Key Points
Berkshire Hathaway CEO Greg Abel, in his first letter to shareholders, assured that the company’s culture would remain unchanged despite recent stock sell-offs, including the complete divestiture of Visa and Amazon shares. This shift marks a significant transition for the company as Abel steps into leadership after Warren Buffett. Both stocks were offloaded during the first quarter of 2023, with Visa now exiting the portfolio after a 12-year hold.
As of March 31, 2023, Visa reported a 17% annual revenue increase, reaching $11.2 billion, with earnings per share climbing 36% to $3.14. Meanwhile, Amazon is focusing on reducing expenses and increasing productivity, especially in its cloud division, Amazon Web Services (AWS), which sees rising demand for AI services. The company’s market cap stands at $2.8 trillion, exhibiting several long-term growth opportunities.
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