Warren Buffett shook the investment world on Saturday with four words: "The time has arrived." At 94, Buffett's pronouncement that he will step back from CEO duties and hand the reins to Abel — which the company made official with a unanimous vote on Sunday — is less a shock than a matter of necessity.

"You're losing one of the most esteemed investors one could argue of all time," a source said of investors' reaction to Buffett's plan to step down.

Buffett talked about U.S. trade, the stock market and his own future at Berkshire Hathaway's annual shareholder meeting. Here are the highlights.