TIVP038: BERKSHIRE HATHAWAY (BRK.B): FROM BUFFETT TO ABEL

W/ DANIEL MAHNCKE & SHAWN O’MALLEY

TIVP038: BERKSHIRE HATHAWAY (BRK.B): FROM BUFFETT TO ABEL W/ DANIEL MAHNCKE & SHAWN O’MALLEY

21 September 2025

Daniel Mahncke and Shawn O’Malley dive into Berkshire Hathaway, the billion-dollar conglomerate built by Warren Buffett and Charlie Munger that’s grown from a struggling textile mill into one of the most valuable companies in the world. With core pillars in insurance, railroads, and energy, plus a $250 billion equity portfolio anchored by Apple, Berkshire is often seen as the ultimate compounding machine. Its decentralized structure, conservative balance sheet, and reputation for permanence make it unlike any other business in corporate America.

But there are some questions we need to answer. How will Berkshire evolve under Greg Abel once Buffett steps down? Can the company continue to find places to reinvest its massive cash reserves? And does the next generation have the same ability to strike unique deals that Buffett’s reputation unlocked for decades? In this episode, Shawn and Daniel unpack Berkshire’s operating model, its capital allocation philosophy, and the role of its “four pillars” in driving earnings power. They explore whether Berkshire is still the gold standard for long-term investors or a giant that’s doomed to move in line with the market.

SUBSCRIBE

IN THIS EPISODE, YOU’LL LEARN:

  • How Buffett took over Berkshire Hathaway
  • How Buffett turned Berkshire Hathaway into an investment vehicle
  • Why Buffett loves insurance businesses
  • Why Buffett chose to invest in the energy business
  • How Berkshire’s manufacturing business is set up
  • What Buffett’s retirement will mean for Berkshire
  • Whether Berkshire is attractively valued at its current levels
  • Whether Shawn & Daniel add BRK to The Intrinsic Value Portfolio
  • And much, much more!

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Daniel Mahncke: Buffett will step down as Berkshire’s CEO. Under his leadership, it didn’t matter at what point you would’ve invested in Berkshire, Buffett’s trillion dollar conglomerate wins every multi-year comparison with the S&P 500. So whenever one thought that’s too late now, Berkshire proved that’s not the case.

[00:00:18] Daniel Mahncke: Will that change now that Buffett retires?

[00:00:21] Shawn O’Malley: There’s no better capital allocator than Buffett, but what might be underappreciated is how well Berkshire is structured and how well it will run without him at the top.

[00:00:29] Daniel Mahncke: We looked at all the business segments today, and I have no doubt that Berkshire will continue to do Berkshire things.

[00:00:36] Daniel Mahncke: Even without Buffett, as CEO.

[00:00:43] Intro: You are listening to The Intrinsic Value Podcast by The Investor’s Podcast Network. Since 2014 with over 180 million downloads, we’ve learned directly from the world’s best investors. Now we are applying those lessons to analyze businesses and investment opportunities every week, helping you uncover intrinsic value. And now here are your hosts, Shawn O’Malley and Daniel Mahncke.

[00:01:14] Shawn O’Malley: All right, folks. It took us a while, but the day has finally arrived. We will be talking about the company that that stands for value investing like no other. And today we are talking about. Berkshire Hathaway, Warren Buffett’s conglomerate, and the inspiration behind how both Daniel and I personally invest in, in many ways, and I’d like to think that we’re not only doing this because we had to cover Berkshire at some point, but because it might actually be a good time to consider investing in Berkshire.

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