Warren Buffett could wait forever. His successor may not be so patient.
Investor Michael Burry has expressed concern that Berkshire Hathaway's new CEO, Greg Abel, lacks the legendary patience of his predecessor, Warren Buffett. Recent earnings show a significant reduction in the company's cash pile through increased stock purchases.
Why it matters
The transition of leadership at Berkshire Hathaway is a major focus for global markets, as investors watch to see if the firm's long-term value strategy will change.
Greg Abel might not be as patient as Warren Buffett, Michael Burry says. Theron Mohamed/Business Insider Warren Buffett stacked huge amounts of cash in his final years as Berkshire Hathaway's CEO. Greg Abel has reduced the cash pile by ramping up stock purchases and buybacks, and striking deals. Michael Burry says he's worried Abel isn't as patient as Buffett and wants to send a message. Is the wait finally over at Berkshire Hathaway? Warren Buffett spent much of his last decade as CEO hoarding phenomenal amounts of cash, as he waited for stocks, acquisitions, and even buybacks to become cheap enough to satisfy his hunger for bargains. Greg Abel, who succeeded the legendary investor at the turn of the year, might not have quite so much patience, based on Berkshire's second-quarter earnings report on Saturday.
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