Berkshire Hathaway Will Report Q4 Results Saturday as Greg Abel Prepares First Shareholder Letter

berkshire hathaway is scheduled to release its fourth-quarter earnings and annual report Saturday, a packet that will include Greg Abel’s first annual shareholder letter as chief executive after Warren Buffett stepped down from the CEO role at the end of December. The change ends a run of more than six decades in which Buffett wrote the company’s annual letter, and investors will be watching for clues about tone, strategy and capital deployment.

What Greg Abel's First Shareholder Letter Means for Berkshire Hathaway

The annual shareholder letter has served historically as a rare, long-form window into leadership thinking; past letters were often lengthy and conversational. With Greg Abel taking on that responsibility, the letter presents a moment to measure continuity and change. Observers expect the letter to reveal how closely he adheres to the longstanding approach and whether he will use the page to define his own priorities.

Analysts have highlighted uncertainty about the transition and warned of potential erosion of the company’s long-held valuation premium tied to the prior leader. Commentary from one analyst emphasized that investors want a clearer sense of who Abel is and how he will run the company. That could mean more detail on how he plans to deploy the company’s cash holdings, or it could be a deferential note that honors the outgoing leader rather than laying out distinct new initiatives.

Speculation around capital moves has centered on the possibility of renewed share buybacks or the introduction of a dividend—actions that would mark a notable shift from the prior CEO’s stance. At the same time, there is a credible chance the new CEO may hold off on bold changes in the near term, using the first letter as an homage to the long tenure that preceded him. The company’s former CEO has publicly praised Abel’s talent and investment instincts and expressed confidence in his stewardship.

Portfolio Snapshot and the Fourth-Quarter 13F Filing

The company’s fourth-quarter 13F filing has thrust portfolio composition to the center of the conversation. The filing shows a roughly $318 billion investment portfolio that is now the new CEO’s responsibility. That filing also indicates a highly concentrated book: nearly 61% of invested assets can be traced to just five stocks, a level of concentration that amplifies the importance of Abel’s stewardship.

Longstanding holdings highlighted in recent coverage include perennial positions that date back decades. Two examples cited as indefinite, long-held stakes have been held continuously since 1988 and 1991, respectively. Those positions carry exceptionally favorable yields relative to their original cost bases, with one cited cost basis near $3. 25 yielding about 63% on cost and the other near $8. 49 yielding about 39% on cost. Given those economics, there is little logical incentive to sell those specific stakes.

Other large names in the investment mix have drawn scrutiny for valuation changes since initial purchases. Discussion has noted that some legacy purchases that once represented steep discounts no longer carry that bargain profile, and that certain holdings may be subject to trimming or rebalancing under new stewardship. Energy holdings were also highlighted as potential fits for longer-term treatment, given operational breadth that can help hedge commodity price swings.

What Investors Should Watch This Weekend

• Letter tone and substance: whether the message defines a distinct strategy or leans toward honoring the prior CEO’s approach.
• Capital deployment signals: any language on buybacks, dividends or plans for the company’s cash balances.
• Portfolio priorities: confirmation of which holdings are considered indefinite versus candidates for adjustment under new management.

Recent updates indicate a mix of continuity and questions. The earnings packet and letter arriving Saturday are likely to shape investor perceptions of the transition quickly. Details may evolve as investors digest the annual report and filing disclosures.