Warren E. Buffett’s approach to investing is deceptively simple. “Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices,” he once wrote to shareholders of Berkshire Hathaway, his business conglomerate.

Warren Buffett shared big news at the Berkshire Hathaway shareholders meeting yesterday: His plan to step aside as CEO later this year in favor of his longtime heir apparent, Greg Abel. If the announcement was huge, the timing was even more masterful.

Billionaire investor Warren Buffett, 94, announced Saturday he will leave his role as Berkshire Hathaway’s CEO by the end of the year, telling investors about his decision at the firm’s annual shareholder meeting, where he addressed President Donald Trump’s tariffs, discussed Berkshire Hathaway’s business strategies and the larger economy.