Greg Abel has been CEO of Berkshire Hathaway for only about 10 months. But he's been at the company since 1999, so he's been able to learn from the Great Warren Buffett for decades. While Buffett has always loved to buy value stocks trading at bargain prices, he learned from his right-hand man, Charlie Munger, who served as Berkshire's vice chair until his passing in 2023, that value doesn't always look like a beaten-down stock the market has abandoned. He took this advice to heart. In a 1989 letter to shareholders, Buffett wrote: "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price." The lesson seems to have stuck with Abel, too, who in recent months has plowed $930 million into a stock that embodies just that.
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