Welcome to the AM Update, week in review, a collection of the best moments from Aaron McIntyre's

morning update. Well, Warren Buffett said on Saturday, he plans to step down by the end of the year

as CEO of Berkshire Hathaway, the billionaire investor named Greg Abel, who is vice chairman,

as his replacement. Abel 62 has been vice chair since 2018.

Buffett, a 94-year-old, said he would hang around the conglomerate after retiring as CEO.

He said he has no plans to sell his shares in Berkshire Hathaway, which are expected to be

donated after his death.

After making his announcement, the investor received a several minutes standing

ovation in honor of his decades of service. So what set Warren Buffett apart? He presided over the

growth of a now over $1 trillion company. What really explains what made him and his late

partner, Charlie Munger, business partner, I should say,

his late business partner, Charlie Munger. What stuck out about them? I would submit that it's

actually one thing that's pretty rare if you're not a believer, if you're not a Christian.

And that is a keen understanding of human nature. Here is a shareholder meeting from Berkshire Hathaway many years ago in which Warren Buffett

kind of lets you inside the mind of he and his business partner Charlie Munger and what

sets them apart.

Humans will continue to make the same mistakes that they have made in the past.

I mean, they get fearful when other people are fearful.

I mean, that's, you saw it in those money market funds,

when 175 billion, you know, flowed out in three days.

When people get scared, you know, it's very, very pervasive.

I've often thought that, you know, if I,

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