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.

OMAHA, Neb. (AP) — Warren Buffett shocked an arena full of his shareholders Saturday by announcing that he wants to retire at the end of the year. Buffett said he will recommend to Berkshire Hathaway’s board that Greg Abel should become CEO at the end of the year.