Greg Abel Reshapes Berkshire Portfolio With Major Bank, Airline Moves
New Berkshire CEO Greg Abel trimmed Bank of America by $1.7B and added $1.6B in Delta Air Lines in Q2.
Greg Abel, who succeeded Warren Buffett as CEO of Berkshire Hathaway, made his mark on the conglomerate's massive investment portfolio during the second quarter, cutting the company's Bank of America stake by approximately $1.7 billion while simultaneously building a $1.6 billion position in Delta Air Lines, according to newly disclosed filings.
The Bank of America reduction continues a divestiture that Buffett himself had been executing for roughly two years before handing the reins to Abel. The move signals that Abel is comfortable maintaining — and accelerating — his predecessor's strategic pivot away from one of America's largest financial institutions, rather than reversing course to establish a distinct identity.
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Perhaps more striking is the Delta Air Lines purchase. Buffett famously dumped Berkshire's entire airline portfolio in 2020 at a loss, openly acknowledging it as a mistake made at the onset of the COVID-19 pandemic. Abel's decision to pour $1.6 billion back into the sector — and specifically into Delta — represents one of the clearest early signals that the new chief is willing to revisit industries his legendary mentor publicly swore off.
The dual moves together illustrate Abel's emerging investment philosophy: he appears willing to carry forward Buffett's existing exit strategies while simultaneously charting new territory in sectors that carry Buffett's fingerprints of prior failure. Whether that contrarian bet on airlines will vindicate Abel or echo the troubles Buffett encountered remains an open question for Berkshire shareholders watching the leadership transition closely.
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