Warren Buffett is back on TV, and on CNBC, to be specific.
As he left, he would be “going quiet.” As chairman of Berkshire Hathaway (NYSE: BRK-B), he added, “I enjoy the chance to keep in touch with you.” The person to “keep in touch” with is supposed to be the new CEO, Greg Abel
Abel has run Berkshire this year, and it has gone through an ugly sell-off. It is down 3% this year while the S&P 500 is up 10%. Over the last five years, both have increased by about 75%.
That advance worked even though Berkshire’s investments have not been heavily weighted toward mega-cap tech stocks. Buffett made the point that he had pushed into the sector; however, Yesterday, he made the point very clearly that he decided to buy shares of Alphabet (NASDAQ: GOOG). The Alphabet investment began late last year, and Berkshire then invested $10 billion in a private placement to fund the expansion of the search company’s AI infrastructure.