On Saturday there was an earthquake in Omaha. Okay, not really. But it was a seismic financial shift of the world: After 60 years, Warren Buffett will step down as CEO of Berkshire Hathaway at the end of 2025.

He made the announcement in stunning fashion: in the last few moments of the annual Berkshire Hathaway shareholder meeting. Reporters had already sent out their “big scoop” from the meeting: Buffett’s criticism of President Trump’s tariffs. It was only after he’d finished answering hours of questions—part of the grand tradition of the Berkshire Hathaway annual meeting—that he dropped the real news on them.