• Markets: Stocks were as mixed yesterday as a Goober jar a toddler has stuck a spoon in, as bond yields and oil prices rose. The Dow was the dog of the group, finishing down for the day and capping off its worst week since March.
• Stock spotlight: Netflix, which understands the value of a good recommendation, fell after Wells Fargo cut the streamer’s rating to underweight.

HEIR-MAN OF THE BOARD

Illustration: Morning Brew Inc., Photo: Paul Morigi/Getty Images

After a remarkable decades-long run, legendary investor Warren Buffett is stepping down as chair of Berkshire Hathaway. But in a way, he’ll still be doing what he’s always done: betting on the long-term benefits of good stock. His son, Howard, will be taking over as chair.

From one father to another: The elder Buffett announced the change yesterday in a letter to shareholders. “Father Time always wins,” 96-year-old Buffett wrote. “He has, however, been generous with me.” Buffett had already handed off his CEO role to Greg Abel at the end of last year.

During his more than six-decade tenure at Berkshire, Buffett turned a struggling textile mill into a $1 trillion conglomerate, growing the company’s shares more than 5,500,000%. By comparison, the S&P 500 gained 39,000% over the same period.

The future the Oracle designed

The elder Buffett will become chairman emeritus and remain on the company’s board, while his 71-year-old son Howard—or Howie, as he prefers to be called—slots into the chairman position, effective immediately. The move wasn’t a secret, nor was the reasoning: Papa Buffett literally told the Wall Street Journal last year, “He is getting it because he’s my son.”

But Howie’s qualifications do extend beyond the fact that he looks like his predecessor. The younger Buffett has:

• Been on Berkshire’s board for 33 years.
• Served on the boards of Coca-Cola, ConAgra Foods, and more.
• Been chairman and CEO of his own charitable foundation since 1999.

He’s also a longtime farmer and former agricultural exec, and served as a county commissioner in Omaha, as well as sheriff of Macon County, Illinois, for a few years—which makes him like four Fargo characters in one.

What will the nepo Buffett do? CEO Abel is still running the company, while Howie will be in charge of protecting Berkshire’s culture and values. Or, as Daddy Warrenbucks put it in 2013, the new chairman will “only have to think about whether the board…may need to change the CEO.”—BC

      

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World

Tour de headlines

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🗞️ Trump bans CNN, MS NOW, and Politico from the White House. President Trump said on Truth Social that he was immediately barring the two cable networks and the online news source (Politico and Morning Brew have the same parent company, Axel Springer) from the White House because of their coverage. “Outlets shouldn’t be able to constantly write or report FICTION and LIES when they’re covering the President,” his post said. The move is the President’s latest test of the First Amendment’s protection for journalists, and it is likely to draw legal challenges. In February 2025, the president banned Associated Press reporters from the Oval Office, Air Force One, and press pool events over the outlet’s refusal to use his preferred name for the Gulf of Mexico, and the AP’s lawsuit over that remains ongoing. Trump said he also plans to ban other outlets.

🌎 The US reached a security deal on Greenland. President Trump said on Truth Social yesterday that the US reached a deal with Denmark that gives the US “permanent control over security, and all other needs, in Greenland.” News of the deal comes after President Trump had called for Greenland to become part of the US. While the agreement itself was not provided in the post, Trump said there would be “no cost to the US.” He said the US—which already had a preexisting agreement allowing it to put troops in Greenland—would begin “developing a large Military presence” there. Yesterday, the prime minister of Denmark said in a statement that the agreement “recognizes the sovereignty and territorial integrity of the Kingdom and the right of the Greenlandic people to self-determination,” and Greenland’s prime minister said in his statement, “It is to the benefit of us all.”

🍻 Even Oktoberfest is getting AI. More than 6 million people are expected to visit this year’s Oktoberfest, which kicks off today in Munich with a ceremonial keg tapping and ends on Oct. 4. And to prevent overcrowding, the city has revamped its security plan—including using an AI system to monitor visitor flows and flag when the crowds start getting too big, according to German news outlet DW. There will also be cameras, police, and a plan to thwart overhead drones to keep visitors safe.—AR

ON BRAND

On

Kylian Mbappé signed a 10-year partnership agreement with On, an upstart challenger in the world of soccer gear, per Bloomberg. On welcomes the French superstar after he spent nearly two decades with Nike (which told CNBC that they broke up with him, not the other way around).

Mbappé, 27, joined Nike when he was 9 years old, which makes you wonder why you weren’t maximizing your earnings potential in elementary school. But now, the youngster involved is On’s soccer line: The company expects to have its inaugural soccer footwear for men and women on the market in 2027, per The Athletic.

Terms of Mbappé’s new deal were not disclosed, but The Athletic reports that the all-time leader in World Cup goals will receive equity in the company. He’ll also work with the Swiss brand to develop boots via its Lightspray technology, in which a robot sprays filament onto a sole to create a seamless shoe. On also signed Swiss teenage star Sydney Schertenleib last December.

Another Nike defection: Spain’s soccer wunderkind Lamine Yamal, 19, left Nike for Adidas this summer, citing Nike’s crowded cast of superstars as a reason for the departure.

A goal for investors? Shares of On (−0.3%) and Nike (−2.3%) both slid yesterday. Nike’s stock is down 44% in 2026. On is scheduled to have an investor day on Tuesday, where it will lay out its revenue projections for the next few years.—DL

      

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ICYMI

Have you heard...

Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat.

➡️ The first Chipotle location opened in Mexico, and people were lining up to try it. The bar is pretty much on the floor for Americanized Mexican food in the country, though, as Taco Bell tried to expand into Mexico twice (but failed both times).

➡️ New high-tech NYC public restrooms will set a tight 10-minute limit for users, and a voice will issue a reminder over a speaker at the 5-minute mark. So WRAP IT UP.

➡️ American Girl’s newest addition to the catalog is Daisy Davenport, the first doll from Wisconsin. She’s also the first American Girl doll to vehemently deny being lactose intolerant.

➡️ A guest celebrating his birthday at a Disney Springs restaurant in Florida was given a special dessert of...a candle stuck on a plate. Maybe be grateful they didn’t make you hold the candle? Plates aren’t free.

➡️ Tickle Me Elmo, Bingo, and playground slides were announced as finalists for the National Toy Hall of Fame. The imaginary friend who encourages you to turn on the stove burner was snubbed again.—MM

News

What else is brewing

• US carmakers, suppliers, and dealers urged President Trump to ban Chinese cars from the US ahead of Xi Jinping’s visit to the states.
• Nscale, an AI cloud provider backed by Nvidia and other investors, filed to go public. Its filing said it had a $1.02 billion net loss on $140.6 million in revenue for the six months leading up to the end of June.
• Google said its AI model Gemini gained unauthorized access to three external systems while believing it was in a test. It was actually connected to the internet.
• Disney hired the CEO of Character.AI to be its first-ever chief technology officer, in a sign of the House of Mouse’s technological ambitions under its new CEO.
• Russians are voting in a parliamentary election this weekend amid the ongoing war in Ukraine—although there’s basically no opposition to Putin’s party.
• The Fed released a report saying its oversight staff should have known that Silicon Valley Bank was in trouble before its 2023 collapse.
• Duncan Sheik, the pop star who sang “Barely Breathing” and went on to win Tonys for composing Spring Awakening, has died of heart failure at age 56.

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Community

Crowd work

Last week, we asked, “What’s an eatery where you’re a regular—and what do you usually get there?”

Here are some of our favorite responses:

• “The Avenue in Allston, MA. I tried to become a regular by going every Monday for $1 Burger night. [After] a year of this, I expected to be received like Norm from Cheers. Instead, I got a cold ‘first time dining with us?’ from the hostess.”—PJ from Boston, MA
• “I finally found the perfect saag paneer six months ago after two years of searching. I’ve made friends with the manager, and the last time I was there, she put on her favorite Bollywood movie for me while I sat at the bar sipping a complimentary cocktail!”—Julie from Alexandria, VA
• “There’s this little log cabin bar in Kalama, WA, that sits right on the Columbia River as massive ships float by. It seats maybe 20–30 people max, has a huge wood-burning fireplace, great pizza, and good beer. My wife and I prefer it to a fancy dinner any day.”—Steve from Vancouver, WA
• “Every Thursday morning, I visit my mom and pop cafe at a marina with eight other retirees. My usual order is a golden waffle, topped with freshly cut strawberries and lightly sprinkled with powdered sugar. We are called the “ROMEOS”: retired old men eating out.”—Steve from Old Bridge, NJ
• “Misty Mountain Hops is my go-to in our little slice of heaven in the Blue Ridge Mountains of Georgia. The Grateful Dead’s and Sex Pistols’s music blend seamlessly with crispy lemon-pepper wings dunked in a side of Carolina Reaper sauce.”—LBJ from Blue Ridge, GA
• “I recently moved above a bagel shop, which makes the most decadent Asiago bagels. A few weekends ago, the owner greeted me by name and rang me up without needing an order. Being new to town, the sense of community out of a little bagel shop is really refreshing.”—Reed from Seattle, WA

This week’s question

What’s a travel hack that’s never failed you?

Sam’s answer to get the juices flowing: “I like to ask for hidden gem recommendations at indie bookstores when visiting a new city. Bookstore employees tend to be plugged into the local culture and are likely to know about the non-touristy cultural attractions, like jazz bars and galleries, where the locals hang out.”

Submit your response here.

recs

• The coolest neighborhoods in the world.
• A geography puzzle that has you split up the world’s population.
• TV shows that feel as autumnal as brown boots and a pumpkin spice latte.
• The chef’s knife that makes at-home cooking a breeze (and doesn’t cost an arm and a leg).**

^{*A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission.}

Play

Brew Crossword: Our big puzzle this week is called “Combo Meal,” and it’s about way more than adding a side of fries. Play the Crossword here.

Open House

Welcome to Open House, the only newsletter section that is looking for something particularly holy. We’ll give you a few facts about a listing and you try to guess the price.

Today’s home is in Fort Wayne, IN, and it is a spacious stucco estate originally built in 1908. It’s known as “The Bishop Noll Mansion” and is located in the city’s West Central neighborhood. Amenities include:

• 7 beds, 5 baths
• More molding than you could ever need
• Attic chapel

How much for the updated mansion?

Answer

$1.2 million

Word of the Day

Today’s Word of the Day is: autumnal, meaning “of, relating to, or characteristic of fall.” Thanks to Garnet from Alaska for a suggestion that conjures crisp leaves and crisp apples. Submit another Word of the Day here.