I caught up with 20 Berkshire shareholders at a bar, picnic, run, and brunch in Omaha. Some were devastated, while others had high hopes.

Buffett, one of the world’s richest people and most accomplished investors, took control of Berkshire Hathaway in 1965 when it was a textiles manufacturer. He turned the company into a conglomerate by finding other businesses and stocks to buy that were selling for less than they were worth.

Warren Buffett said Saturday he will step down by year’s end, paving the way for Des Moines man Greg Abel to take over the conglomerate.