Emma Tucker
1. FROM MY DESK
Warren Buffett has stepped down from the company he built more than half a century ago, bringing an extraordinary era at (Berkshire Hathaway) to a close. His son Howie is taking over as chairman, completing a succession plan years in the making. But his appointment also tells us what Buffett fears could happen to Berkshire without him.
Howie is an unconventional choice to help lead a $1 trillion conglomerate. He never graduated from college and has spent much of his career farming and running a charitable foundation. But his father has long seen him as uniquely suited to protect Berkshire's culture and sprawling structure from pressure for change, as questions grow about its enormous cash pile, its lagging stock and whether its collection of businesses should remain intact.
Krystal Hur and Gregory Zuckerman unpack the historic move, and we break down five key things to know about Berkshire's new chairman.
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2. TODAY'S HEADLINES
-- President Trump said the U.S. and Denmark reached an agreement that allows for more American forces in Greenland.
-- Some Republicans are distancing themselves from Trump on key policies like tariffs and the Iran war, a sign they believe his stances are hurting their election prospects.
-- Paramount is in advanced talks with California officials aimed at resolving the antitrust lawsuit that stands in the way of its deal to acquire Warner Bros. Discovery.
-- Chinese leader Xi Jinping skipped a world leaders' summit dinner in India after feeling unwell, fueling questions about his health ahead of a trip to the U.S.
-- Google's Gemini model accessed the internet and hacked other companies during a cybersecurity test, marking a first for the company's AI systems.
-- GLP-1 drugmakers face dozens of patient lawsuits alleging popular weight-loss and diabetes medications cause a rare condition leading to permanent vision loss.
3. FROM THE MARKETS
-- A volatile week on Wall Street ended quietly with the Dow Jones Industrial Average falling for a third straight week, while the Nasdaq eked out a gain.
-- The buyers of the Los Angeles Lakers expect to nearly triple the team's valuation to at least $30 billion within a decade.
4. READ IT HERE FIRST
Venezuela's opposition leader is planning a high-stakes return from exile.
Nine months after escaping Venezuela in disguise to accept the Nobel Peace Prize, María Corina Machado is preparing her next move. In a rare interview in Panama City, Machado detailed her high-stakes plan to go back home, reignite a peaceful grassroots movement and press for elections to eventually dethrone the U.S.-backed interim government. But her return faces resistance from some Trump administration officials who fear her presence could upend fragile stability and disrupt lucrative oil deals. Vera Bergengruen details Machado's "shadow embassy," her tech-driven transition strategy and the debate over Venezuela's political future.
5.
Law firms are facing an awkward problem: Senior partners refuse to retire.
With roughly a third of U.S. lawyers aged 55 or older, elite law firms built on cradle-to-grave partnerships are confronting a growing bottleneck at the top. At some firms, aging partners who work well into their 80s are blocking younger talent from leading practices and securing major cases. The pressure is mounting as aggressive competitors embark on an unprecedented poaching spree. To make way for the next generation without losing key clients, major firms like Latham & Watkins and Debevoise are hiring specialized consultants to coax veterans into second careers. Erin Mulvaney explores how law firms are trying to solve their retirement crisis.
Go inside what's driving D.C. Washington Coverage Chief Damian Paletta brings you an expert guide to the politics, power and people in the nation's capital. Sign up for our politics newsletter.
6. SEE THE STORY
A closer look at Apple's newest iPhones and watches.
After all the hype surrounding Apple's new folding iPhone Duo, personal tech columnist Nicole Nguyen test-drove its latest slate of releases. From subtle camera tweaks on the iPhone 18 Pro to real-time fitness scores on the Apple Watch Series 12, see how the latest gear compares to what's already in your pocket.
7. HAPPENING THIS WEEKEND
-- Saturday: Ed Sheeran plays his first tour date since the fallout over the removal of opening act Macklemore.
-- Sunday: Voting concludes in Russia's first parliamentary election since the invasion of Ukraine. Two German states hold elections in which the far-right AfD aims to add to recent gains. The NFL's Week 2 matchups continue, with the Commanders facing the Cowboys and the Colts taking on the Chiefs.
-- Today's paper
8. THE NUMBER
4%
That's about the percentage of Net-a-Porter's customer base driving nearly 50% of its revenue. To turn around the struggling business, CEO Heather Kaminetsky zeroed in on those high-spending shoppers, wooing them with direct emails, exclusive country-estate dinners and custom requests like getting a designer to make a single pair of sold-out leopard pants for a customer. The intense focus on top clientele is paying off: Sales rose 4.3% last quarter, while average order values over the past year topped $1,000.
9. AND FINALLY...
Thirteen TV shows to binge this fall.
As the weather cools down and you're looking to get cozy on the couch, culture reporter Esther Zuckerman has rounded up a batch of promising new series-ranging from a Sam Bankman-Fried drama to an Amy Poehler comedy-that are well worth adding to your watchlist.
10. BEYOND THE NEWSROOM
-- Opinion: President Trump's trade war is helping Democrats who are using his border taxes to attack Republicans. Ground zero is Michigan.
-- WSJ | Buy Side: See our guide to the best drip coffee makers for your morning routine.
ABOUT US
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Today's newsletter was curated and edited by Bharbi Hazarika and Will Horner in collaboration with Editor in Chief Emma Tucker. Got a tip for us? Here's how to submit.
This article is a text version of a Wall Street Journal newsletter published earlier today.
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