

"Where did the man holding $37.3B in cash put it in his first quarter at the helm?"

On January 1, 2026, Warren Buffett stepped down as CEO of Berkshire Hathaway after 60 years. Greg Abel took the seat. He inherited more cash than any CEO in history — along with more expectations and skepticism than any successor in memory. What did he do in his first 82 days?

Q4 2025: Buffett's Final Quarter

To read the May 13F, you first need to understand the state of the portfolio Buffett handed over.

Q4 2025 was still a net-selling quarter for Berkshire. With further reductions in Apple and Bank of America, cash swelled to a record $37.33B. The only new positions were 5.07 million shares of The New York Times (NYT) and Liberty Live Holdings — the "transformative acquisition" the market had been hoping for never materialized.

61% of the inherited portfolio was concentrated in just five names — AAPL, AXP, KO, CVX, and MCO. What Abel received was both a fortress and a set of shackles.

Abel's First Moves

Abel wasted no time signaling that he is a different kind of leader — three early decisions made that unmistakably clear.

① $1.8B Deployed to Tokyo — Doubling Down on Japan

Abel's first major capital allocation went not to the U.S., but to Tokyo. He expanded Berkshire's stakes in Japan's five major trading houses — Itochu, Mitsubishi, Mitsui, Sumitomo, and Marubeni. It's a long-term bet combining a weaker dollar, a favorable commodity cycle, and improving shareholder return culture among Japanese corporates. Buffett initiated the Japan trade in 2020; Abel is pushing it further and harder.

② Trimming Kraft Heinz (KHC)

Abel moved almost immediately to meaningfully reduce Berkshire's position in Kraft Heinz — a holding Buffett had refused to touch for years. It signals that Abel has no intention of carrying Buffett's legacy mistakes as his own. Observers noted that "Abel carries none of Buffett's emotional attachment to the position."

③ Buyback Resumption + $15M Personal Purchase

After stating in the February shareholder letter that there were "no immediate plans for buybacks," Abel reversed course just days later, resuming repurchases on March 5 — the first in two years. Even more striking was Abel personally purchasing $15 million worth of Berkshire Class A shares. It was the most direct possible statement: "I believe this stock is undervalued right now."

How Abel Differs from Buffett

	Warren Buffett	Greg Abel
Tech Stance	Skeptical throughout career (AAPL aside)	Open to AI and renewable energy investment
Operating Style	Full delegation, minimal intervention	Hands-on; called out BNSF and Shaw by name
Emotional Legacy	Refused to exit Kraft Heinz	Began trimming immediately upon taking office
Buybacks	Fully suspended since May 2024	Resumed within 65 days of taking office
Capital Deployment	Extreme patience, willing to wait years	Moved $1.8B to Japan swiftly

Q1 Wild Card: How Did Berkshire Weather the Tariff Shock?

While the S&P 500 fell 4.6% amid tariff-driven volatility in Q1 2026, Berkshire's defensive structure provided relative insulation. The $37.3B cash pile generated meaningful interest income as a buffer, and real assets like GEICO and BNSF are largely insulated from equity market swings.

But a new question now faces Abel: the tariff shock has created pockets of undervaluation across markets. When and where will he deploy that $37.3B cash hoard?

What to Watch in the May 13F

Further reduction in Kraft Heinz — pace of unwinding Buffett's legacy positions
Additional expansion of Japan stakes — depth of Abel's independent strategy
Continued trimming of AAPL — whether Buffett's Apple reduction thesis holds or reverses
New large positions — the first major deployment destination for $37.3B in cash
Buyback volume — a proxy for Abel's conviction on Berkshire's intrinsic value

Buffett built Berkshire over 60 years through patience. Abel resumed buybacks within 65 days of taking office and put his own money in. He is faster, more direct, and more contemporary. Whether not being Buffett is a liability or an asset — the May 13F will begin to answer that question.

Data as of: Q4 2025 SEC 13F filing (disclosed February 16, 2026). Berkshire cash position $37.33B, portfolio value $27.416B. Buyback program resumed March 5, 2026.