Berkshire Act II Takes Shape

Scene 1: Introducing the cast

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Big Changes

In a press release on Monday, Berkshire announced a slate of major changes that usher in the era of Greg Abel, who officially assumes the helm on January 1, 2026.

Some of these changes, such as Todd Combs leaving Berkshire entirely, were surprising. Others, such as CFO Marc Hamburg stepping down, logically coincide with the end of Buffett’s tenure.

Here’s what we know and some of my thoughts on how the future unfolds:

Todd Combs » JP Morgan

This one surprised me. Todd is leaving Berkshire entirely, stepping down from his role as CEO of GEICO and overseeing some $15 billion of Berkshire’s investments. He’s heading to JPMorgan Chase to head a new Security and Resiliency Initiative, where he’ll oversee JPM’s direct investment of $10 billion.

Todd’s move to JPM is consistent with his energetic nature. He’s a bright guy who clearly enjoys figuring out how the world works and wants to do something to improve it. Witness his oversight of Haven, the ill-fated healthcare joint venture between BRK, JPM, and Amazon; his assumption of the role of GEICO CEO while maintaining investment duties; and now heading a brand new initiative at JPM.

Nancy Pierce » GEICO CEO

This longtime insider (since 1986) has the blessing of Insurance Vice Chairman, Ajit Jain.

Ted Weschler

Ted remains the sole investment manager at Berkshire. Presumably, his role won’t change much after Todd’s departure, though I expect he’ll take on oversight of additional capital. Buffett said he thinks Greg should have responsibility for all of Berkshire’s investments and hinted that Greg might use a system similar to the one currently in place.

If folks on the outside even know Ted’s name, most wouldn’t know he plays other roles. These include oversight of the German motorcycle supply company, Detlev Louis, and evaluating acquisition candidates. I envision Ted’s role remaining largely unchanged, with his weekly conversations with Buffett now with Greg. I see Ted as a critical member of Greg’s inner circle.

CFO Marc Hamburg » Gradual Retirement

I echo Buffett’s comment in the press release that Marc, “has done more for this company than many of our shareholders will ever know.” Again, most don’t know his name. Marc has overseen all of Berkshire’s acquisitions since joining Berkshire in 1987 and ensured that its accounting is clean and transparent. He’s also served on numerous boards, including BRK Energy and Pilot, among others. Marc will begin training his successor in June 2026 and officially retire on June 1, 2027.

Charles Chang » New BRK CFO

For such an important role, I was somewhat surprised to see a relative newcomer assume the CFO role at BRK headquarters. Change is currently CFO of BRK Energy but only since 2024. Prior to that he served as a partner at the accounting firm, PWC. The press release notes that he has three decades of experience with M&A, which is a crucial skill at Berkshire. I wonder if the connections to BRK go deeper. Perhaps Chang has worked on advising or auditing Berkshire in some fashion in the past and earned Greg’s trust that way. Abel is a former accountant himself, and I have 100% confidence in his ability to judge talent and character.

Adam M. Johnson » President of Consumer Products, Service and Retailing Businesses

Johnson assumes this role immediately. He’ll continue as CEO of NetJets and oversee 32 of Berkshire’s businesses in this category. The press release says Johnson will “support the outstanding CEO’s of our 32…” and “uphold Berkshire’s culture and values” (read: he’ll serve as an informed observer and advisor, not a centralised command-and-control person).

For now, Greg will keep direct oversight of industrial products, BNSF, BRK Energy, Pilot, and McLane. I suspect that over time, we’ll see additional delegation in this manner.

Thinking longer term, Greg will need someone to fill his current role overseeing all of the non-insurance businesses. I can’t help but wonder if this is a trial of sorts to see how Johnson manages the businesses and the egos of the 32 CEOs now reporting to him.

Michael J. O’Sullivan » New Role as General Counsel

O’Sullivan comes to BRK headquarters (he’ll be based in Omaha) after serving as general counsel of Snap, Inc. since 2017 and before that as a lawyer at Munger, Tolles & Olsen, the prestigious LA law firm co-founded by Charlie Munger, and which serves as Berkshire’s go-to external legal counsel.

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The Big Picture

Taking a step back, I view these changes as logical and necessary. Buffett is 95 years old. Many around him very likely worked longer careers to support their boss.

Berkshire today is also vastly larger than it was even five or ten years ago. Even modest rates of compounding will require VAST amounts of capital allocation, and managing an expanding financial empire will demand trusted talent at many levels.

Fun fact: Berkshire generated 170% more capital ($409 billion) in the 10 years ending in 2024 than it had in its entire history up to that point ($240 billion).

Warren Buffett chose Greg Abel to oversee Berkshire’s future, and he’s wasting no time getting started.

The Berkshire of tomorrow is now.

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Stay Rational!

Adam

Pre-Order the 2nd Edition Now!

Amazon, Barnes & Noble, or directly from Harriman House, and at other major bookstores, for delivery in April 2026.

Praise for the 2nd Edition

I’m incredibly grateful for the people who took the time to review early drafts of the new material and provided feedback, as well as praise for both editions:

“If you want to understand how Warren Buffett built Berkshire Hathaway into one of the most valuable businesses in the world, you have to read this book. This is your opportunity to stand beside Picasso as he paints each brush stroke. A must read for all Buffett and Berkshire groupies.”

- Bill Ackman, Founder and CEO of Pershing Square

“I and my teammates at the Gabelli Organization have been tracking Warren’s success for some 50 years. Adam’s book captures the work and highlights the history of Berkshire and the hard and diligent work of Buffett and Munger, Jain and Abel, and Combs and Weschler.”

- Mario Gabelli, Chairman and CEO, Gabelli Funds

“Adam Mead’s discussion of the values and virtues which have shaped Berkshire Hathaway over 50 years is a must read for those investors in search of the forces that have delivered such investment value over time.” – Thomas A. Russo, Gardner Russo & Quinn LLC

“Few activities can be more rewarding for any value investor than studying the history and evolution of Warren Buffett and Berkshire Hathaway. Adam has done us a huge favor with his yeoman efforts in producing this treatise. Since it is chronologically ordered, it is an invaluable reference guide for all things Berkshire.” — Mohnish Pabrai

“Adam continues to deliver a resource very valuable to both Berkshire fans and the investor community as a whole, his depth of knowledge is clearly demonstrated here again. I thoroughly enjoyed this latest addition.” - Dan Calkins, Chairman & CEO, Benjamin Moore

“The question must be asked, ‘Why another Berkshire book?’ When you read this monumental effort by Adam Mead, the answer will be obvious. Read cover to cover, both the uninitiated to Berkshire and its most ardent followers will derive enormous utility and satisfaction from it. I learned so many new and important things about Berkshire and its history. It is my pleasure to encourage you to enjoy this gem.”

- Christopher P. Bloomstran

“Whatever Adam writes is always first-class - guaranteed.

-Andy Kilpatrick, Author, Of Permanent Value: The Story of Warren Buffett

“With this project, Adam has done a wonderful job extending the Berkshire Classroom by providing a comprehensive analysis of the rich corporate history and unique entrepreneurial leadership.” — Mac Sykes, Gabelli Funds

“Adam Mead’s The Complete Financial History of Berkshire Hathaway is the definitive history of Berkshire. While there have been countless books written about Warren Buffett’s investment approach, none have so meticulously documented Berkshire’s capital allocation decisions from the very beginning. The depth of research is staggering, transforming the complex and sometimes chaotic story of how a small textile mill became a financial conglomerate into a clear, year-by-year narrative of every significant investment and acquisition. In this updated edition, Adam carries the narrative through Berkshire’s sixth decade and the methodically planned leadership transition to Greg Abel. For students of business history, this is an indispensable resource.”

-Patrick Gaughen, President and Chief Operating Officer, Hingham Institution for Savings

“The definitive story of Berkshire Hathaway—how Buffett and Munger turned a failing textile mill into one of history’s greatest wealth-creating enterprises, with timeless lessons in business, investing, and leadership.”

-Vitaliy Katsenelson, CEO of IMA, Author of Soul in the Game

“Berkshire Hathaway is a company with few, if any, parallels in business history. Under the leadership of Warren Buffett, it was transformed from a New England textile mill that would ultimately be shuttered to a sprawling conglomerate with a market valuation of more than $1 trillion. With this updated edition of “The Complete Financial History of Berkshire Hathaway”, Adam provides a thorough review of the key decisions that created the modern Berkshire Hathaway, an outcome inextricably tied to the investment and business wisdom of Warren Buffett and his business partner, Charlie Munger. In a few hundred pages, Adam adeptly runs through six decades of Berkshire’s history. For Buffett and Munger fans who want to truly understand how Berkshire was created, this book is a must read.”

- Alex Morris, Founder of TSOH Investment Research and the Author of Buffett & Munger Unscripted

“A meticulous chronicle of Berkshire Hathaway’s remarkable final act under Buffett’s leadership. Mead’s granular analysis of Buffett’s capital allocation decisions—from the $78 billion in share repurchases to the masterful Apple investment—provides unmatched insight into how the world’s most successful conglomerate navigated unprecedented scale and succession challenges.”

-Tobias Carlisle, Portfolio Manager, Acquirers Funds®

“This exceptional history of Berkshire Hathaway will appeal to history buffs, finance enthusiasts, and investing professionals alike. Mead combines rigorous research with remarkably clear storytelling, tracing the company’s ascent from a struggling textile mill to one of the world’s most admired conglomerates. The book is impressively detailed yet fully accessible—equally valuable for students learning the foundations of investing and for seasoned professionals looking to deepen their understanding of Berkshire’s evolution.”

-Gillian Zoe Segal

“With his ability to make complex things seem simple, Warren Buffett made the difficult work of building Berkshire Hathaway look easy. With this excellent history, Adam Mead takes us behind the scenes to see the details of how that work happened and was so successful. For anyone interested in Berkshire Hathaway, or the development of American capitalism, this is essential reading.”

- Bryan Lawrence, Founder, Oakcliff Capital

“There is simply no book that details the economic lore of Berkshire Hathaway better. A true exposé that every intelligent investor should read.”

- Gwen Hofmeyr, Founder, Maiden Financial

“The most comprehensive book on Berkshire Hathaway that has ever been written. It belongs on the shelf of every business enthusiast!”

-Andrew Wagner, Author of the Economics of Online Gaming and Founder & Chief Investment Officer of Wagner Road Capital Management

“Adam’s accounting of the Financial History of Berkshire is like candy for Finance and Business Junkies alike. It’s a must read if you’re interested in studying the greats.”

- Carter Johnson, Managing Partner, Singleton Valuations

“I thought nothing else of value could be written about Warren Buffett. I was wrong. Adam’s detailed chronology of Berkshire’s evolution reveals the successes and failures of Warren in a unique and digestible way. A worthwhile read for every Buffett scholar, amateur and professional alike.” — Drew Estes, Banyan Capital

“Mead has done the Berkshire faithful an incredible service by stitching together the narrative and numbers so tightly, you can see the compounding in action—updated and genuinely useful.”

-Jacob Taylor, CEO of Baserate

“Adam Mead’s work reminds us that true value is found not just in numbers, but in the lasting quality where few care to linger. By doing exceptional due diligence his book clones the lessons of Warren and Charlie.”

-Jeff Gilbert

Adam Mead’s updated “Complete Financial History of Berkshire Hathaway” is a book like no other—chronicling six decades of evolution while reminding us that Berkshire, though Buffett’s masterpiece, remains subject to constant change—an indispensable addition to any serious investor’s bookshelf.

-Bogumil Baranowski, Founder of Blue Infinitas Capital, Author of “Money, Life, Family”, Host of Talking Billions Podcast