Warren Buffett’s corporate values and culture will “remain unchanged and will continue into perpetuity,” new CEO Greg Abel said in his first letter to shareholders as chief executive, though Berkshire Hathaway’s operating earnings fell slightly in 2025. Abel said that insurance will continue to be at the core of the company, which owns Geico. (The Logic)

Talking point: While Buffett continues to come to the office five days a week as Berkshire’s chairman, when investors question the company’s returns, the buck now stops with Edmonton-born Abel. In the letter, which had been a must-read for the investment community when Buffett was writing it, Abel expressed disappointment in Berkshire’s investment in Kraft Heinz, for which “return has been well short of adequate.” He also said that Berkshire’s “fortress-like” cash position does not mean it’s stepping back from deal-making, and that he doesn’t plan to change the company’s approach of eschewing dividend payments.