When Greg Abel takes over for Warren Buffett as CEO of Berkshire Hathaway (BRK.A, BRK.B), he’ll have big shoes to fill. Buffett leaves an unparalleled legacy as one of many greatest investors ever, having reworked Berkshire from a struggling textile firm right into a $1.1 trillion conglomerate.

Abel, a famously personal govt who has run Berkshire’s non-insurance operations, supplied a glimpse into his philosophy for achievement whereas addressing shareholders at Berkshire’s annual assembly this month.

Abel’s Key to Success

On the 2025 shareholder assembly, the place Buffett announced he would step down as CEO by the tip of the yr, a teen from Hong Kong seized her second in the course of the meeting’s famed Q&A session. When she requested Abel what it could take to get employed by him, he supplied a easy reply.

«You are going to need to work laborious, and I believe laborious work takes all of us a good distance in life,» Abel stated. «There’s a number of issues that matter in life, however for those who begin with an incredible work ethic and have that angle that you simply need to contribute, you are going to go a good distance in life.»

«Should you work laborious, you are going to discover the stuff you love in life,» he added. «We really look ahead to the day you are a part of Berkshire.»

Abel’s Humble Roots

Abel’s grounded recommendation echoes the values lengthy espoused by Buffett, a Wall Avenue titan well-known for his modest way of life—he nonetheless lives in the identical Omaha, Neb., residence he purchased in 1958 for $31,500 (about $353,000 in April 2025 {dollars}). Like Buffett, Abel had humble beginnings. A Canadian by delivery and an accountant by coaching, he earned a bachelor’s diploma in accounting from the College of Alberta in 1984.

Additionally, like his predecessor, he began engaged on his enterprise acumen at an early age. «From a younger age, enterprise intrigued me,» Abel instructed the Calgary Herald in 2024. «It was so simple as again within the day, you could possibly accumulate pop bottles, and folks had a bent to throw them away. And we’d get the nickel. I nearly seen it like a enterprise.»

He stated he began to optimize his route residence to select up extra bottles and earn extra money. If he made $1 one week, he would attempt to make $1.05 the subsequent week.

“What number of might I choose up in per week?» Abel stated. «I nonetheless bear in mind considering, ‘OK, nicely, there’s a greater route residence…Possibly I can get 5 pop bottles on the best way residence.'»

Is Laborious Work Sufficient?

Abel acknowledges that success is not assured by effort alone. «I believe laborious work results in good outcomes,» Abel instructed the Horatio Alger Affiliation. «In my education, in sports activities, and in my enterprise positions, I discovered that if I put in a number of work and was well-prepared, then success could be extra seemingly.»

That measured «extra seemingly» reveals a nuanced view—preparation improves the percentages of success, nevertheless it does not assure outcomes.

On the 2025 Berkshire assembly, Buffett himself highlighted this actuality. «The luckiest day in my life is the day I used to be born—as a result of I used to be born in the US,» he stated. «On the time, about 3% of all of the births on this planet have been going down in the US.»

«I used to be simply fortunate, and I used to be fortunate to be born male. I used to be fortunate to be born white,» he added, acknowledging the function of sexism and racism as boundaries to success.

The Backside Line

As Buffett steps down, Abel brings a sensible work ethic and an understated strategy to the helm of Berkshire Hathaway. His message is easy: Laborious work considerably improves your possibilities of success, nevertheless it does not assure it.