Subject: Re: Investment portfolio
Todd is gone, and Buffett steps down in 19 days. Buffett has said that Greg Abel will be responsible for capital allocation, but I take that to mean acquisitions and the like, not day-to-day management of an investment portfolio...

I have also taken it to mean the decision of the *amount* of assets to delegate to portfolio manager(s) who are in practice generally limited to equities, maybe cash or the occasional bond deal. Mr Buffett decided how much T&T would manage, without telling them what to buy. I can imagine the same rule applying in future, in particular because Mr Abel has no known "stock picking" skill. Maybe the occasional big strategic investment that happens to be in a public company.

Jim