The Oracle of Omaha hands over baton at Berkshire

Berkshire Hathaway shareholders mourning the departure of legendary investor Warren Buffett anticipate the conglomerate he built over 60 years will retain its long-term focus and culture but worry about the loss of Buffett's vision and star power.

- REUTERS

Following Buffett's surprise announcement Saturday that he would step down as chief executive by the end of the year, Berkshire shareholders and fans said the Omaha, Nebraska-based company will remain in good hands once Vice Chairman Greg Abel takes the top job.

But they said it remains unclear how the $1.16 trillion conglomerate, which has 189 operating businesses, $264 billion of stocks and $348 billion of cash, will fare after the man so intertwined with it leaves the stage.

Buffett made the announcement at the end of the Berkshire annual meeting after hours of taking shareholder questions.

He said Berkshire's board of directors will meet Sunday to discuss the transition.

"There has been a premium on Berkshire because of Buffett," said Mark Malek, chief investment officer at Siebert. NXT. "Will people look at it in the same way?"

Richard Casterline, a computer programmer from Denver, said it was a "bit shocking" to learn of Buffett's departure.

"I'm curious to see what the stock price will do on Monday," he said. "I don't think (Abel) elicits the same excitement.

It's not any fault of his own, it's just thinking of who could be as legendary as those two are. It's just tough shoes to fill."

BUFFETT'S BABY

Still, many see Abel as right for the job.