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In his first report as C.E.O., Gregory Abel, stuck to a straight commentary rather than Warren Buffett’s folksy tone. The lower earnings were largely driven by declines in the insurance business.

But are contracts governed by podcast norms or chat show norms? The union's leadership is sorting that out as the format starts taking over TV.

For the first time in 60 years, the conglomerate’s annual shareholder letter won’t be delivered by Warren Buffett.