Author and investor Adam Mead on Berkshire Hathaway $BRK.A / $BRK.B, Warren Buffett, Abel | S08 E16
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In this episode of The Acquirers Podcast, hosts Tobias Carlisle and Jake Taylor welcome Adam Mead, author of *The Complete Financial History of Berkshire Hathaway*, to discuss the recent Berkshire Hathaway Annual Meeting and the transition under new CEO Greg Abel. Mead reflects on the meeting's structure, highlighting Greg Abel's confident leadership, the absence of Warren Buffett on stage, and the symbolic retirement of Buffett and Charlie Munger's numbers in the rafters. He praises Abel's operational focus, his handling of shareholder questions, and the strategic moves like the Tokyo Marine deal. The conversation shifts to financial metrics, with a deep dive into EBITDA as a misleading 'filter' in finance, likening it to Instagram's curated imagery—distorting reality by ignoring working capital, CapEx, and timing. Mead and the hosts argue for free cash flow and EBIT as more reliable screens, stressing the importance of using the right tool for the job. They also discuss Berkshire’s recent stock buybacks, the potential for future acquisitions, and the challenges of valuing businesses in a high-valuation, AI-driven market. Mead’s updated book offers a detailed, year-by-year chronicle of Berkshire’s growth, now covering up to 2024, and he expresses excitement about the future under Abel’s stewardship.
Greg Abel is executing a clear, operationally focused leadership style, emphasizing efficiency and capital discipline over Warren Buffett’s more philosophical approach.
EBITDA is a dangerous financial filter—misleading because it ignores working capital, CapEx, and timing, distorting a business’s true cash-generating ability.
Free cash flow and EBIT are more reliable metrics than EBITDA for evaluating business quality, especially for investors focused on long-term value.
Berkshire Hathaway’s scale is now so vast that even major acquisitions like Allegheny or Pilot barely register in its financial statements.
The transition from Buffett to Abel is proceeding smoothly, with strong execution on deals and a clear emphasis on operational excellence across subsidiaries.
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Berkshire Meeting Impressions: The New Era Begins
“I thought it was a great meeting. In terms of value per minute, I mean, it was probably the most informative meeting there was.”
Greg Abel’s Leadership and Operational Focus
“He's not going to let anybody cruise like Warren did. He's going to call them out.”
The EBITDA Filter: Finance’s Instagram Problem
“EBITDA is the Instagram filter of finance. It looks great, but it’s not real.”
“EBITDA is the Instagram filter of finance. It looks great, but it’s not real.”
“The bigger sort of takeaway in my mind is know your tool, right? If you don't understand how the tool was designed to work, you're not gonna get the right answer.”
“I thought it was a great meeting. In terms of value per minute, I mean, it was probably the most informative meeting there was.”
Hosts
Guest
Berkshire Hathaway
organization
Greg Abel
person
Warren Buffett
person
Adam Mead
person
Charlie Munger
person
BNSF Railway
organization
NetJets
organization
Pilot Flying J
organization
Tokyo Marine Holdings
organization
Allegheny Technologies
organization
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