As Buffett steps down, Omaha is grateful—and a little worried

Investors worldwide have plenty of questions about the future of Berkshire Hathaway after Warren Buffett leaves the top job.

- Joe Barrett & John McCormick

Investors worldwide have plenty of questions about the future of Berkshire Hathaway after Warren Buffett leaves the top job. This city has some, too.

"Every time I get a news update on my phone about Buffett, I do hold my breath," said Adam Raffety, 33 years old, who supplements his high-school teacher's income by leading two-hour tours focused on Buffett's Omaha life. They include stops at the modest white-clapboard home where Buffett's family lived when he was born, his current abode in the Dundee neighborhood and the site of his great-grandfather's original grocery store, which is now a state office building.

Buffett is recommending Greg Abel, who currently runs Berkshire's noninsurance business and lives in central Iowa, to succeed him. Buffett, long nicknamed the "Oracle of Omaha," has lived in the city most of his life.

By design, Buffett's name isn't on any roads or highways—he has turned down such requests. But he has become woven into the community of about 483,000 through a quiet life filled with simple pleasures, including McDonald's breakfasts and steaks at his favorite restaurant. Then there are the Berkshire investor conferences that draw throngs of aficionados to hear Buffett hold forth on business and life. The events have even become hot spots for romantic mergers.

"It's a lot like a Star Wars convention," Raffety said one of his clients once explained to him. "You tell people you're going and they don't get it, but once you're there, the other people that are there, they get it."

Buffett's long life, fame and Berkshire tenure have made him synonymous with Omaha. Mayor Jean Stothert said that whenever she meets people while traveling, the topic turns to the famous resident.