Warren Buffett's Successor, Greg Abel, Made His First Big Purchases at Berkshire Hathaway -- and He's Not Betting on America

The dawn of 2026 has ushered in a seismic shift at Berkshire Hathaway as Greg Abel officially takes the helm following the retirement of the legendary Warren Buffett. In a move that has sent ripples through the global financial community, Abel has initiated his first major capital deployments, signaling a strategic pivot that favors international bargains over a historically expensive domestic market. While Buffett famously advised investors to "never bet against America," his successor is navigating a landscape where the S&P 500 Shiller Price-to-Earnings ratio has reached levels seen only during the dot-com bubble. This transition marks more than just a change in leadership; it represents a new era of aggressive, global-focused value investing for the $1 trillion conglomerate.

Greg Abel, the new CEO of Berkshire Hathaway as of January 1, 2026, has made his first significant investment moves by aggressively expanding the company's holdings in Japanese equities and international insurance. Following Warren Buffett's retirement on December 31, 2025, Abel has deployed billions into Japanese trading houses like Itochu, Marubeni, and Sumitomo, and established a $1.8 billion position in the Japanese insurer Tokio Marine. These moves highlight a shift toward finding value in overseas markets while U.S. stock valuations hover at near-historic highs. Additionally, Abel has restarted Berkshire's share buyback program and committed his own salary to purchasing company shares, signaling strong "skin in the game" as he takes over the management of a $322 billion investment portfolio.

The Changing of the Guard: Greg Abel Succeeds Warren Buffett

On January 1, 2026, the financial world witnessed the end of an era and the beginning of another. Warren Buffett, the "Oracle of Omaha," officially retired from his role as CEO of Berkshire Hathaway, leaving a legacy of value investing that transformed a failing textile mill into a global powerhouse. Greg Abel, who has spent over a quarter-century within the Berkshire ecosystem, stepped into the CEO role with the monumental task of managing a $322 billion stock portfolio and a collection of diverse operating businesses. While Buffett remains Chairman of the Board, Abel now holds the "final say" on day-to-day operations and capital allocation decisions. This leadership change comes at a critical juncture when Berkshire sits on a record cash pile of approximately $373 billion, providing Abel with unprecedented dry powder to shape the company's future.

The Japan Strategy: Accelerating International Diversification

One of Greg Abel's first and most decisive actions as CEO has been the acceleration of Berkshire's "Japan play." While Buffett initiated positions in Japan's five major trading houses—Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo—back in 2019, Abel has significantly ramped up these stakes. In mid-March 2026, regulatory filings revealed that Abel added substantial shares to Itochu, Marubeni, and Sumitomo. Shortly thereafter, he opened a new $1.8 billion position in Tokio Marine, a leading Japanese insurer. This international push is a tactical response to the "pricey" nature of the U.S. market. By borrowing in yen to fund these purchases, Abel has created a natural currency hedge, showing a sophisticated approach to global macro-investing that builds upon the foundations laid by his predecessor.

Breaking the 'Never Bet Against America' Mantra

For decades, Warren Buffett's investment philosophy was anchored in a steadfast belief in the American economy. His "never bet against America" stance was the North Star for Berkshire's portfolio, which remains heavily concentrated in U.S. giants like Apple, American Express, and Coca-Cola. However, Greg Abel's first major moves suggest a more agnostic approach to geography. With the U.S. stock market reaching its second-highest valuation in 155 years, Abel is demonstrating that his loyalty is to value rather than borders. This does not imply a lack of faith in the U.S. long-term, but rather a disciplined refusal to overpay for domestic growth. Investors are watching closely to see if this pivot toward international bargains will become a permanent hallmark of the Abel era.

A More Assertive Management Style

Early reports from within Berkshire and observations from industry peers like Occidental Petroleum's Vicki Hollub suggest that Greg Abel brings a more hands-on and assertive management style compared to Buffett's famous "laissez-faire" approach. While Buffett often avoided confrontation and allowed underperforming managers a long leash, Abel is viewed as a leader who is unafraid to intervene. He has already begun scrutinizing Berkshire's vast array of subsidiaries, from BNSF Railway to various retail units, with a fresh and critical eye. This "pre-emptive action" style aims to ensure that every dollar of capital and every management team is performing to Berkshire's rigorous standards. The promotion of deputies from his conglomerate operations further suggests a restructuring intended to drive operational excellence across the board.

Capital Allocation Priorities in the Post-Buffett Era

Column 1	Column 2
Japanese Equities Exposure	Over $43 Billion Deployed
Recent Insurance Acquisition	$1.8 Billion in Tokio Marine

Restarting Share Buybacks and Personal Stakes

Under Greg Abel's leadership, Berkshire Hathaway has resumed its share buyback program after a 21-month hiatus that began in mid-2024. In March 2026, the company repurchased the equivalent of 309 Class A shares, valued at approximately $226 million. This move, which Abel confirmed was discussed with and supported by Buffett, signals a belief that Berkshire's own stock remains an attractive value proposition. Furthermore, Abel has made a powerful "skin in the game" commitment by investing his entire after-tax 2026 salary—roughly $15.3 million—into Class A shares. He has pledged to repeat this annual investment for the duration of his tenure as CEO, a move that aligns his personal interests directly with those of the shareholders.

Navigating the Risk of War Zone Insurance

In a departure from Buffett's traditionally cautious approach to insurance risk, Abel has steered Berkshire into high-stakes territory. Berkshire recently joined a U.S. government-backed insurance syndicate to cover ships transiting the Strait of Hormuz, currently considered one of the world's most dangerous shipping corridors due to ongoing geopolitical tensions. This move demonstrates Abel's willingness to deploy Berkshire's massive balance sheet to capture high premiums in "war-zone" scenarios where other insurers might flee. It is a bold, calculated risk that underscores the new CEO's focus on growth and his willingness to step into complex, high-barrier-to-entry markets that demand significant capital backing.

Portfolio Concentration and the 'Core Ten'

Despite the new international moves, the core of Berkshire's portfolio remains highly concentrated. Greg Abel's first letter to shareholders highlighted ten "core holdings" that account for nearly 79% of the company's invested assets. These include the massive $60 billion stake in Apple, followed by American Express, Coca-Cola, and Bank of America. While Abel has continued the trimming of Apple shares that began under Buffett—reducing the stake by about 75% from its peak—he maintains that these core positions are the anchors of the portfolio. The strategy appears to be one of maintaining these "wonderful businesses" while using new cash flows to diversify into undervalued international assets and opportunistic acquisitions like the $9.7 billion OxyChem deal.

Future Outlook: Deploying the $373 Billion War Chest

The ultimate test for Greg Abel will be his ability to effectively deploy Berkshire's staggering $373 billion cash reserve. Investors are eager to see if he will wait for a major market downturn to make a "Buffett-style" elephant acquisition or if he will continue a steady stream of smaller, strategic international moves. With a 2026 recession being a topic of concern for many macroeconomists, Abel's defensive positioning and focus on liquid, value-oriented assets suggest he is preparing Berkshire to act as a "lender of last resort" and a buyer of choice when panic hits the markets. His first 100 days have shown that he is ready to move fast, take calculated risks, and redefine the boundaries of where Berkshire finds value.

FAQ

Who is Greg Abel?

Greg Abel is the CEO of Berkshire Hathaway, having officially succeeded Warren Buffett on January 1, 2026. He previously led Berkshire Hathaway Energy and served as Vice Chairman of non-insurance operations.

Why is Greg Abel investing in Japan instead of the U.S.?

Abel is looking for value in a historically expensive market. With U.S. valuations near record highs, Japanese trading houses and insurers offer attractive dividends, low valuations, and strong management teams.

Has Berkshire Hathaway stopped investing in America?

No, Berkshire still holds hundreds of billions in U.S. assets, including major stakes in Apple, Amex, and Coca-Cola. Abel is simply diversifying new capital into international markets where he sees better current value.

What is Greg Abel's management style?

Abel is described as more hands-on and assertive than Warren Buffett. He is known for scrutinizing subsidiary performance and is willing to intervene or replace management to drive efficiency.

What happened to Warren Buffett?

Warren Buffett retired as CEO on December 31, 2025. He remains the Chairman of the Board at Berkshire Hathaway and continues to provide counsel to Greg Abel on major decisions.

Conclusion

Greg Abel's first major moves as CEO of Berkshire Hathaway have sent a clear message: the post-Buffett era will be defined by agility, global diversification, and an uncompromising search for value, regardless of geography. By looking toward Japan and expanding into high-risk insurance sectors, Abel is not abandoning Buffett's principles but evolving them for a new market reality. With a massive cash reserve and a personal commitment to the company's success, Abel is positioning Berkshire to thrive in a volatile 2026 and beyond. While he may not be "betting against America," he is certainly betting that the world's best bargains currently lie beyond its shores.

Warren Buffett's Successor, Greg Abel, Made His First Big Purchases at Berkshire Hathaway -- and He's Not Betting on America

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