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Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB) has undergone a massive leadership transition, with Greg Abel taking over as CEO from Warren Buffett. Abel is expected to be a more hands-on leader, actively participating in managing the company's vast portfolio of owned businesses. His first big acquisition hints at what he's looking to do. But don't read too much into the timing of the move.
Wall Street didn't have to wait long to see how Greg Abel would run Berkshire Hathaway. In May, roughly five months after he took the top job, Berkshire Hathaway announced that it had agreed to pay $6.8 billion to buy Taylor Morrison Home. Abel believed he was getting an attractive price, and Warren Buffett approved of his handling of the deal.
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But it is important to remember that the best buying opportunities often come when businesses and sectors are out of favor. And that's exactly the situation in the housing market right now, with the pending home sales index hovering near the lowest levels in its history and 36% below its 2021 high. But Abel isn't likely trying to time a housing upturn with the Taylor Morrison Home acquisition.