Berkshire Hathaway needs to name a Buffett successor

Fitch just stripped Berkshire Hathaway (BRK.A) of its "AAA" rating and dropped it one notch to "AA+" because of its "earnings and capital volatility derived from its large, unhedged market exposures." But that's not all. Fitch is also uncomfortable with Berkshire's future, saying Berkshire is too closely linked to Buffett to merit an "AAA" rating.

In referring to Buffett, Fitch said it "views this risk as unrelated to Mr. Buffett's age, but rather Fitch's belief that BRK's record of outstanding long-term investment results and the company's ability to identify and purchase attractive operating companies is intimately tied to Mr. Buffet."