A week of significant transitions in both leadership and positioning defined markets between 18 and 25 September 2026. Warren Buffett formally relinquished the Berkshire Hathaway chairmanship, while Bill Ackman restructured his new fund into a concentrated three-stock portfolio. Central banks on both sides of the Atlantic sent conflicting signals on rates, with Fed Chair Warsh defying political pressure to hike and the ECB keeping its options open. Meanwhile, several prominent investors moved to reduce risk, with Gundlach leading calls to cut AI exposure ahead of a potential correction.
Legendary investors
Bill Ackman – Founder and CEO, Pershing Square
- Pershing Square exited its Alphabet position and initiated a stake in Meta Platforms during the second quarter. (Motley Fool · via Yahoo Finance, 21/09)
- Ackman’s new $5 billion fund has concentrated roughly 45% of its holdings across just three positions. (Motley Fool · via Yahoo Finance, 20/09)
- Pershing Square’s IPO shares cleared a technical buy point, posting notable gains over the week. (Investor’s Business Daily, 19/09)
- Ackman publicly questioned Anthropic’s S-1 disclosure that assigns a 10% probability to AI causing human extinction. (Benzinga, 24/09)
- Ackman endorsed an analysis arguing Howard Hughes Holdings trades at a significant discount, describing it as a potential compounding vehicle. (Benzinga · via Yahoo Finance, 22/09)
Warren Buffett – Chairman of the board, Berkshire Hathaway
- Buffett stepped down as Berkshire Hathaway chairman at age 96, transitioning to a chairman emeritus role and ceding further control. (CBS News · via Yahoo Finance, 18/09 · Business Insider · via Yahoo Finance, 18/09)
- The leadership change formalizes a structure separating the chairman and CEO functions under Greg Abel’s operational oversight. (Stocktwits · via Yahoo Finance, 18/09)
- In his letter announcing the transition, Buffett acknowledged that time ultimately prevails over even the longest tenures. (People Magazine, 18/09)
Greg Abel – CEO, Berkshire Hathaway
- Berkshire Hathaway’s leadership transition is now complete, with Abel holding operational authority as Buffett moves to an advisory role. (Stocktwits · via Yahoo Finance, 18/09)
- Berkshire’s share performance has lagged the broader market since Abel assumed the CEO position. (Market Watch, 18/09)
- Charlie Munger had previously described Abel as an exceptionally fast learner, a characterisation now drawing renewed attention. (Benzinga · via Yahoo Finance, 24/09)
Ken Griffin – Founder and CEO, Citadel
- Construction on Citadel’s new $2.5 billion Miami headquarters has been paused while federal authorities investigate a drill rig collapse on site. (The Real Deal · via Yahoo News, 22/09 · The Wall Street Journal, 20/09)
Central bankers & macro economists
Kevin Warsh – Chair, U.S. Federal Reserve
- Warsh has publicly opposed the practice of forward guidance, arguing Fed officials have historically revealed too much about future rate intentions. (Motley Fool · via Yahoo Finance, 24/09 · Marketplace, 24/09)
- The FOMC raised interest rates for the first time in three years, defying pressure from President Trump to hold rates steady. (Motley Fool · via Yahoo Finance, 20/09 · Motley Fool · via Yahoo Finance, 19/09)
- Warsh delivered a direct warning to Americans holding savings accounts, signalling a shift in the Fed’s monetary policy stance. (Moneywise · via Yahoo Finance, 23/09)
- An economist who previously predicted the 2007 crisis issued a public caution that the Fed and Warsh may be heading toward an unexpected outcome. (TheStreet · via Yahoo Finance, 20/09)
- Peter Schiff challenged Warsh’s 2% inflation target after McDonald’s CEO suggested consumer price pressures remain more persistent than the Fed acknowledges. (Benzinga, 24/09)
Christine Lagarde – President, European Central Bank
- Lagarde stated the ECB will assess interest rate decisions on a meeting-by-meeting basis, avoiding any commitment to a predetermined path. (The Forex Market, 18/09)
- Reports indicate Lagarde personally intervened to block Binance from obtaining regulatory approval to operate within the EU under MiCA rules. (Cryptonews · via Yahoo Finance, 21/09 · Bitcoin Magazine, 19/09)
Mohamed El-Erian – Chief economic adviser, Allianz
- El-Erian cautioned that market dynamics are increasingly constraining central banks, and that rate hikes alone are insufficient to resolve current economic imbalances. (Business Insider · via Yahoo Finance, 23/09)
Jeffrey Gundlach – Founder, CEO and CIO, DoubleLine Capital
- Gundlach disclosed he has exited AI-related positions and advised investors to reduce exposure ahead of what he describes as an inevitable market correction. (Moneywise · via Yahoo Finance, 21/09)
This overview is a journalistic summary of public statements and does not constitute investment advice. Third-party views are paraphrased; always consult the original source.