Buffett Praises Munger's Legacy, Warns Against Wall Street in Annual Letter While Touting Abel as Successor
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Warren Buffett credited Charlie Munger as the architect of Berkshire Hathaway in his annual letter to shareholders. Munger passed away in November.
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Buffett warned investors not to listen to Wall Street pundits and to be wary of the stock market's casino-like tendencies.
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Greg Abel is set to succeed Buffett as Berkshire CEO when the time comes. Buffett said Abel "is ready to be CEO of Berkshire tomorrow."
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Berkshire's insurance businesses thrived in 2022, but utilities and BNSF railroad disappointed. Berkshire continues to accumulate a massive cash pile.
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Berkshire spent $2.2 billion repurchasing its own shares in Q4 2022, bringing total buybacks for the year to $9.2 billion.