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On today’s edition of “MarketFoolery,” the new daily podcast from The Motley Fool:

David Sokol, once considered a possible successor to Warren Buffett as CEO of Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B), has resigned, following revelations that he bought $10 million in shares of Lubrizol just days before he recommended that Buffett buy the chemicals company. Our analysts weigh in with their reactions, as well as answering questions like:

  • Is this all there is to the story for Sokol, or are there more shoes to drop?
  • How much damage has been done to Buffett’s and Berkshire’s reputation in the past 24 hours?
  • Who is the likely successor to Buffett now?

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Chris Hill doesn’t own shares of any of the companies mentioned. Berkshire Hathaway is a recommendation of Stock Advisor and Inside Value.  The Motley Fool owns shares of Berkshire Hathaway.  The Motley Fool’s disclosure policy loves Opening Day.