Burlington Northern Santa Fe (BNSF)

Gregory Abel's first shareholder letter as CEO, written after Warren Buffett's passing in early 2025. Abel opens by celebrating Buffett's legacy before laying out his own vision for Berkshire: strengthened culture and values, the enduring insurance franchise ($176B float), and disciplined capital allocation under new leadership. The letter demonstrates continuity with Buffett's philosophy while signaling a new chapter.

Written during the COVID-19 pandemic. Buffett acknowledged the human tragedy while remaining optimistic about America's long-term economic resilience. He made a historic pivot: selling airline stocks, and writing off most of the Precision Castparts acquisition.

Berkshire disclosed its first major tech investment - Apple - and discussed the ongoing hunt for transformative acquisitions. Buffett also addressed the growing pile of cash (over $80 billion) and the challenge of deploying capital in an expensive market.