September 19, 2026

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Ahoy, mateys! It’s International Talk Like a Pirate Day, so here’s a cheat sheet to consult on your landlubbing weekend:

If you’re not sure whether you’ve overused “Argh,” keep arghing.
Set the bar low for what surprises you. That way, your timbers will always be sufficiently shivered.
Understand that wrongly using the term parlay may result in you losing a lot of money.

—Brendan Cosgrove, Dave Lozo, Sam Klebanov, Matty Merritt, Holly Van Leuven, Abby Rubenstein

In today’s newsletter, we’ll get into:

Warren Buffett stepping down as Berkshire Hathaway’s chair
Trump banning major news outlets from the White House
Mbappé moving on from Nike

Markets

Nasdaq

26,522.54

+0.40%

S&P

7,650.5

+0.17%

Dow

51,682.64

-0.18%

10-Year

4.998%

+5.0 bps

Bitcoin

$81,245.19

+6.40%

Netflix

$71.79

-4.67%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 6:30pm ET. Here's what these numbers mean.

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

Warren Buffett gets his son set, rides into the sunset

Warren Buffett with an outstretched hand

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

Reader Poll

What’s your favorite Warren Buffett quote?

“Be fearful when others are greedy, and greedy when others are fearful.”
“You only find out who is swimming naked when the tide goes out.”
“Our favorite holding period is forever.”
“Never invest in a business you cannot understand.”
Something else (and it’s good).

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World

Tour de headlines

President Trump speaking at a podium in front of the White House

Mandel Ngan/Getty Images

🗞️ 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

International soccer star Mbappé leaves Nike for On

Kylian Mbappé sitting on floor of a lab holding an On soccer ball

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

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).**

Aging skin? If yours has changed more than expected, these three warning signs may reveal why. See what they mean.*

Streaming is booming, but how’s CTV advertising doing? We asked marketers about the channel’s opportunities and challenges. See what they said.*

^{*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.

Zillow

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?

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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.

✳︎ A Note From Kara Water

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Written by Abigail Rubenstein, Brendan Cosgrove, Dave Lozo, Sam Klebanov, Matty Merritt, and Holly Van Leuven

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☕️ Buffett’s Berkshire goodbye