"They don't call him the Oracle of Omaha for no reason," Adam Patti, CEO of VistaShares, told Business Insider.

Warren Buffett said he will step down as CEO of Berkshire Hathaway at the end of the year, and hand over the reins to Vice Chairman Greg Abel.

Mr. Buffett said at the annual shareholders’ meeting that he wanted to turn over the reins to Greg Abel at the end of the year. He started the meeting by saying, “Trade should not be a weapon.”