End of an era: Buffett steps down as Berkshire Hathaway chairman

I want to start on this Warren Buffett news. You know, it's uh he he vacated the CEO role. Uh now he's stepping down as chair. I mean this is a big moment for Berkshire, but I think a big moment for investors more broadly who have just grown up modeling their their portfolios around every one of Warren's moves.

Well, there's no question it's the end of an era. I think it's sort of fascinating though that he's not really disappearing, right? There's a change here, but he's not going away. So that's the good news. I think it's also really interesting that nobody's ever been really able to replicate what he's been able to do. I I'm thinking this morning about my bestie Robert Hagstrom writing the Warren Buffett way. It's effectively the blueprint uh for how to invest along his philosophy and he still breaks records for uh amazing, amazing results over, you know, extended time horizons here. So, end of an era, long time coming, not a huge surprise here, but glad he's not disappearing.

David, uh as you put client money to work, you talk to folks, do you, do you hear Warren Buffett's principles in your head and if so, what are they and how have you used them in the past?

Yeah, I actually don't think I hear warm Buffett's principles because they've evolved over a span of, you know, five, six, seven decades. I think he actually gets a little over pontificated by some of the investment crew today. I mean, I always give the analogy when talking about Warren Buffett, who I fully respect. I mean, he is the goat. He is the best ever. But like, everyone's trying to mimic Warren Buffett.

That's like the thousand imitators of Elvis Presley in Las Vegas. You know, they're all trying to be someone who you're not. Yeah, the thousand Elvis is in Las Vegas, their, you know, net worth in aggregate together is probably less than Elvis. So I think we take the principles of what he taught us on to be yourself, or become your own investor. Learn what, you know, you can from him, but don't forget who you are as an investor because if you are yourself as an investor, you're going to have the best results.