# cash pile

Abel’s First Shareholder Letter Signals Continuity — and Caution — as Berkshire Sits on a Mountain of Cash

Greg Abel’s first shareholder letter as Berkshire Hathaway CEO presents a firm that is financially robust but facing near‑term headwinds: operating earnings and insurance underwriting profits declined in 2025 even as cash generation remained strong and Warren Buffett stayed on as an active chairman. Abel emphasised continuity, capital discipline and prudence in deploying Berkshire’s $373 billion cash reserve.